Colombia’s Ministry of Transportation plans to invest $56 billion in transport infrastructure development until 2021 to improve the country’s infrastructure and enhance its regional competitiveness. Infrastructure construction is the largest market in the Colombian construction industry, with a value of $30.6 billion and a 52.8 percent share of the industry in 2012.
It is also the fastest growing market, and is forecast to grow at a compound annual growth rate (CAGR) of 7.67 percent from 2013 to 2017, notes the Timetric report, Construction in Colombia – Key Trends and Opportunities to 2017.
A rise in population and continued urbanization has necessitated the expansion of energy and road infrastructure. Roads account for over 80 percent of domestic transport in Colombia. The country plans to construct 8,000 km of new road by 2020 and reduce travel time by developing an extensive road network, including several tunnels and bridges and expansion of numerous key routes. Furthermore, Colombia has initiated an expansion plan for its energy infrastructure. The plan includes a 150 percent increase in capacity of coal-fired plants by 2023.