Colombia and Venezuela Mark One Year of Restored Relations with Grand Business Meet

Colombia and Venezuela Mark One Year of Restored Relations with Grand Business Meet

A Successful Restoration of Diplomatic Ties

After a seven-year hiatus, diplomatic, political, and commercial relations between Colombia and Venezuela were fully restored last year. This significant event marked the end of a tumultuous period of ideological tensions that had strained relations between the neighboring nations for over two decades. This year, the two countries will celebrate the first anniversary of this successful restoration with a large-scale business event in Caracas, which will take place from September 27 to 29, 2022.

The event is organized by the Colombian Ministry of Commerce, Industry and Tourism through ProColombia, and the Ministry of Popular Power for Economy, Finance and Foreign Trade of Venezuela through its Deputy Ministry for Foreign Trade and Promotion of Investments, and the Foreign Trade Bank (Bancoex). The Latin American and Caribbean Development Bank (CAF) is also set to participate in the event.

Bilateral Business Opportunities

Approximately 60 entrepreneurs and companies from both countries will participate in the business meeting, which aims to explore and finalize business opportunities in the short and medium term. The Colombian Minister of Commerce, Industry and Tourism, Germán Umaña Mendoza, highlighted the success of the restored diplomatic, political, and economic relations between the two nations.

President of ProColombia, Carmen Caballero, emphasized a goal for Colombian entrepreneurs to export to Venezuela and for Venezuelan investors to come to Colombia. The event represents a significant opportunity to strengthen bilateral commercial relationships and boost economic growth in both countries.

Trade Statistics Show Promise

Trade between Colombia and Venezuela has been steadily increasing since the restoration of diplomatic ties. According to the National Administrative Department of Statistics (Dane), Colombia’s exports to Venezuela reached $632.2 million in 2022, which is 90.9% more than in 2021. Non-mining and energy exports to the neighboring country last year were $602 million, 91.6% more than in 2021.

Importantly, the executive added that “almost 100%” of the exports to Venezuela correspond to non-mining products and sectors. These sectors will be represented in the large-scale business event, further emphasizing the potential for strengthening the bilateral commercial relationship.

Looking Ahead

As the one-year anniversary of the restoration of diplomatic ties approaches, the focus is on building upon the success achieved so far. The upcoming business event is a testament to the commitment of both nations to foster economic growth through mutual cooperation and trade.

While challenges remain, the promising trade statistics and the continued efforts towards enhancing bilateral relations indicate a positive trajectory for the future. The celebration of one year of restored relations serves as a reminder of the potential for cooperation and growth that exists when nations choose dialogue and diplomacy over discord and division.