TIME FOR FREE TRADE

After several years of work, lobbying and frustration the Colombia Free Trade Agreement was finally passed yesterday by US Congress. But what does this mean for both countries? Well, for those who think that a lot of jobs will scape to Colombia think twice. For once, US companies just got instant access to 45 Million new customers, that will certainly create an opportunity to grow production here and employ more people here in order to keep up with demand. Think about, before yesterday if you wanted to sell a product to Colombia you most likely paid an average of 15% tariff. In Colombia's case, thanks to the benefits of the APTDEA (Andean Pact Trade and Drug Enforcement Agreement) 90% of their products were coming in to the US duty free, so yes now there's a balance on trade and a lot of opportunities to come. Here is some of the facts you need to know about this new agreement:

• Colombia’s economy is the third largest in Central and South America. This comprehensive trade agreement will eliminate tariffs and other barriers to U.S. exports, expand trade between our two countries and promote economic growth for both.
• The International Trade Commission (ITC) has estimated that the tariff reductions in the Agreement will expand exports of U.S. goods alone by more than $1.1 billion, supporting thousands of additional American jobs. The ITC also projected that the Agreement will increase U.S. GDP by $2.5 billion.
• The Agreement will provide significant new access to Colombia’s $166 billion services market, supporting increased opportunities for U.S. service providers.
• U.S. goods exports to Colombia in 2010 were $12.0 billion. Our economies are largely complementary in terms of the goods we ship each other. For example, Colombia is a large importer of grains from the United States while it exports a number of tropical fruits to our country. In addition, U.S. cotton, yarn and fabric exports to Colombia are used in many apparel items that Colombia exports to the United States.

The Agreement will remove significant barriers to U.S. goods from entering Colombia’s market:

• Over 80 percent of U.S. exports of consumer and industrial products to Colombia will become duty free immediately, with remaining tariffs phased out over 10 years. With average tariffs on U.S. industrial exports ranging from 7.4 to 14.6 percent, this will substantially increase U.S. exports.
• Key U.S. exports will gain immediate duty-free access to Colombia, including almost all products in these sectors: agriculture and construction equipment, aircraft and parts, auto parts, fertilizers and agro-chemicals, information technology equipment, medical and scientific equipment, and wood.
• Many agricultural commodities also will benefit from the Agreement, as more than half of current U.S. farm exports to Colombia will become duty-free immediately, and virtually all remaining tariffs will be eliminated within 15 years. Colombia will immediately eliminate duties on wheat, barley, soybeans, soybean meal and flour, high-quality beef, bacon, almost all fruit and vegetable products, wheat, peanuts, whey, cotton, and the vast majority of processed products. The Agreement also provides duty free tariff rate quotas (TRQ) on standard beef, chicken leg quarters, dairy products, corn, sorghum, animal feeds, rice, and soybean oil.

The Agreement is crucial to maintaining the U.S. share of this important market:

• Colombia implemented a trade accord with Mercosur (Brazil, Argentina, Paraguay, and Uruguay) in 2009 and with Canada in August 2011. It will soon implement one with the European Union. Colombia expects to concude a free trade agreement with South Korea by the end of 2011 and to begin steps toward negotiating an economic partnership agreement with Japan.
• If Colombia’s trade accords with other countries are implemented before the U.S.-Colombia TPA comes into effect, U.S. exporters would face an average tariff of over 9 percent while many products from these other countries will enter Colombia duty free. This would leave U.S. products at a competitive disadvantage in relation to products of many of Colombia’s other trading partners.

Other benefits of the Agreement include:

Expanded Access to Services Markets: Colombia will accord substantial market access across its entire services sector. Colombia agreed to eliminate measures that prevented U.S. firms from hiring U.S. professionals, and to phase-out market restrictions in cable television. Colombia also agreed to provide improved access for U.S. suppliers of portfolio management services.

New Opportunities for Agriculture: Colombia is an important market for America’s farmers and ranchers. In 2010, the United States exported $832 million of agricultural products to Colombia, the second highest export total in South America. Top U.S. exports include wheat, corn, cotton, soybeans, and corn gluten feed.  The U.S.-Colombia trade agreements will immediately eliminate duties on almost 70 percent of U.S. farm exports including wheat, barley, soybeans, soybean meal and flour, high-quality beef, bacon, almost all fruit and vegetable products, peanuts, whey, cotton, and the vast majority of processed products.

Greater Protection for Intellectual Property Rights: The Agreement provides for improved standards for the protection and enforcement of a broad range of intellectual property rights, consistent with U.S. and emerging international standards of protection and enforcement. Such improvements include requirements for IPR protections that are critical to protecting copyrighted works like music, movies, and software from piracy in the digital environment; requirements for strong, deterrent criminal penalties against copyright piracy and trademark counterfeiting; requirements for robust patent and test data protection that respects the Doha Declaration on TRIPS and Public Health; and state-of-the-art protection for U.S. trademarks.

Commitments to Protect Labor Rights:

In the underlying agreement, both parties commit to adopt and maintain in their laws and practice the five fundamental labor rights, as stated in the 1998 ILO Declaration on Fundamental Principles and Rights at Work. Labor obligations are subject to the same dispute settlement and enforcement mechanisms as commercial obligations. In addition, Colombia has now met the numerous milestones slated for completion to date, under an agreed Colombian Action Plan Related to Labor Rights. These address concerns regarding protections for worker rights, violence against Colombian labor union members, and the prosecution of those who commit such violence. Under the Action Plan, Colombia has:

• passed legislation criminalizing interference in the exercise of labor rights;
• secured legislation establishing a separate labor ministry;
• advanced by over two years severe fines for maintaining employment, relationships that undermine worker rights,
• launched the doubling of its labor inspectorate;
• expanded and improved its protection programs for union members; and
• begun reforming the Prosecutor General’s procedures to more effectively prosecute cases of unionist homicides.

Commitments to Protect the Environment: Both parties also commit to effectively enforce their own domestic environmental laws and adopt, maintain and implement laws, regulations, and all other measures to fulfill obligations under covered multilateral environmental agreements. Environmental obligations are subject to the same dispute settlement and enforcement mechanisms as commercial obligations.

Fair and Open Government Procurement: U.S. suppliers are granted rights to non-discriminatory treatment in bidding on procurement opportunities offered by a broad range of Colombian government ministries, agencies, public enterprises, and regional governments. The Agreement requires the use of fair and transparent procurement procedures, such as advance notice of purchases and timely and effective bid review procedures.

A Level Playing Field for U.S. Investors: U.S. companies in Colombia are protected against discriminatory or unlawful treatment, and the Agreement provides a neutral and transparent mechanism for settlement of investment disputes.

More Manufacturing Exports to Colombia: The U.S.-Colombia TPA creates new opportunities for U.S. manufacturers seeking to export to Colombia, giving American manufacturers more market access in two ways: (1) by eliminating tariffs, or duties, charged when U.S. exports enter Colombia, and (2) by laying out a framework to address other barriers to U.S. exports – including those that may arise in the future.

Increased Textile Access for U.S. Apparel: Colombia is an important market for U.S. textiles and apparel. The U.S.-Colombia Trade Promotion Agreement opens new market access opportunities for U.S. textiles and apparel manufacturers and strengthens customs enforcement mechanisms to verify claims of origin and deny illegal customs circumvention. Qualifying U.S. textile and apparel exports to Colombia would receive duty-free treatment immediately upon implementation of the Agreement.

Small Business Exporters: Thousands of small businesses across the United States export goods to Colombia. In 2009, U.S. small and medium enterprises (SMEs) exported $3.1 billion in merchandise to Colombia. This represented 34.4 percent of U.S. merchandise exports to Colombia -- above the 32.8 percent SME share of U.S. exports to the world. Of the 13,177 U.S. firms that exported to Colombia in 2008, 11,562 or 87.7 percent, were small and medium businesses.

Telecommunications: In an increasingly dynamic environment, U.S. telecommunications operators continue to look for opportunities to extend the reach of their global networks in order to deliver the advanced telecommunications their customers demand. The U.S.-Colombia Trade Promotion Agreement provides a new opportunity for U.S. operators to gain the legal certainty necessary to either make significant investments abroad or tap into existing telecommunications infrastructure to better expand their businesses.

Average Colombia Tariffs on U.S. Industrial Exports: Before and After Full Implementation of the Agreement

Industrial Exports Sector	Before Implementation	After Full Implementation
Metals and Ores	9.2%	0%
Infrastructure and Machinery	11.1%	0%
Transportation Equipment	12.7%	0%
Autos and Auto Parts	7.4%	0%
Building Products	13.2%	0%
Paper and Paper Products	12.5%	0%
Consumer Goods	14.6%	0%

Equity International and Terranum Announce New Investment in Terranum Development

Transaction Represents EI’s First Investment in Colombia, 

Consolidates Terranum’s Leadership in the Region

CHICAGO & BOGOTÁ, Colombia--(BUSINESS WIRE)--Equity International (EI), the privately held investor and builder of world-class companies outside of the United States, announced today the closing of a US$75 million investment in Terranum Development, a privately owned corporate real estate company based in Bogotá, Colombia.

“Equity International brings a wealth of expertise in corporate real estate in Latin America and company-building globally, making them an ideal partner in Terranum Development”

Terranum Development is focused on the development, ownership and management of the highest quality corporate property in Colombia and the Andean region. The Company is the first in Colombia to provide best-in-class property specifically designed to meet the needs of leading domestic and international corporations. Terranum Development is currently developing Connecta, a 190,000-square-meter (approximately 2-million-square-foot) mixed use complex strategically located in the Salitre submarket near Bogotá’s El Dorado International Airport. In addition, the Company has a robust pipeline of opportunities in Colombia’s five largest cities – Bogotá, Medellín, Cali, Barranquilla and Cartagena – and in the surrounding region, including Costa Rica, Panama and Peru.

Terranum Development is a subsidiary of Terranum, a full-service real estate company comprised of five business lines: real estate development, asset management, property management, brokerage services and architectural design. Terranum is jointly owned by Estrategias Corporativas, a preeminent Colombian investment bank, and the Santo Domingo family of Colombia, a leading global investor across a broad range of industries.

“We are privileged to join the Santo Domingo family and Estrategias Corporativas to create the leading corporate property company in Colombia and the region,” said Gary Garrabrant, chief executive officer of Equity International. “Colombia represents one of the most compelling new investment frontiers and, together with Terranum, EI is excited to be at the leading edge of the institutionalization of the country’s real estate industry.”

Colombia has distinguished itself as an attractive investment destination with strong economic and political environments, and recently achieved investment grade status, evidencing continued stability and abating security concerns. The country’s strong GDP growth and business-friendly environment have attracted numerous multinational corporations – the number of multinationals with a presence in Bogotá alone has more than doubled since 2002. As a result, the demand for high-quality office and logistics space is increasing, particularly as companies seek to upgrade and consolidate their business operations. The real estate market is rapidly transforming from tenant-owned to institutionally owned and leased properties, and Terranum Development is well positioned to lead this emerging and dynamic sector both within Colombia and throughout the region.

“Equity International brings a wealth of expertise in corporate real estate in Latin America and company-building globally, making them an ideal partner in Terranum Development,” said José Ignacio Robledo, chief executive officer of Terranum. “We share a common vision for the Company and look forward to working together to capitalize on the promising opportunities in the region’s corporate real estate market.”

EI will draw on its experience and success in the corporate property sector in Mexico (Corporate Properties of the Americas) and Brazil (Bracor) in its partnership with Terranum. The Company’s Board of Directors will include EI’s Thomas McDonald and Brian Finerty, Mr. Robledo, and Carlos Arturo Londoño, president of Valorem and Invernac & Cia SA, both holding companies for the Santo Domingo family.

About Equity International

Equity International invests in and builds world-class companies outside the United States, with a particular focus on identifying and initiating high-growth sectors in the most compelling emerging markets. Founded in 1999 by Sam Zell and Gary Garrabrant, EI is recognized as a leading international investor and partner of choice, distinguished by an outstanding reputation, global capability and industry-leading portfolio companies. EI has invested over $1 billion in 21 portfolio companies to-date. For more information, please visitwww.equityinternational.com.

About Terranum

Terranum is an integrated real estate company based in Bogotá, focusing on investment, development and management of commercial real estate. Terranum is owned by Estrategias Corporativas, a leading investment bank, and the Santo Domingo Family, one of the largest conglomerates in the region.

Terranum Development is currently developing corporate properties in the region with estimated investments of over US$500 million. Terranum Hotels is a leading developer of brand affiliated hotels in the region, with three hotels currently under construction. Terranum Investment manages the largest Colombian REIT (real estate investment trust), with over US$320 million in assets under management. Terranum Management is the largest property and facility management company in Colombia, managing over 3.5 million square meters for top corporate clients. Terranum Architecture is a leading architectural firm, with a strong emphasis in sustainable development.

For more information, please visit www.terranum.com.

KIMBERLY-CLARK EXPANDS NETWORK OF GLOBAL INNOVATION CENTERS

Opens Research Facilities in Colombia and Korea 

Focused on Delivering Essentials for a Better Life

DALLAS (August 24, 2011) - Kimberly-Clark Corporation (NYSE: KMB) today announced plans to establish a Global Innovation Center in Bogota, Colombia, the first facility of its kind in the region. The center will develop products using local and regional insights to meet broader consumer needs around the world. This development follows Kimberly-Clark's recent announcement of its Korea Global Innovation Center and marks a significant expansion of the company's worldwide innovation capabilities.

"Innovation is a core strategy of our Global Business Plan," said Cindy Panning, Kimberly-Clark's vice president of Product Development. "We intend to further leverage our leadership by coupling integrated marketing programs with winning innovation around the world to grow our categories and our businesses. Our Global Innovation Centers will help us stay competitive in a fast-changing environment."

The Colombia and Korea expansion sites will join a global network that includes Kimberly-Clark's North American facilities in Neenah, Wisconsin and Roswell, Georgia as well as the Innovation Center of Asia in Seoul, Korea.

"The Colombia Global Innovation Center will be strategically located within Kimberly-Clark's Latin American Operations," Panning said. "Colombia offers us access to a thriving, diverse talent base with keen insights into developing markets and how to succeed in them, as well as a favorable cost structure. The Global Innovation Center will also benefit from strong support from the Colombian government, which is focused on development in the hygiene sector."

Kimberly-Clark currently has five manufacturing plants in Colombia that cover all product sectors. The Colombia Innovation Center will be located in Bogota and will provide opportunities for talented employees to collaborate in global-scale product development with their counterparts in North America and Asia.

The Korea Global Innovation Center, announced in July, will be located adjacent to the Innovation Center of Asia. This expands Kimberly-Clark's research, engineering and design capabilities with product development. The close proximity to the key, premium Korean market will accelerate the development and introduction of innovative products.

"We selected Korea because of the 40-year success of our joint-venture company, Yuhan-Kimberly, and because the country is at the forefront of many great technologies and inventions that meet consumer demands," Panning said. "The Korea Global Innovation Center will help take Kimberly-Clark to the next level of global collaboration in both technology and product development."

About Kimberly-Clark 

Kimberly-Clark and its well-known global brands are an indispensable part of life for people in more than 150 countries. Every day, 1.3 billion people - nearly a quarter of the world's population - trust K-C brands and the solutions they provide to enhance their health, hygiene and well-being. With brands such as Kleenex, Scott, HUGGIES, Pull-Ups, Kotex and Depend, Kimberly-Clark holds No. 1 or No. 2 share positions in more than 80 countries. To keep up with the latest K-C news and to learn more about the company's 139-year history of innovation, visit www.kimberly-clark.com.

GRUPO SURA BUYS MOST OF ING LATAM OPERATIONS

Dutch Bancassurer ING Groep NV said on Monday it would sell most of its Latin American operations to Colombia's GrupoSura (SIS.CN) for 2.6 billion euros ($3.7 billion) in the largest-ever acquisition abroad by a Colombian company.

The sale of the Latin American insurance and investment management business by ING (ING.AS)(ING.N) would pave the way for the sale of its U.S., European and Asian operations, which are worth about 18 billion to 19 billion euros.

Reuters exclusively reported in March that ING had started the sale of its Latin American arm. ING had agreed to split its bank and insurance operations in return for approval for 10 billion euros of state aid in 2008 and has said it plans to repay the Dutch state in full by May. [ID:nLDE7292GW]

"We continue to prepare our remaining insurance and investment management businesses for our base case of two IPOs -- one for the U.S. businesses and one for the European and Asian businesses -- so that we will be ready to proceed when markets are favorable," ING CEO Jan Hommen said.

Some analysts say ING might fetch a higher price for its insurance assets through trade sales rather than initial public offerings.

"ING could also decide to sell other insurance and investment management operations, in particular those in Asia, to a rival instead of listing them," said Theodoor Gilissen analyst Tom Muller. "We know several parties want to expand in Asia."

FINANCING THE ING PURCHASE

The sale announced on Monday involves ING's insurance, pension, savings and investment management operations in Chile, Colombia, Mexico, Uruguay, and Peru for 2.6 billion euros in cash. GrupoSura would also take on 65 million euros of debt.

That excludes ING's 36 percent stake in Brazil's Sul America SA (SULA3.SA), which would be divested separately.

ING shares closed down 2.5 percent at 7.8830 euros, while GrupoSura's shares rose 2.2 percent.

GrupoSura, or Grupo de Inversiones Suramericana, is a financial holding firm listed on the Colombian stock exchange and has investments in Colombia's biggest insurer and bank.

The ING deal would be the largest acquisition abroad by a Colombian company. It would amount to more than half of total investment abroad by Colombian companies in 2010.

Colombian direct investment abroad zoomed 500 percent to $6.5 billion last year from 2007, surpassing Brazil and Mexico, the region's two biggest economies, as a share of the economy. [ID:nNN1E76A0J]

GrupoSura said it would finance the purchase with its own resources, Colombian or international bank loans and share issuances, probably toward October and November.

The preferential shares would be an "important" amount and could be sold in Colombia as well as the United States, Europe or the MILA exchange that integrates the bourses of Peru, Chile and Colombia, GrupoSura President David Bojanini said.

UBS Investment Bank said that it was advising GrupoSura on a $1.65 billion bridge loan, $511 million monetization of preferred shares and hedging transactions. It gave no other details.

ING said the deal would create a Latin American savings and investments group with about $120 billion in assets under management and operations in eight countries.

The businesses have assets under management of 49 billion euros and earned 192 million euros in net income in 2010 on roughly 670 million euros in revenue on an International Financial Reporting Standards basis.

The deal is valued at 16 times estimated 2011 earnings, ING said, and at 1.8 times book value on an IFRS basis. It said it would make a 1 billion euro profit on the deal, which is expected to close by year-end. (Editing by Sara Webb and Gerald E. McCormick) ($1 = 0.696 Euros)

COLOMBIA AND CANADA CELEBRATE TODAY AS THE FTA GOES INTO EFFECT

The Canada-Colombia Free Trade Agreement (CCOFTA) comes into force on August 15, 2011, significantly liberalizing trade between Canada and Colombia, and opening up markets for businesses in both countries.

Canada and Colombia signed the bilateral free trade agreement on November 21, 2008, but the CCOFTA could not enter into force until the provisions of the CCOFTA were incorporated into Canada’s domestic law through implementing legislation. The CCOFTA’s implementing legislation is Bill C-2, the Canada-Colombia Free Trade Agreement Implementation Act, which was introduced on March 10, 2010 and received Royal Assent on June 29, 2010. It is scheduled to come into force on August 15, 2011.

By implementing the bilateral trade agreement, the parties will begin to enact market access reforms, trade in services liberalization and a strengthened international investment regime. These trade and investment liberalization measures, among others, will provide Canadian and Colombian investors, importers and exporters with increased and enhanced economic opportunities.

Tariff Reductions

Upon implementation, the CCOFTA will immediately eliminate tariffs on the vast majority of Colombian imports to Canada, including textiles, industrial goods and most agricultural products. The balance will have their duties eliminated over various staged tariff phase‑out periods of three, seven or 17 years, with the exception of Tariff Rate Quota items, including certain dairy, poultry and refined sugar products, which are exempt from tariff elimination.

Reciprocally, Colombia will reduce its barriers to Canadian imports. Colombia will immediately eliminate tariffs on many non-agricultural imports, with the balance to be eliminated over various staged phase-out periods, lasting either five, seven or 10 years. This will dramatically open up the Colombian market to Canadian manufacturers, as the average pre-CCOFTA tariff rate for Canadian industrial products was 11.8%. Not all agricultural tariffs will be eliminated. That said, a range of staged tariff phase-out periods, from three to 22 years in duration, will apply such that most Canadian agricultural products will eventually be duty-free. This will be a boon to Canadian agricultural exporters who face a current average tariff rate of 16.6%. Wheat, barley, peas, lentils and, within specified volume limits, beans and beef (among other products) will become duty-free immediately. Over time, the tariffs on other products will be gradually eliminated, including those on pork, canola oil, other oilseeds, animal fat, frozen french fries and whiskey.

In addition, Colombia will eliminate the use of the Price Band System in relation to certain products immediately. It is worth noting that if theTrade Promotion Agreement between the United States and Colombia, signed on November 22, 2006, comes into force within two years of the CCOFTA coming into force, a variety of the CCOFTA tariff elimination periods will be altered.

Liberalized Trade in Services

The CCOFTA also offers benefits to those involved in the cross-border supply of services. Upon implementation, Canadian service providers will be able to rely on a rules-based, transparent, secure and predictable environment for exporting services to Colombian markets, and will be protected by the principles of fair and equitable treatment. Canadian service exporters, such as technicians, contract workers and independent professionals, will further benefit from provisions that facilitate temporary entry to Colombia. The CCOFTA also provides a framework for the countries to negotiate mutual recognition agreements respecting the licensing and qualification requirements that apply to various professionals.

Improved International Investment Regime

The implementation of the CCOFTA will strengthen the investment ties between the two countries. It markedly advances the rights of, and protections available to, Canadians and Canadian businesses that currently have or are contemplating investments in Colombia. The CCOFTA facilitates the free flow of capital to foreign investments, establishes minimum standards of treatment for foreign investors, provides protection against expropriation without compensation, and ensures access to binding international arbitration where disputes arise between investors and the host state.

Canada-Colombia Trade and Investment Context

Canada and Colombia are important trading partners. As of 2010, Colombia is Canada’s second largest South American export market, after Brazil. At present, hundreds of Canadian companies do business with or in Colombia. The total value of Canadian exports of merchandise to Colombia in 2010 was C$644.3‑million, consisting largely of agricultural goods including wheat, barley and lentils, as well as industrial products, paper products and heavy machinery. Canadian services exported to Colombia in 2010 were valued at C$102‑million. Canadian merchandise imports from Colombia in 2010 totalled C$717.2-million including, among other things, coffee, bananas, coal, fuel and flowers.

Colombia, partly because of its significant natural resources, is also an important investment destination for Canadian companies involved in mining and oil exploration. As of 2007, the accumulated value of Canadian investment in Colombia was C$739-million, consisting primarily of investments in the oil and gas and mining sectors. Canadian investment in the printing sector is also sizeable. In 2010, Canadians made C$824-million of stock investments in Colombia.

Concurrent with their efforts to open up markets and liberalize their trade relationship, Canada and Colombia have attempted to address some of the social dimensions of economic integration. In addition to the CCOFTA, the two countries signed two side agreements: the Agreement on the Environment between Canada and the Republic of Colombia and the Agreement on Labour Cooperation between Canada and the Republic of Colombia. The Agreement on Labour Cooperation is targeted at: improving working conditions; encouraging a commitment to internationally recognized labour principles and rights; promoting compliance with and effective enforcement of labour laws; promoting social dialogue on labour matters among workers, employers, labour organizations, business organizations and governments; and fostering co‑operation and exchange of information with regard to the countries’ labour laws. 

The Agreement on the Environment obligates both countries to pursue high levels of environmental protection in the context of their trading relationship, prohibits the relaxation of domestic environmental standards for the sake of trade, promotes the development of effectively enforced environmental laws, encourages conservation and sustainable use of resources, seeks to protect biological diversity, and encourages co-operation and transparency on environmental matters.

EX-IM BANK CHAIRMAN LEADS BUSINESS-DEVELOPMENT MISSION TO COLOMBIA

BOGOTÁ, COLOMBIA: Fred P. Hochberg, chairman and president of the Export-Import Bank of the United States (Ex-Im Bank), is leading a business-development mission in Colombia on August 9 - 11, 2011, to promote Ex-Im Bank financing available to support the purchase of U.S. goods and services by Colombian buyers to meet the country's growing infrastructure needs.

In Bogotá on August 9, Chairman Hochberg met with Colombian President Juan Manuel Santos, other government officials and business leaders in a variety of sectors.

"In Latin America, Colombia is one of Ex-Im Bank's strongest markets, second only to Mexico. The Bank has authorized almost $3.8 billion to support U.S. exports to Colombia in fiscal year 2011 to date," said Chairman Hochberg. "We provide an array of innovative financing tools and resources for Colombian buyers to purchase U.S. goods and services."

Commenting on the pending U.S.-Colombian Free Trade Agreement, Hochberg noted, "Ex-Im Bank is supporting Colombian companies as productive partners with U.S. exporters for the mutual benefit of our countries. The free trade agreement with Colombia will allow the Bank to harness additional opportunities on behalf of American exporters in infrastructure and other key sectors."

Hochberg and senior Ex-Im Bank staff held a discussion in Bogotá with the board of directors of the Colombian Petroleum Services Chamber (CAMPETROL). They also met with representatives from Colombia's national oil company, Ecopetrol S.A., and Refinería de Cartagena S.A. (Reficar), a majority-owned independent subsidiary of Ecopetrol.

At an American Chamber of Commerce breakfast in Bogotá on Tuesday, August 9, Hochberg spoke with Colombian business leaders about Ex-Im Bank financing available to encourage companies to purchase U.S. goods and services. He is focused on expanding use of the Bank's products for infrastructure development, energy production, medical and transportation equipment, construction and other sectors.

Hochberg will participate in an AmCham breakfast in Medellín on Wednesday, August 10. He is also scheduled to speak with Colombian companies in the transportation sector in Medellín. A meeting with officials from Avianca Airlines in Bogotá is planned for Thursday, August 11.

Colombia is one of nine key markets (others are Brazil, Mexico, Turkey, South Africa, Nigeria, India, Indonesia and Vietnam) where Ex-Im Bank is focusing its business-development efforts. The Bank has authorized nearly $3.8 billion in support of U.S. exports to Colombia in FY 2011 to date. This level of financing represents a sharp increase from the Bank's total portfolio of $127 million in Colombia in FY 2008.

Ecopetrol is a significant customer of Ex-Im Bank financing. In February 2011, the Bank authorized nearly $1 billion for two financing facilities that will support Ecopetrol's purchases of goods and services from a wide range of U.S. exporters.

In May 2011, the Bank approved $2.84 billion in financing to support Reficar's purchases of equipment and services from more than 150 large and small U.S. engineering/design, equipment supply, contracting and process-license companies.

Colombian buyers interested in learning more about Ex-Im Bank financing may contact Commercial Service Office Julio Carbo (Julio.Carbo@trade.gov) at the U.S. embassy in Bogotá, (571) 315-0811.

About Ex-Im Bank:

Ex-Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

In FY 2011 through August 4, 2011, Ex-Im Bank has approved more than $24.5 billion in total authorizations - an all-time Ex-Im record. This total included 2,548 U.S. small-business transactions. The Bank's FY 2011 authorizations to date represent a 70 percent increase over its FY 2008 total of $14.4 billion.

Ex-Im Bank's authorizations through August 4 will support $31.5 billion in U.S. export sales and approximately 213,000 American jobs in communities across the country. For more information, visit the Bank's Web site at www.exim.gov