Get expert guidance on market entry in Colombia!
Why Colombia?
Colombia has become one of Latin America’s most dynamic economies, offering strong growth prospects for international businesses. With a GDP of over $411 billion and a population exceeding 53 million, the country presents opportunities across sectors like infrastructure, manufacturing, consumer goods, and technology. Pro-business reforms, trade agreements, and a strategic location make it an attractive hub for expansion in the region
However, while Colombia offers great potential, success requires navigating local complexities
Key Data About Colombia:
| Metric | Data |
|---|---|
| GDP (2024 est) | $411 Billion |
| GDP growth (2024 est) | 2.0% |
| Imports (2022) | $77 Billion |
| Exports (2022) | $57 Billion |
| Consumer inflation rate (2024) | 5.2% |
| Unemployment rate (2024) | 10.3% |
| Population (2024 est) | 53 million |
| Capital | Bogotá |
| Language | Spanish |
All data sourced from Itaú Bank, except for import and export figures, which are from the World Bank
Challenges of Entering the Colombian Market
Despite its many advantages, entering the Colombian market presents unique challenges. The three key barriers include:
- Regulatory and Bureaucratic Hurdles – Colombia has complex tax structures, licensing requirements, and sector-specific regulations that can create barriers to entry. Companies must ensure compliance while managing administrative delays and navigating frequent policy shifts
- Security and Regional Variability -While major cities like Bogotá, Medellín, and Barranquilla are business-friendly, security risks and regional disparities in infrastructure and governance can impact operations and logistics. A tailored approach is essential to mitigate risks
- Distribution and Logistics Complexity – Colombia’s diverse geography, with mountainous terrain and remote regions, can pose supply chain and distribution challenges. Local knowledge is crucial to develop an efficient go-to-market strategy and optimize logistics
How Midas Can Help Your Market Entry in Colombia
Expanding into Colombia requires a strategic, well-informed approach to overcome local challenges and capitalize on opportunities. Midas provides:
- Market entry consulting and competitor benchmarking– We deliver deep insights into market trends, competitors, and regulatory requirements to ensure a smooth market entry.
- Distributor search – With a local presence and a strong network, we assist with distributor search, distribution strategy, and risk assessment to optimize market penetration
- Go-to-market consulting – Our tailored strategies help businesses adapt to Colombia’s unique economic landscape and position themselves for long-term success
Colombia offers exciting opportunities, but success depends on understanding the market and navigating its challenges. Whether you need a feasibility assessment, competitor insights, or a full market entry strategy, Midas is your partner for a smooth and successful expansion
Contact us today to explore how we can help your business thrive in Colombia!
Case Example, Strategic Market Entry—How a Multinational Expanded into Colombia and Peru Through Smart Acquisitions
Background and challenges
A multinational company sought to expand into Colombia and Peru by entering the mining sector. To do so, they needed to understand the market size of six key minerals, their main applications, and potential acquisition targets. However, reliable secondary data on these factors was scarce, making it difficult to develop a solid expansion strategy
Approach
To help our client make informed decisions, Midas:
- Developed a Custom Evaluation Framework – We worked closely with the client to create a five-criteria ranking system to assess potential acquisition targets
- Conducted Market Research & Expert Interviews – We combined secondary research with in-depth interviews with key industry players to determine market size, mineral applications, and top competitors
- Identified & Ranked Acquisition Targets – Using our proprietary ranking system, we assessed 13 competitors, highlighting four highly attractive acquisition opportunities.
Results
With Midas’ insights, our client successfully:
- Gained market size and application data for each mineral in Colombia and Peru
- Identified four highly attractive acquisition candidates from a ranked list of 13 competitors
- Acquired one of the top-ranked companies, securing a strong market position in both countries
Expanding into New Markets? Let’s Talk
Successful market entry requires strategic insights, local expertise, and the right acquisition strategy. If your company is looking to expand into Latin America, Midas can help you identify opportunities, assess risks, and build a winning strategy
Get in touch today to discuss how we can support your expansion goals!
What Our Market Entry in Colombia Clients Say:
Some of Our Market Entry in Colombia Customers:
