Today, Colombia is known for its robust and free market economy. The country’s economic landscape changed as a result of a government initiative that began in 1990 to bring about economic liberalization through tariff reductions, financial deregulation, privatization of state-owned enterprises, and adoption of a more liberal foreign exchange rate. The changes brought about a burgeoning service economy comprised of tourism and information technology exports (call centers, software development, animation).
In addition, Colombia has successfully achieve a number of new free trade agreements with the U.S., the EU, Canada, Switzerland, Turkey, Panama, South Korea, and Japan. Colombia’s economic growth in the last decade can also be attributed to an increase in security, economic reforms in the oil and gas sectors, prudent monetary policy, and growth in exports. It is rich in natural resources, key industries are mining (coal, gold, and emeralds), oil, and agribusiness.