Colombia and Venezuela Celebrate Three Years of Diplomatic and Commercial Relations Revival
Colombia and Venezuela commemorate three years of revitalized diplomatic and commercial relations, which have significantly boosted the economies of both nations. William Villamizar, Governor of Santander, announced the development of a 30-year free trade zone (FTZ) as part of deepening bilateral ties. This FTZ, which has received a $10,000 million investment, was extended for three decades.
Visión Frontera 2025 Forum
During the Visión Frontera 2025 forum, Villamizar highlighted that this FTZ, situated in Norte de Santander, will serve as a crucial gateway for Colombian exports and foreign investment. It aims to further enhance the benefits of the commercial relationship with Venezuela.
Benefits for Colombian Industries
Germán Umaña, President of the Board of Directors of the Colombia-Venezuela Chamber of Commerce (CCV), emphasized the significance of various industries for Colombia, including footwear, fashion, clay, coal, palm oil (suzo), and related derivatives. He projected that these industries could generate $40,000 million in revenue over the next three years through service exports via the FTZ.
The strategic positioning of this industrial and logistical service FTZ, with a focus on artificial intelligence, tourism services, and direct links to the Táchira special zone, will be instrumental in fostering growth.
Key Questions and Answers
- What is the significance of this free trade zone? The FTZ aims to bolster Colombia’s exports, attract foreign investment, and strengthen the commercial relationship with Venezuela.
- Which industries will benefit from this FTZ? Key sectors include footwear, fashion, clay, coal, palm oil (suzo), and related derivatives.
- What are the projected revenues from this FTZ? Over the next three years, it is expected to generate $40,000 million in revenue through service exports.
- How does this FTZ support the relationship with Venezuela? The strategic location and focus on artificial intelligence, tourism services, and direct links to Venezuela’s Táchira special zone will enhance bilateral cooperation.
