BOGOTA, May 13 (Reuters) - Australian explosives maker Orica is looking to increase exports to Central America and the Caribbean from its plant in Colombia by 30% and will spend $5 million to do so, a company executive told Reuters.

In Colombia, the state controls production and marketing of explosives. Orica imports raw materials to produce detonators with INDUMIL, a weapons manufacturer owned by Colombia's government, which sells the products in the South American country.

Orica buys part of the production of boosters and cartridges for emulsion explosives from INDUMIL, which it exports for sale in Central America and the Caribbean, as well as in Guyana and Suriname.

"It's a model we want to grow. So the next step for us in Colombia is to invest in more plants and equipment," Mark De Castro, Orica's general manager for Colombia and the Caribbean, said in an interview over the weekend.

The company is looking to bring new equipment to renovate and expand the capacity of its plant in Sibate, just outside of Colombia's capital Bogota, where it has worked in an alliance with INDUMIL for 30 years.

Orica's Colombian unit hopes to generate $140 million in revenue this year, which could grow by between 25% and 30% in the years following the growth of the plant in Sibate, De Castro said.

The company wants to establish an export hub in Colombia for selling its products across the world, he added.

"Colombia is strategic for us because we can access many markets, particularly Central America, the Caribbean and others like Guyana, which is the fastest growing economy in the world," De Castro said. (Reporting by Luis Jaime Acosta Writing by Oliver Griffin Editing by Chris Reese)