Surge of 24 percent in Colombia foreign investment

Colombia's President Juan Manuel Santos announced a 24 percent increase in foreign direct investment in the first months of 2012 compared to the same period in 2011.

"Foreign direct investment from sectors other than mining is growing this year above 80 percent," said Santos at a conference of bankers.

The higher investment grades given to Colombia by the big ratings agencies have boosted investment, Santos added. In March of last year Standard & Poor's lifted Colombia's credit rating to investment grade, followed by Moody's in May and Fitch in June.

Source: Colombia Reports