Bogota, January 25, 2013.- The Minister of Trade, Industry, and Tourism, Sergio Diaz-Granados, met with Sandro Solari, President of Falabella, today in Santiago de Chile. The two leaders reviewed Falabella's existing and future investments in Colombia.

The meeting also proposed to establish a partnership to strengthen Cartagena as a tourism destination for shopping, harnessing the potential of the first Falabella store in the city, which recently opened. "We will also work together on the development of local suppliers for these stores, in each of the cities where they are present," added the Minister.

Falabella has been in Colombia since 2003, following its merger with Sodimac SA. In 2010, this company and the Ministry of Trade, Industry, and Tourism signed a legal stability agreement which committed the Chilean outfit to the construction, adaptation, and operation of new, large stores and shopping centers. And with this, investments were announced at a total of 84.5 billion pesos, between 2009 and 2012.

This Minister's meeting coincides with the recent announcement of Falabella that it will invest USD 3.923 billion, over the 2013-2017 period. This will allow it to open 231 new stores and 20 shopping centers in Argentina, Colombia, and Peru.

According to the Bank of the Republic, between January and September 2012, Colombia received USD 431.1 million in FDI from Chile. This was an increase of 45.8% compared to the same period of 2011.

By sector, the largest recipients of FDI from Chile, during the first half of 2012, were transport (42%), real estate (22%), financial (12%), industry (9%), commerce (7%), while other sectors captured the remaining 8%.

Minister Diaz-Granados will also meet with Horst Paulmann, President of Cencosud, which is another Chilean investor that is already installed in Colombia.

AAC /

PHOTO: The Minister of Trade, Industry, and Tourism, Sergio Diaz-Granados (left) met with the President of Falabella, Sandro Solari (right).

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