Trade Horizons’ Market Entry Blog

In 2024, Colombia achieved a significant milestone in its economic diversification efforts, with non-mining exports reaching an impressive $22 billion USD. This marks a 7.7% increase from the previous year, according to the Ministry of Commerce, Industry, and Tourism. Key Contributors to Growth Several sectors contributed to this remarkable growth. The industrial sector saw substantial increases, with electric transformers leading the way with a 61.5% rise in exports. Other notable increases included insecticides (7.1%), beauty preparations (17.6%), and chloride polymers (9.1%). Agricultural products also played a crucial role. Coffee exports surged by 18.4%, flowers by 9.9%, and bananas by a remarkable 30.4%. Additionally, exports of pineapples, avocados, guavas, and mangos collectively grew by 46.3%.

Cork, Ireland – February 7, 2025 – GE Healthcare has announced a significant investment of $138 million to expand its contrast media manufacturing facility in Carrigtohill, Cork. This expansion aims to address the growing global demand for contrast media, which are essential for enhancing the visibility of organs, blood vessels, and tissues during medical imaging procedures such as X-rays and CT scans. The new state-of-the-art facility will be built on the grounds of the existing site and is expected to be operational by the end of 2027. Once completed, it will enable the production of an additional 25 million patient doses of contrast media per year. This expansion is part of GE Healthcare's broader strategy to increase its manufacturing capacity and ensure a resilient and flexible supply chain for its products.

Leoni AG, a leading global provider of energy and data management solutions in the automotive sector, has recently inaugurated a new state-of-the-art production facility in Agadir, Morocco. This strategic move underscores Leoni's commitment to expanding its presence in the burgeoning North African automotive market. Investment and Job Creation The new plant represents a significant investment of approximately $21 million and is expected to create over 3,000 jobs by 2027. This development is a major boost for the local economy, providing numerous employment opportunities and contributing to the region's industrial growth.

Leoni AG, a leading global provider of energy and data management solutions in the automotive sector, has recently inaugurated a new state-of-the-art production facility in Agadir, Morocco. This strategic move underscores Leoni's commitment to expanding its presence in the burgeoning North African automotive market. Investment and Job Creation The new plant represents a significant investment of approximately $21 million and is expected to create over 3,000 jobs by 2027. This development is a major boost for the local economy, providing numerous employment opportunities and contributing to the region's industrial growth.

In a significant move to bolster its economy and strengthen trade ties with North America, Mexico has announced a series of tax and financial incentives aimed at encouraging nearshoring and reducing dependence on Chinese imports. President Claudia Sheinbaum unveiled the country's new industrial policy, known as Plan Mexico, during a presentation at the National Museum of Anthropology in Mexico City. Key Incentives and Benefits The incentives include accelerated depreciation of assets, allowing companies to deduct a substantial portion of the cost of machinery and equipment purchased in 2023-2024 as a tax write-off much sooner than usual. Additionally, businesses can benefit from a 25% deduction on training expenses for workers over three years, promoting workforce upskilling.

The launch of the FTA portal is part of Cambodia's Pentagonal Strategy – Phase One, a key policy framework designed to drive economic growth and improve the business environment. Commerce Minister Cham Nimul highlighted the importance of this initiative during a recent review meeting, emphasising that detailed information about FTAs is crucial for businesses to maximise their benefits and leverage new opportunities.