News in Latin America - January recap

Colombia

Colombia’s External Debt Fell from 56.7% to 47.9% as of October Last Year

Our news in Latin America starts wuth the Bank of the Republic. It has updated Colombia’s external debt figures, revealing that as of October 2024, the total amount stands at US$197.628 billion—close to the historical maximum and continuing the upward trend in borrowing.

The debt balance represents 47.92% of GDP, and when compared to the US$189.97 billion recorded in the same month of the previous year, it reflects a 4% reduction. However, in the tenth month of 2024, the figure actually rose by US$233 million.

Colombian Government Suspends Peace Talks with ELN Guerrillas

The Colombian government has suspended peace talks with the ELN guerrillas following a surge in insurgent violence that left at least five demobilised rebels from the now-defunct FARC dead. “These are war crimes,” President Gustavo Petro declared.

On Friday, President Gustavo Petro officially halted negotiations with the National Liberation Army (ELN) after the group was responsible for the killings in the northeast of the country, escalating tensions further.

Central America and the Caribbean

Seven in Ten Organisations Plan to Invest in Central America and the Dominican Republic in 2025

In 2025, seven out of ten companies in Central America and the Dominican Republic are expected to invest in order to meet evolving customer demands, with a strong focus on innovation, digitalisation, and enhancing the customer experience.

The key challenges include ensuring fiscal sustainability, attracting skilled talent, and mitigating the impact of cyberattacks. Strategies will revolve around cost optimisation, process digitisation, and strengthening cybersecurity. Companies anticipate sales growth, with digital transformation remaining a top priority for staying competitive in an ever-changing market.

Panama

Expocomer 2025 Expected to Attract Over 22,000 Attendees and Generate More Than 148,000 Business Transactions

Expocomer 2025, organised by the Chamber of Commerce, Industries, and Agriculture of Panama (CCIAP), is set to take place from 25 to 27 March at the Panama Convention Centre (PCC).

As the most significant trade fair in Central America and the Caribbean, the event is expected to draw over 22,000 attendees, with more than 600 companies exhibiting their products across 6,000 booths. Commercial transactions exceeding US$148 million are anticipated, along with a tourism impact estimated at over US$45 million.

Peru

Virtual Voting with Blockchain Technology: Benefits and Challenges

Congress has introduced Bill No. 09689/2024-CR, proposing the implementation of electronic virtual voting using blockchain technology for Peruvians living abroad.

This initiative aims to enhance electoral processes by ensuring voter authenticity, vote secrecy, and security. While it presents a major opportunity to facilitate citizen participation, challenges such as unequal access to technology remain a concern.

New Tax on Online Sports Betting in Peru from January 2025: How Much Will Players Lose?

The Peruvian government has introduced further details regarding the implementation of a new 1% Selective Consumption Tax (ISC) on remote gaming and online sports betting.

According to Supreme Decree No. 008-2025-EF, published on Sunday, 19 January 2025, an initial rate of 0.3% will apply until 30 June, with the full 1% tax coming into effect from 1 July. This measure, which targets a rapidly growing sector, aims to gradually adjust the tax burden on online betting activities.

Brazil

Indigenous People, Quilombolas, and Teachers Protest in Belém Against Law Repeal and Lack of Public Policies

At the end of January, Belém became the stage for a large-scale demonstration bringing together indigenous communities, quilombolas, and state school teachers. The protest was sparked by the repeal of Law 10.820, which affects teachers’ rights and threatens access to education in traditional communities. Discontent grew with the teachers’ strike that began on the 23rd, broadening the scope of demands beyond just educational concerns.

The demonstrators denounced the worsening conditions in education and the absence of public policies to protect indigenous and quilombola territories, which are increasingly under threat from deforestation and the expansion of economic activities encroaching on their lands. The movement gained traction on social media, receiving international visibility thanks to the support of figures such as Anitta and Itziar Ituño (the actress from La Casa de Papel).

The protest highlights a growing tension between traditional communities and the state government, raising questions about the consistency of environmental and social policies being implemented in the region.

See you next month with more news in Latin America.