Challenges - Cámara de Comercio de Bogotá

Cultural and linguistic barriers between entrepreneurs from both countries.
The Korean businessman is dynamic and changeable.
The Korean consumer is demanding, perfectionist, and consumes goods and services of the highest quality. They look for value for their purchase and a differentiated product.
Colombia needs to advance further in generating added value, to create niches in the Korean market.
Colombia's export basket concentrates on primary products, making it challenging to integrate into global value chains.
The value chain challenge is related to Nearshoring's strategy.
Consolidate an efficient national logistics system.
Continuing with standardized protocols and achieving interoperability with Korean VUCE (the tool that allows parties involved in trade and transport activities to provide information standardized on a single-entry point).
South Korea has increased consumer awareness about the environmental impact of food production. The issue of maximum residue limits, which can become a barrier to trade in related products, acquires great importance.
Alignment of objectives and coordination of trade missions with the Korean government and promotion entities.
Socialize the characteristics, advantages, and benefits of Colombian export products.
Additional efforts are required from companies in training processes, including the English language.

The BPO, KPO, ITO, wellness tourism, and nature tourism sectors, which have great opportunities in international markets, still have low participation in the country's exports.
Colombia has a comprehensive strategy to promote services related to the orange economy to strengthen this industry. However, challenges persist to achieve the leap to development, as happened in South Korea, considering them central to economic development strategies through promoting their exports.
It is necessary to accelerate the growth rates of services exports and ensure that Colombian companies are inserted in the value chains, giving them more added value with greater creativity, innovation, and quality.
Regulatory aspects and the need to update and harmonize the rules on intellectual property with international standards.
Telecommunications are essential for the country to connect more and better to develop the different value chains that could work inside.
Tourism: logistics and infrastructure, as Koreans seek nature and cultural tourism with high-quality infrastructure. It is also essential that all tourist materials destined for South Korea and those used in Colombia for the Korean tourist can be translated into Korean.

Greater legal stability, greater clarity in investment incentives, and more significant efforts to overcome cultural barriers are needed.
Carry out adequate field research to identify where the capital that can finally be invested in Colombia is and the reasons that motivate the Korean investor to invest. Beyond profitability, there may also be other goals. For example, having a presence in Latin America, being part of value chains that operate in the region, meeting social and environmental objectives in the region.
Identify the offer of investment projects in Colombia and adapt them to South Korea's demand.

Challenge in identifying and structuration of large projects that could be financed with resources from the Korean cooperation.
In Colombia, the videogames do not have robust regulations or public policy that promotes such projects.

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