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MIL OSI Translation. Region: Spanish / Latin America / UN –

Source: Republic of Colombia

From Wednesday, October 23 to Friday, October 25, the OECD Week takes place in Bogotá, where executives of the organization will visit the country to deliver different studies on the economic, productive and social behavior of Colombia.

During the week of the OECD, studies will be announced on: Colombian economy, digital transformation “Digital Going” and wellbeing measurement. In addition, a ministerial summit on productivity will be held.

Bogotá, October 21, 2019. From Wednesday, October 23 to Friday, October 25, the country will be the protagonist of the OECD week, one of the most important events of the year in economic, productive and social terms.

The meeting will be chaired by the OECD Secretary General Ángel Gurría and the President of the Republic Iván Duque, who will be accompanied by Vice President Marta Lucía Ramírez, the director of the National Planning Department (DNP), Luis Alberto Rodríguez, and the Finance, Foreign Trade and ICT ministers.

As part of the agenda, the ministerial summit on productivity will be held where the situation of the country in this field will be examined, since it is the main challenge to achieve greater economic, inclusive and sustainable growth.

Likewise, the Secretary General of the OECD Ángel Gurría, will deliver the economic study on Colombia in which it will be noted that the country has achieved important economic and social advances in the last two decades. Among the findings, it is highlighted that the country’s growth has been resilient, poverty and informality have declined and living standards have improved substantially.

“For Colombia to embark on the path of more solid and inclusive growth and reduce its dependence on natural resources, it is necessary to boost productivity by adopting structural reforms to increase competition and integration into the global market,” said Luis Alberto Rodríguez, director of the National Planning Department.

In addition, the “Going Digital” digital transformation study highlights that the digital transformation of the national productive apparatus within the framework of the fourth industrial revolution represents an unparalleled opportunity to move towards greater productivity.

However, considerable challenges remain to maintain these results and achieve greater convergence towards higher living standards: productivity growth has had a downward trend, informality levels continue to be high and regional inequalities are considerable .

Colombia supports becoming a member of the OECD

The country’s economic and productive progress is materialized in Colombia’s accession process as member number 37 and the third in Latin America of the Organization for Economic Cooperation and Development (OECD).

This has allowed the construction of an efficient, sustainable and redistributive tax system; a National Budget focused on education and equity; an effective and reliable rule of law; a more modern and inclusive labor regime; as well as the creation of incentives to promote competition and innovation.

With its entry into the OECD, Colombia will not only strengthen its position in the international community, but will also increase the flow of foreign investment and its participation in the world market for goods and services.

Founded in 1961, the OECD groups 36 countries and its mission is to promote policies that improve the economic and social well-being of people around the world. The common denominator of the economies that comprise it is to share values ​​and experiences that allow them to identify problems and find joint solutions.

In this sense, the strategic priorities of the OECD coincide with those of the Colombian agenda and will allow the Government of President Iván Duque to implement policies to seek equal opportunities for all Colombians, increase the competitiveness of the economy, favoring a more growth model inclusive and sustainable.

These actions are in line with the Sustainable Development Goals (SDGs), as stipulated in the National Development Plan, “Pact for Colombia, pact for equity”.

As a result of the process of joining the OECD, Colombia made significant progress with the reform of its justice system and the reduction of informality in the labor market. It also substantially modified its corporate responsibility regime to comply with the Anti-Bribery Convention.

EDITOR’S NOTE: This article is a translation. Apologies should the grammar and / or sentence structure not be perfect.

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