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Tue Mar 22, 2016, 06:25 PM

Multinationals abandon operations in Colombia amid economic slowdown

Multinationals abandon operations in Colombia amid economic slowdown
Posted by Stephen Gill on Mar 22, 2016

Several multi-nationals have terminated operations in Colombia since 2015 amid an ongoing economic downturn in the South American country. Changes in their market strategies and the rise in the cost of raw materials for the manufacture of products were specified by some companies as the reasons for abandoning the country.

The general slowdown in the economy of the country however is said to be a major factor for the multi-nationalsí withdrawals, according to Colombian news agency Colprensa.

During 2015, the multinational Apex Tool Group Colombia, PayPal, and banks Lloyds TSB Bank and Banistmo decided to withdraw their services from the Colombian market.

In addition, the high costs of raw materials to manufacture its products forced Mondelez, the maker of Chiclets Adams, Trident, Sparkies, Certs and Bubbaloo, to move to Mexico, from where their products are now being shipped to Colombia.


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