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Post by scumbuster on Aug 11, 2022 12:58:57 GMT -5
Colombia to 'radically diversify' exports, says new finance minister Nelson Bocanegra Thu, August 11, 2022 at 11:19 AM CARTAGENA, Aug 11 (Reuters) - Colombia will prioritize the diversification of its exports to reduce its dependence on oil, gas and mining and combat its high trade deficit, its new Finance Minister Jose Antonio Ocampo said on Thursday. The administration of leftist President Gustavo Petro, who took office on Sunday, has already proposed a tax reform set to raise 25 trillion pesos, some $5.8 billion, for social programs in 2023 - partly through increased duties on oil and coal exports - and is backing a bill to ban fracking for hydrocarbons. Ocampo, speaking at the Colombian Business Association's annual conference, said he is open to changes to the tax bill but will not modify the amount being sought, which will also help reduce a fiscal deficit of some 80 trillion pesos. Colombia accumulated a nearly $6.5 billion trade balance deficit between January and May, up 20.5% on the same period a year earlier. The trade balance is the top reason for a wide current account deficit, which doubled last year to $17.8 billion, equivalent to 5.7% of gross domestic product. The central bank estimates that deficit will fall to 5.1% of GDP this year. "The issue of exports is the number one priority for the government in terms of productive development," Ocampo said during his presentation at the conference. "The commercial deficit has deteriorated, it's a serious problem," he added. "We continue to depend a lot on oil and coal as exports and we need to radically diversify, it's an important challenge." Exports of oil and coal reached $15.6 billion during the first half of the year and accounted for 54.5% of the country's exports. Business groups have said the reform, which would raise duties on companies by 12 trillion pesos ($2.8 billion), could hurt investment. "All these issues we can debate and analyze if there are better solutions, but the alternative is not to reduce the amount," Ocampo said. "That alternative doesn't exist." ($1 = 4,273.82 pesos) us.yahoo.com/finance/news/colombia-radically-diversify-exports-says-161927776.html
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Post by elexpatriado on Aug 11, 2022 20:20:47 GMT -5
There is no alternative..Colombia is going the way of Venezuela
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Post by elexpatriado on Aug 11, 2022 20:22:16 GMT -5
They are going to replace Oil and coal exports with..Avacados..
You cant make this sh!t up
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Post by mudd on Aug 12, 2022 10:26:00 GMT -5
They are going to replace Oil and coal exports with..Avacados.. You cant make this sh!t up i agree lol. the idiot said " colombia needs to be just like south korea after the war "
how is colombia,, the party country, going to be like south korea where study and work is the life... not fincas and getting drunk and stoned every weekend hahahahah
also Petro is going to tax every business.... oh yeah,, that will attract companies to colombia hahahahha
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Post by elexpatriado on Aug 12, 2022 11:25:29 GMT -5
They are going to replace Oil and coal exports with..Avacados.. You cant make this sh!t up i agree lol. the idiot said " colombia needs to be just like south korea after the war "
how is colombia,, the party country, going to be like south korea where study and work is the life... not fincas and getting drunk and stoned every weekend hahahahah
also Petro is going to tax every business.... oh yeah,, that will attract companies to colombia hahahahha
Yep I mentioneed that Petro says Colombians are as productive as South Koreans to a friend at the gym..and he just laffed and said " that idiot...one Korean is produtive as 20 Colombians" I find this a bit of an exageratión, but I think ge figure is about 6 or 8 to one.
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Post by ozgringo on Aug 13, 2022 5:47:54 GMT -5
Please correct me if I am wrong, but doesn't Colombia only have seven years of proven oil reserves? I think it's pertinent that Colombia is looking at diversifying its export economy. For example, Petro implementing tax concessions on economic sectors to encourage the exportation of goods should be encouraged, given Colombia's fragile reliance on petroleum exports.
That's not to say that I agree with many of his policies or that someone with his history is even allowed to hold representative office.
I am just waiting for Petro to politicise the judicial system, the investigative branches of law enforcement and the military, significantly increase the size of the DIAN, arm the DIAN officers, raid Uribe's Finca and prosecute his family members.
Colombia will become a banana republic.
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Post by elexpatriado on Aug 13, 2022 8:12:17 GMT -5
Please correct me if I am wrong, but doesn't Colombia only have seven years of proven oil reserves? I think it's pertinent that Colombia is looking at diversifying its export economy. For example, Petro implementing tax concessions on economic sectors to encourage the exportation of goods should be encouraged, given Colombia's fragile reliance on petroleum exports. That's not to say that I agree with many of his policies or that someone with his history is even allowed to hold representative office. I am just waiting for Petro to politicise the judicial system, the investigative branches of law enforcement and the military, significantly increase the size of the DIAN, arm the DIAN officers, raid Uribe's Finca and prosecute his family members. Colombia will become a banana republic. He is allready in the process of doing a 1938 Stalinist style purge of the armed forces and police, using corruption and human rights as an excuse. Well at least he is not shooting the sacked generalísimos-at least not yet. As far as diversificaton away from oil and coal, the regime is doing the old classical mistake of shutting the industry down before there is something to take its place. I could go on and on about the stupidity here. But basically it is like tieing a baby up so they cant even crawl, but being brash enough to enroll them in the Boston Mrathon in the next year.
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Post by scumbuster on Aug 13, 2022 9:03:44 GMT -5
If there are only 7 years of reserves.. Which is unlikely as new discoveries and methods of extraction keep extending that. I think they should be extracting whole hog. Why leave this money in the ground if there is a new alternative found. They should be able to walk and chew gum at the same time, moving toward innovation and alternate income streams while still extracting. You dont see Saudi Arabia shutting down oil fields. On the contrary they have been ramping up production at Bidens request.
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Post by mudd on Aug 14, 2022 7:42:23 GMT -5
Please correct me if I am wrong, but doesn't Colombia only have seven years of proven oil reserves? I think it's pertinent that Colombia is looking at diversifying its export economy. For example, Petro implementing tax concessions on economic sectors to encourage the exportation of goods should be encouraged, given Colombia's fragile reliance on petroleum exports. That's not to say that I agree with many of his policies or that someone with his history is even allowed to hold representative office. I am just waiting for Petro to politicise the judicial system, the investigative branches of law enforcement and the military, significantly increase the size of the DIAN, arm the DIAN officers, raid Uribe's Finca and prosecute his family members. Colombia will become a banana republic. takes long time to move away from oil to other things.....just look at the mes biden made..... you dont start cutting oil production ect until your least 40 % on your way to using renewables and colombia isnt and wont be close for years and years..
just an example... one electric car in my bldg and my bldg before was only 7 years old.... to get elect from the tenants parking space was a 2 week process and wasnt cheap... and thats just one person.... now look at the whole of colombia.. trying to charge elect cars from home....i think many in colombia will leave after a year with Petro raising taxes and the money disappearing
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Post by elexpatriado on Aug 14, 2022 8:39:47 GMT -5
If there are only 7 years of reserves.. Which is unlikely as new discoveries and methods of extraction keep extending that. I think they should be extracting whole hog. Why leave this money in the ground if there is a new alternative found. They should be able to walk and chew gum at the same time, moving toward innovation and alternate income streams while still extracting. You dont see Saudi Arabia shutting down oil fields. On the contrary they have been ramping up production at Bidens request. The seven year thing is misleading. Oil production decreases exponentially.Without new exploration and development,in a 7 year reserve life reservoir production will decline by as much as 50% in the first 3 years , thus Colombia could become a net energy importer in 3 years. upload.wikimedia.org/wikipedia/commons/f/fe/Average_oil_production_per_well_in_the_Eagle_Ford_region_%2824841430252%29.pngTalk about electric cars in Colombia is ludicrous..you are gooing to convert all those KIAs?..espescially when there are buses running around belching smoke with 2 people in them..not too mention trucks.. that smoke is particulates, soot unburnt hydrocarbons , which have 10 times per mass the ghg effect of CO2, plus are cáncer causing agents. One of those buses is worth at least 30 cars as far as ghg emmisssions.. Not to mention all the tens of bilions spent world wide in the last 20 years to date on wind, solar and electric cars has only dropped world wide fossil fuel consumption from 88% of total energy use to 84%, meanwhile worldwide energy consumption has increased by over 25% in the same period, meaning a big increase in ghg emisiones woorld wide. The only reason US , has dropped ghg emmisions ( more than anywhere in the world) in the last 10 years is switching from coal to natural gas. Colombia doesnt need wind turbines and solar cells. This us just a fad. They have tons of hydroelectric power. And instead of introducing electric car idea into a third world country, fix up the buses, trucks.put exhast filtration systems, fix up engine air to fue ratio ,combustion efficiency or switch to natural gas. Thats using the 90 / 10 rule. They should keep exploring for and producing oil and gas as long as there is a market and not import natural gas from Venezuela as planned, but use internal gas. In an ideal world, if Venezuela had a funcional economy , Colombia would be exporting hydropower and food there.
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Post by tubes on Aug 14, 2022 13:20:40 GMT -5
In case nobody had noticed, Bogota already has 259 electric Transmillenium buses running and many more are planned.
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Post by wildstubby on Aug 14, 2022 17:52:00 GMT -5
tubes said: Well that will put the planned Bogota Metro back another 20 years!
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Post by mudd on Aug 14, 2022 18:25:06 GMT -5
In case nobody had noticed, Bogota already has 259 electric Transmillenium buses running and many more are planned. wonder if they are as good as the " new" trash trucks Petro bought in bogota where most were " rebuilt" hahahahah
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Post by elexpatriado on Aug 14, 2022 21:49:13 GMT -5
In case nobody had noticed, Bogota already has 259 electric Transmillenium buses running and many more are planned. Well thats a small start , but unfortunately there are over 20,000 buses in Bogota.
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