Briefing: Colombian Connection
PHOTO/COURTESY
Gov. Deval Patrick, third from left, talks with Colombian President Juan Manuel Santos, center, during the governor's recent trip to the South American nation.
Gov. Deval Patrick returned last week from a 10-day trip to Colombia, where he sought to strengthen ties between the Bay State and South America's third-largest economy. The trip follows similar excursions by Patrick in 2011 to Brazil, Chile, Israel and the United Kingdom, several of which led to foreign companies establishing roots in Massachusetts. The Colombian trip came nine months after the United States and Colombia signed a free-trade agreements.
What did Patrick do in Colombia?
Patrick and his delegation, drawn mainly from government agencies and quasi-public entities like the Massachusetts Life Sciences Center, met with Colombian President Juan Manuel Santos. The governor signed a memorandum of understanding to formalize collaboration between life sciences, technologies and clean tech companies. The delegation also met with two organizations focused on entrepreneurship.
What new business will the state see?
It's not yet clear if the trip will bear fruit in the form of new businesses coming to Massachusetts or establishing new relationships with firms here. But if previous trips are any indicator, don't be surprised to hear an announcement in the year ahead. Following Patrick's 2011 trips, several foreign companies announced plans to expand in Massachusetts. That included TotalMobile, an Irish software firm that announced a three-year expansion in Westborough. And Argo Medical Technologies, an Israeli firm, established a U.S. headquarters in Marlborough.
What is Colombia’s economy like?
The Andean country is a major producer of petroleum and coffee and has a growing life sciences sector. About a quarter of Colombian graduate students are pursuing life sciences degrees, one of the highest rates in the world, Patrick's office said. Colombia's economy saw growth of 5.9 percent in 2012 and it's expected to grow just over 4 percent this year.
What is the current trade relationship?
Massachusetts imports much of its coal from Colombia. In return, it ships large amounts of chemicals. Several Eastern Massachusetts firms are doing business in or with the country, Patrick's office said. Though exports to Colombia nearly tripled over the past eight years to just under $90 million in 2012, the country is not among the state's top trade partners. Meanwhile, imports from Colombia shrank during the recession to $164 million in 2010, but rebounded in 2011 to $365 million, according to the U.S. Census Bureau.
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