Colombian Economy Key Facts
Posted By colab On Friday, 3 May 2019
CHEMICAL AND LIFE SCIENCES
- Colombia is one of the three countries in Latin America with a clear legal framework that promotes the development of the entire medical and scientific cannabis production chain.
- Colombia is the second country with the biggest commercial quota for medical cannabis production in the world, with 44% of the maximum authorized by the INCB (International Narcotics Control board).
- The country has the infrastructure for flower crops and climatic conditions that enable the plant´s natural growth in optimum conditions, without the need of investing in heating, cooling or other types of artificial technologies.
- Colombia is the third largest producer of oil in Latin America and the Caribbean, behind Venezuela and Brazil. Colombia produces over 800.000 barrels of crude oil per day.
- In 2015, Colombia expanded the main refinery of the country (REFICAR). Located in Cartagena, REFICAR is regarded as the most modern refining facility in Latin America.
- Colombian chemical sector is led by plastic resins and agrochemicals. In 2018, the top 5 companies of the chemical and life science sector in Colombia (Esenttia, Mexichem, Dow Chemical Bayer and Belcorp) exported over USD 1 Billion.
- Colombia has the third largest labor force in Latin America. In addition, it has great availability of skilled labor in the manufacturing and research sector with more than 21,000 graduates of chemistry and chemical engineering programs.