Colombia’s President elect Ivan Duque is set to be sworn in on Tuesday, August 7. As Colombia’s second youngest president, Duque represents a new chapter for a country that has finally overcome a large part of its troubled and violent history. Moreover, the next administration represents a unique opportunity for the country to write a new economic chapter. Sustainable economic development is essential to a country’s growth and prosperity. By developing and maintaining a healthy economic model, a country’s society maintains its dynamism, ingenuity, and political stability. Nevertheless, sustainable economic development does not mean prosperity based on cyclical commodity booms or rentier state structures. Particularly in the case of countries that are in transition from internal strife or conflict towards peace, it is vital that they ensure the bases for economic innovation and diversification. For example, in emerging countries and markets, the government and the country as a whole must ensure that essential infrastructure is developed and that rural areas are allowed to participate in the national economy. Within the agriculture sector, illicit or informal-economy crops need to be eradicated and substituted with foodstuffs that can be legally marketed both domestically and internationally. Furthermore, small and mid-sized enterprises that come from marginal communities and tend to an everyday societal need should be empowered as entrepreneurs that provide much-needed economic dynamism.
Sustainable Development and Colombia’s Next Presidency
In this regard, sustainable economic development in a specific country delivers growth even in times of financial hardship. In North America, more than half of the Fortune 500 companies either were created or took off during times of economic slowdown or recession. To facilitate this dynamic, global development entities, non-governmental organizations (NGOs), and government agencies should continue strengthening development by supporting scientific research and technical development programs, particularly during harsh economic times. It is by advancing concrete technologies and entrepreneurial initiatives that individual lives are transformed, quality of life is enhanced, and new markets are created.
In the case of Colombia, the prospect of a new social and economic era brought about by the incoming administration of Ivan Duque is a unique opportunity to diversify the country away from petroleum and a dependence on natural resource extraction. Microfinance and community fund-raising initiatives allow small and localized entrepreneurs to grow their business ideas in a promising and free market. This is why, through Farmfolio’s initiatives in Colombia, our CEO Dax Cooke wants international investors to capitalize on agriculture as a unique natural resource by way of a new and innovative asset class. Simultaneously, Farmfolio’s Farmshare offerings contribute socially and economically to the Colombian and Latin American communities where they are settled by empowering them to grow and upscale their entrepreneurial vision. In this sense, Farmfolio’s investment model is unprecedented when it comes to foreign investment because it provides for innovative, sustainable, and responsible economic development in emerging markets.