BOGOTA (Reuters) – Ivan Duque, the frontrunner to win Colombia’s presidential election on Sunday, said tax cuts he is proposing would bolster investment in the Andean nation by a third over the next four years and help stimulate sluggish economic growth.
The right-wing 41-year-old lawyer and former senator, running almost 20 points ahead of leftist rival Gustavo Petro in polls, told Reuters in an interview late on Monday that he hopes to attract fresh investment to help lift economic growth to as much as 5 percent from 1.8 percent last year.
Petro - Mayor - Bogota - Rebel - M19
Petro, a former mayor of Bogota and one-time rebel from the now-defunct M19 insurgency, has spooked investors with plans to overhaul Colombia’s market-oriented economic model and gradually abandon dependence on the production of oil and coal.
Business-friendly Duque, on the other hand, has pledged to maintain crude and coal production, reduce taxes on businesses and raise government finances by cutting tax evasion.
First - Growth - Rate - Investment - Percent
“First of all, I want growth triggered by a high rate of investment, more than 30 percent of gross domestic product,” Duque said at his campaign headquarters.
“I know it’s ambitious, but that has to be a goal we set, domestic investment and foreign investment.”
Investment - Percent - GDP - Year
Total investment reached 23.1 percent of GDP last year, up 0.6...
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