In an innovative measure to attract and retain foreign investment, Colombia has implemented the Foreign Direct Investment Facilitation Service (SIED). This specialized service is designed to manage and resolve requests from foreign investors seeking to establish, operate or expand their investments in the country.

In a recent interview with the VUI team, Sandra Gómez, Manager of SIED (Foreign Direct Investment Service), shared the objectives and actions of this entity to facilitate foreign investment in Colombia. Gómez emphasized that foreign investors can count on a team ready to assist them with any concerns, difficulties or needs they may face during the process of establishing their business in the country.

In addition, it states that the purpose of the SIED is to systemically improve the investment climate in Colombia, and to achieve this, it offers a series of levels and tools aimed at the alternative resolution of investment disputes, as well as the management of consultations and difficulties in key areas such as tax, financial and intellectual property issues, among other crucial aspects for doing business in Colombia. In addition, it prevents any controversy that may arise between the investor and the Colombian State.

Gómez highlighted the collaboration with ProColombia, assuring that SIED is in charge of receiving and managing the challenges that arise when investors set up operations. Among the main difficulties identified are delays in response times for procedures with government entities. In these cases, SIED acts as an intermediary, so that the corresponding entities comply with the established deadlines and prioritize the responses.

SIED operates under the direction of the Ministry of Commerce, Industry and Tourism and the Directorate of Foreign Investment and Services. According to Gómez, this year a virtual mechanism will be implemented through the Single Window for Transactional Investment. This platform will allow investors to access an electronic form that will offer traceability in the responses, confidentiality of information, continuous monitoring of each case and permanent support.

SIED's support in the One-Stop Investment Window not only represents an important support for foreign investors, but also guarantees good process management, providing security from the beginning to the end of each transaction. This strategic ally reinforces confidence in the business environment and evidences the maturity and strengthening of the investment climate in Colombia.

Sandra Gómez emphasized: “Our role is to manage the investor's difficulties before the entities; however, the resolution of these difficulties depends on each entity, not on SIED”.

In this way, SIED reaffirms its commitment to be a strategic ally for foreign investors, facilitating their establishment and permanence in the Colombian market. VUI Transaccional expects this initiative to boost the confidence and effectiveness of the investment process in the country.

Bibliography:
Own´s news VUI Team