From uncertainty to assurance: A retrospective analysisof Colombia’s path to emerging market status

Objective: The objective of this article is to present an in-depth exploration of a transition into an emerging market, a phenomenon that is increasingly relevant in international business scholarship. We scrutinised the transformation of Colombia’s status in the global economic landscape, particularly focusing on the pivotal role of foreign direct investment (FDI) and the interplay of various economic, political, and social factors that have influenced this journey. The study uniquely positions Colombia within the broader context of emerging markets, comparing similar transitions in other countries and analysing how global economic trends, such as commodity price fluctuations and financial crises, have shaped its trajectory. Research Design & Methods: Utilising a qualitative research approach, we delved into a comprehensive literature review, expert interviews, and analysis of historical and mass media data to provide a nuanced understanding of the evolution of FDI in Colombia. Findings: The findings revealed a complex and multifaceted narrative, highlighting Colombia’s initial challenges and subsequent strides towards becoming an attractive destination for international investors. We discussed the correlation between FDI, exports, and GDP growth, offering insights into the country’s economic development and positioning within the global economy. Thus, the study contributes to the field of emerging markets by analysing a nation’s transformation towards becoming an attractive destination for investment considering different internal and external factors. Implications & Recommendations: This article contributes to the international entrepreneurship literature by providing a detailed case study of Colombia’s transformation, underscoring the importance of a holistic approach to understanding the process of becoming an emerging market. Contribution & Value Added: It offers valuable perspectives for policymakers, investors, and scholars interested in the dynamics of emerging economies and their integration into the global economic system.