Legacy computer systems and bureaucratic obstacles are hindering Colombia’s international trade, according to the World Bank’s latest ‘Business Ready’ report, previously known as ‘Doing Business’.
The report highlights that these challenges are causing costly delays for businesses.
The primary issue lies with the government’s outdated computer systems, which the World Bank describes as slow and inefficient.
Additionally, the lack of coordination among various government agencies involved in trade complicates compliance for export and import companies.
To enhance trade efficiency, the World Bank recommends Colombia modernize its systems, simplify processes, and reduce bureaucratic barriers. This modernization would make international trade more accessible for businesses.
Comparatively, “El Salvador, Costa Rica, or Peru could be more attractive,” noted Javier Díaz Molina, executive president of Analdex, a trade association, in a press release.
Colombia was ranked 37th among 50 countries evaluated, placing fifth in Regulatory Framework, ninth in Public Services, and 23rd in Operational Efficiency.
While Colombia’s trade regulations are well-structured, the execution of import and export processes lags due to outdated systems and procedural inefficiencies.
To draw foreign businesses, experts suggest Colombia should enhance its logistics, simplify trade processes, and leverage technology to secure and expedite customs operations.
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