By Jaime Artega
Colombia has had significant achievements despite being home to one of the longest-running internal conflicts in the world. The country’s economy has grown steadily for several decades, without significant fluctuations or crises, while maintaining a low inflation rate thanks to a strong and disciplined monetary policy. Despite having endured nine civil wars over two centuries, Colombia has managed to maintain a stable democracy. In fact, it is the only Latin American country that has had uninterrupted election cycles since 1830. Remarkably, it is the only country in the world that has initiated reparation processes for victims while conflicts are ongoing.
Therefore, the historic peace agreement, signed in December 2016 by the Colombian government and FARC rebels, removes one of the last obstacles on the country’s path toward economic development. The peace accord creates boundless opportunities for private investment in a number of ways. First, it opens vast expanses of territory that were isolated while under the guerrilla group’s control. Second, the peace agreement permits the state to redirect tremendous economic resources, previously destined for national defense, toward investment in regional economic development. Also, the accord allows society to focus on institutional reforms needed to combat corruption, strengthen the government’s role, and promote economic growth throughout the country.