During the past five years, Colombia has improved its business environment. Agencies examining the economy showed improvement in Colombia's confidence index. For 2008, S&P, one of the most prestigious risk examining agencies, evaluated Colombia as BB+ rating in regards to its long term foreign currency debt. International companies including SAB Miller, Drummond, Votorantim, Phillip Morris, and GE Money were among the many to invest in multimillion dollar projects in Colombia.3
Moreover, according to “Doing Business 2009”, Colombia is the country with the second best business environment in Latin America. These incentives include: Free Trade Zones that are the most competitive in Latin America because they offer up to a 50% tax breaks on sales into the local market, legal stability contracts, and a 40% tax deduction on the cost of purchased machinery. Such an environment provides favourable conditions for investing in Colombia.4
Based on Korea Trade-Investment Promotion Agency, 6 Korean enterprises have established themselves in Colombia.
LEO-KON Korea Ltda
Leo Kon Korea is a leading trading company that specializes in business in Central and South American region. It has offices in South Korea, Colombia, and Ecuador and all of them are corporate companies in each country. They branched out into Bogota in 2004 and have 8 employees at the moment. Focusing on Resins & Chemicals, Tele- communications, and AFC System and features them as its main products, Leo Kon Korea has grown steadily over the years since the founding of the company, trying to develop business models that are most profitable in the Central and South American region.
For Resins & Chemicals, Leo- Kon Korea handles petrochemical products such as HDPE (High Density Polyethylene) which is used for making general house wares, rope, pipes, PVC (Polyvinyl Chloride), Polyester film, etc. The company is the major distributor of petrochemical products including resin and oil manufactured by refineries
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http://www.investincolombia.com.co
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inside and outside Korea. Moreover, the company offers telecommunication products like fixed wireless phones, fixed wireless terminals, wireless pay phones, and USB modems. In the case of Automated Fare Collection, it provides bus management systems and bus information systems.
LG Electronics Colombia S.A
LG Electronics plays an active role in world markets with its assertive global business policy. As a result, LG Electronics controls 114 local subsidiaries worldwide, with roughly 82,000 executives and employees. It was established in 1958 and has since led the way into the advanced digital era thanks to the technological expertise acquired by manufacturing many home appliances such as radios and TVs. LG Electronics Colombia made inroads into Bogota in 1999 which has 121 workers now, and it has dominated the home appliances market, even ranking at the top in 2004.
Samsung Electronics Colombia S.A
Samsung has grown to become one of the world's leading electronics companies, specializing in digital appliances and media, semiconductors, memory, and system integration. Today Samsung's innovative and top quality products and processes are world recognized. In Latin America, so far through its audio/video products, Samsung has established its image as a top quality electronics maker; thus, company officials expect the same kind of mutual recognition to be achieved through its home appliances. Samsung Electronics branched out into Colombia in 1997 and along with LG Electronics, the companies not only command the home appliances market, but also the cellular phone, LCD, and Projection TV markets as well. Recently, sales of new IT products showed marked improvement as well.
CERAGEM Colombia S.A
CERAGEM was established in 1998 and now is the largest provider of high quality thermal massagers. CERAGEM centers are located in over 50 countries throughout the world, including U.S., China, Germany, Chile, Turkey, Russia, and various parts of the Middle East. In Colombia, it was first established in 2005; hence, 23 centers were opened with 123 employees and has been the model of a successful overseas
Hyundai Motor Bogota Office
In recent years, Hyundai has experienced tremendous growth, establishing a global management and quality improvement system, based on our mid–and long–term vision of "innovation for customers." Hyundai has been selected as one of the top 100 global brands three years in a row and has now truly become a global automobile maker, receiving positive reviews from many independent evaluation agencies and the mass media. Since its startup in September 1992, Hyundai Colombia has positioned itself as the first imported car in the market.
Hyundai Corporation Bogota Office
Hyundai Corporation is Korea's leading general trading house, providing export and import services with a wide variety of products ranging from ocean-going vessels, plants and machinery, automobiles, steel and chemical products, to electronic products and general commodities. Combining its 34 worldwide offices and prompt and extensive information-gathering capability with advanced trading techniques and financing ability, Hyundai Corporation produces an optimum solution to its customers' various requirements.
Since 1980, Hyundai Corporation Bogota Office has realized numerous successes in such business fields as new shipbuilding of containerships, oil tankers, naval ships, construction of power plants and environmental plants in Colombia and other Latin American countries. In addition, we are specialized in sourcing automobiles, steel, chemical products and electronic goods. Now, the office is keen on developing natural resources and agricultural products from Latin America to create mutual prosperity.