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01 February 2012

Colombia moves on regulatory reform

Encouraged by progress in the IFC Doing Business report, where it rose from 47 to 42nd rank in 2012, closing the gap with Chile (39) and PerĂº (41), the Colombian government is preparing an anti-red tape decreto-ley (executive order) to be approved by March. Several administrative procedures, which slowed the country's competitiveness are going to be ditched. This is expected to strengthen legal security for investors, and promote electronic exchanges of information, especially for accounting, and consolidate good recent economic results (7% growth last term, record FDI). The IFC also noted that Colombia had set up a regulatory reform committee accountable to the president. (from online business newspaper Portafolio 16 January). Other recent reforms include a December decree on royalties which ushers in a new distribution of appropriations and perhaps a new deal between the capital and local authorities (see article "the mother of all reforms" on Dinero.com)

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