Analysis of the evolution of
foreign direct investment in the coal mining sector in Colombia from 2002 to
2013*
Análisis
de la evolución de la inversión extranjera directa en el sector minero del
carbón en Colombia de 2004 a 2013
Análise da evolução de investimento
estrangeiro directo no setor de mineração de carvão
na Colômbia a partir de 2004-2013
Fabián Alfredo Plazas Díaz**
Research article
Date of reception: 1 July 2015
Date of approval: 9 December 2015
https://doi.org/10.19053/22565779.4146
Abstract
This article studies the evolution of foreign direct investment (FDI)
flows in the mining and quarrying sector and in the extraction of coal, lignite
and peat in Colombia in the period 2004-2013, using statistics from the central
bank of Colombia (Banco de la República)
and from the Colombian Mining Information System. An overview of the coal
mining industry in Colombia and the evolution of FDI are presented for the
described period. It is concluded that coal mining in Colombia has an enormous
potential that has favored the entry of foreign capital during the period, but
ended up being an indicator of the prioritization of FDI in the country.
Keywords: economic development,
foreign direct investment, economic geography, mining.
JEL: O1, F21, L72
Resumen
En este artículo se analiza
la evolución de los flujos de inversión extranjera directa (IED) en el sector minas
y canteras y en la extracción de carbón, lignito y turba en Colombia en el
periodo de 2004 a 2013, utilizando datos estadísticos del Banco de la República
y del Sistema de Información Minero Colombiano. Se presenta un panorama del
sector minero del carbón en Colombia y la evolución de la IED en el periodo
descrito. Se concluye que el sector minero del carbón en Colombia posee un
enorme potencial que favoreció la entrada de capitales foráneos durante el
periodo, pero terminó siendo un indicador de la primarización
de la IED en el país en el mismo periodo.
Palabras clave: desarrollo económico, inversión extranjera directa,
geografía económica, minería.
Resumo
Este artigo discute a evolução do investimento
estrangeiro direto (IED) no setor de mineração e pedreiras e extracção de carvão, lignite e turfa na
Colômbia é analisada no período de 2004-2013, utilizando as estatísticas
do Banco da República e Sistema de Informação de mineração colombiana. Uma
visão geral do setor de mineração de carvão na Colômbia é feito e da evolução
do IED ocorre no período descrito. Concluiu- se que o setor de mineração de
carvão na Colômbia tem um enorme potencial que favoreceu a entrada de capital
estrangeiro durante o período, mas acabou sendo um indicador de primarização de IED no país durante o mesmo período.
Palavras-chave: desenvolvimento
Económico, o investimento estrangeiro, geografia econômica, Mineração.
INTRODUCTION
During the 1990s, the majority of Latin-American countries began to
liberalize the regimes of the regulation of foreign investment under the
premise of stimulating internal economic growth with the introduction of
foreign capital. Some of these policies were promoted by the United States, the
World Bank and the International Monetary Fund, in the framework of the bundle
of neoliberal policies for the region, which sought to apply a set of economic
reforms of commercial opening and deregulation of the financial market, with
the aim of reducing tariff protection, the flexibilization of the labor market
and the creation of a free capital market (Unctad,
2013). In this context, the countries of Latin-America reduced their tariffs
and subsidies, eliminated the barriers to foreign investment, reduced public expenditure
and minimized the participation of the state in the economy. In Colombia, the
greater levels of internationalization and economic opening also took place in
the early 1990s and particularly consisted of the reduction of barriers to
foreign trade and foreign direct investment (FDI).
In Colombia, FDI is that which comes from a natural or legal person from
abroad, whose capital in invested with the intention of having a direct
influence, on the long term, on the development of a firm, through involvement
with other already established companies or through the establishment of a
subsidiary of the investing company (Ramírez & Flórez,
2006). For the Banco de la República de Colombia
direct [foreign] investment is a
category of international investment associated with the significant degree of
control which the foreigner (or national) acquires over a resident (or foreign)
company. The degree of control is defined taking into account criteria such as
the active participation of the foreign investor in the management of the
company and the percentage of their shares in the same. (Banco de la República,
2014)
According to the economic literature (Solow, 1956; Swan, 1956; Rubini & Naranjo, 1997), FDI is considered to be a
useful variable for stimulating the economic growth of a country and there are
theories such as the neoclassical theory
of economic growth and the theory of
endogenous growth that defend and develop this importance. Nevertheless, in
opposition to the arguments regarding the benefits of FDI, the structuralist theory of the ECLAC has
questioned the extents of foreign investment, estimating that its contribution
to economic growth could be minimal and its benefits will depend on the
economic sector to which these investments are directed. According to official
figures from the Banco de la República (2014), during
the period of opening and deregulation of foreign investment from 1994 to 2013,
in Colombia, FDI flows have been registered above US $118.473 billion,
distributed among the different economic sectors and geographic regions of the
country.
In the last ten years, in Colombia, FDI has shown a tendency of
concentrating in natural resources, particularly impacting the primary sectors
of oil and mining, above all in the extraction of coal, lignite and peat in
this last sector. The above deserves attention if one considers that the
country went through a period in which it sought to promote the oil and mining
sectors as the two drivers of the
economic growth of the country. According to the Plan Nacional de Desarrollo Minero, Colombia País Minero Visión al Año 2019 (National
Plan for Mining Development, Colombia, the Vision of a Mining Country towards
2019), “In the year 2019, the Colombian mining industry will be one of the most
important in Latin America and will have considerably expanded its
participation in the national economy” (Upme, 2006). One
of the strategies for this has been the creation of a regulatory framework that
defines and incentivizes foreign investment in the sector. In this context, it
must be asked, what has been the evolution of the flows of foreign direct investment
that have entered into the mining sector in Colombia and in particular in coal
mining in the last ten years?
Currently in the country there exists an important discussion about the
benefits, risks, threats and the environmental, social, cultural, economic and
political effects of the promotion of the mining and oil industry as ways to
achieve the economic growth and development of the nation (Contraloría General de la República, 2013 &
2013i). So as to contribute to this discussion of great national interest, the
objective of the article is to analyze the evolution of FDI flows in the mining
sector in Colombia, in particular in the extraction of coal, lignite and peat
in the period of 2003 to 2013, taking elements of the economy and the economic
geography, in order to highlight some relations between foreign investment and
its possible impact on the national economy as well as aspects related to the geographic
distribution of the same. With this it is hoped to demonstrate that there is a
prioritization of FDI in the country, thanks to the policies that promote the
mining sectors and foreign investment as important strategies for economic
growth in Colombia. In the same way, the need to analyze the geographic
distribution and the characterization of the modalities of foreign investment
in the mining sector is proposed, so as to demonstrate the possible risks and
benefits of the investment.
METHODOLOGY
The research was developed taking into account three economic theories,
in order to analyze and combine the diverse factors in the evolution of direct
foreign investment in the coal mining sector in Colombia. To begin with, from
the specialized literature, a theoretical framework was developed along with a
state of play regarding the theories of the economic and geographic sciences
that defend or reject the benefits of foreign investment, making emphasis on
investment directed towards natural resources. The neoclassical theory of
economic growth (Solow, 1956; Swan, 1956; Rubini
& Naranjo, 1997); the theory of endogenous growth (Elías et al., 1998; Borensztein, De Gregorio & Lee, 1998; De Mello, 1999;
Zhang 2001), and the Latin American structuralist theory of the ECLAC (Prebish, 1949; Singer, 1950; Hirschman, 1958; Stoneman,
1975; Bornschier, 1980; O´Hearn,
1990) were studied.
Once the theoretical framework was developed, the regulatory framework
for foreign investment in the country was revised, making emphasis on the provisions
afforded to the mining sector. Afterwards, the database was systematized and
analyzed with statistical information of the FDI flows registered in the Banco
de la República de Colombia and the Colombian Mining
Information System (SIMCO, by its acronym in Spanish) of the Mining and Energy
Planning Unit (UPME, by its acronym in Spanish), of the Ministry for Mines and
Energy of Colombia. After the data was analyzed, the results for the period
from 2004 to 2013 were presented.
Firstly, the proven, indicated and inferred coal reserves in Colombia
were investigated and analyzed, as well as their geographic distribution, in
order to highlight the potential that the coal sector of the country
represents. Secondly, the economic context of the coal mining sector was
developed, determining the national production of coal by producing
departments, as well as the production destined for export and national
consumption, coming from statistical data from the National Mining Agency
(2014). Also, emphasis was made on three groups of nations that import
Colombian coal. Equally, the contribution of the mining sector to the country
was analyzed, taking into account some economic indicators, such as the
evolution of the gross domestic product (GDP) and the mining GDP, calculating
the participation of the amounts at current prices the mining sector has over
the total annual national GDP, using data from the World Bank (2014), Fedesarrollo (2013) and the DANE (National Administrative
Department of Statistics) (2014i).
Later, an analysis was carried out of the evolution of the FDI flows by
economic sector in the country for the period indicated. The percentage
participation of the FDI flows in each economic sector were calculated for two
time-periods of 1994 to 2004 and 2004 to 2013, in order to make clear the
concentration of FDI in the natural resources of coal and oil in the second
period described. In the same way, the evolution of the FDI flows in the mining
and quarrying sectors was analyzed, where the FDI information was divided into
the extraction of coal, lignite and peat, FDI in the extraction of metal ores
and the reinvestment of profits and other mining activities. With this
information, the percentage participation and variation was calculated.
Finally, the evolution of FDI in the extraction of coal, lignite and peat for
the period 2004 to 2013 was analyzed and its percentage participation in the
total FDI flows that go into the mining and quarrying sector was calculated, as
well as in the total of the FDI flows that entered the country in the period
analyzed.
THEORETICAL
FRAMEWORK
Foreign
direct investment and economic growth
With the emergence
of the doctrines regarding economic growth, it has been maintained that foreign
direct investment is a factor that contributes to long term production, as it
facilitates the transfer of physical goods and knowledge. Authors such as
Baracaldo et al. (2001), consider
that FDI can positively affect the demand of an economy, to the degree in which
it manages to increase the size of firms in the host country, which generates
increases in productivity, thanks to the diffusion of knowledge and technology
among the different firms (crowding in effect). However, it is also maintained
that FDI would negatively affect demand, if it competes with national
investment for production and participation in the financial markets (crowding
out effect). From the point of view of supply, FDI could provoke changes in the
productivity of factors and reflect growing returns within the function of
production, due to the use of intermediate goods of better quality and lower
cost (Baracaldo et al., 2001).
Among the
benefits that are attributed to FDI, authors such as Borensztein
et al., (1998); Baracaldo et al., (2001); De Mello (1999); Bernal
(2012), Gaviria and Gutiérrez (1993) and Zhang (2001), agree in affirming that
FDI leads to a better rate of economic growth and is considered to be the main
vehicle for the transfer of technology and knowledge (know-how), generating
positive externalities in the host economies. The authors maintain that FDI can
also generate increases in employment and wages, more diversity of goods and
services produced in the host country, diffusion of knowledge for improving
productivity and the organizational schemes of the sectors and businesses, as
well as capital injection into sectors that show comparative advantages and
that have potential as regards international trade through horizontal or
vertical investment. According to the Organization for Economic Co-operation
and Development (OECD, 2011), FDI is a key element in the rapid evolution of
international economic integration and constitutes a means of establishing
direct, stable and lasting links between the economies of different countries.
However, authors
such as Elías et al. (1998), Carkovic and Levine (2002), Alfaro (2003), Loja and Torres
(2013), argue the mentioned benefits of FDI, affirming that the contribution to
economic growth is minimal or negative and essentially depends on the economic
sector to which the investment is directed. In this sense, Alfaro (2003)
considers that the FDI flows directed towards the primary sector, such as for example,
the investment in mines, quarries or oil, or all three, tend to show a negative
effect on the growth of an economy, as the profits from the investment are
obtained on the short or medium term, while on the long term the investment
causes a significant environmental footprint in the host country and a loss of
natural resources that can overtake the costs and profits obtained
initially.
For their part, Elías et al. (1998) maintain that
FDI can constitute a threat to national economies, taking into account the
impact had on the environment, the increase in transnational corporations
displacing domestic companies (crowding
out), the privatization of public
companies and the overexploitation of natural resources. At the same time, Bernal
(2012) asserts that FDI can promote an ideology of mass consumption within the
society, as well as warning about the risks associated with corruption on the
part of multinational companies in order to influence decision making on the
part of the state and governments, prioritizing personal benefit over the
social, cultural, economic and environmental goods of a nation.
From the point
of view of the neoclassical theory of
economic growth, FDI only has effects on the short term, as economic output
can only be affected by technological advances and growth in the work force.
The neoclassical theory results from the contributions of Solow (1956) and Swan
(1956), who attempted to guide in an analytical way the economic growth of a
country on the long term, from the accumulation factors of physical capital,
work and technological progress, these being the driving forces of economic
growth. With relation to foreign investment, the neoclassic view indicates that
it is a factor that contributes to the increase of capital stock and thus to
economic growth, where the flow of foreign capital is a resource that
contributes to the function of production, given that it is a market mechanism
for the transfer of technology and capital from the global economy towards less
developed regions (Rubini & Naranjo,
1997).
According to the
neoclassical production function, FDI can contribute to the increase of
physical capital stock, the workforce and the state of technology, provided
that some of the following assumptions are considered. Given the state of
technology, it is probable that FDI generates a doubling of the amount of
capital as well as the amount of work and thus of production. In this sense, it
is considered that the presence of a closed economy and no intervention from
the state, is a stimulus of economic growth, as that
implies that the public expenditure is zero and therefore production is equal
to revenue. Nevertheless, according to Loja and Torres (2013), the neoclassical
models present overly restrictive assumptions, such as markets with perfect
competition, constant returns to scale and diminishing marginal productivity,
for which it could be concluded that this model does not adequately explain the
effects of FDI on the economic growth of a country.
From the point
of view of the theory of endogenous growth, FDI is considered as a combination
of capital stock, technology and knowledge. The theory considers that FDI
contributes to increasing the stock of experience or knowledge of an economy
(know-how) and maintains that the determinants of economic growth are seen as
endogenous fundaments (Elías et al., 1998). From this point of view, FDI is an
important link for the transfer of technology and contributes relatively to the
growth of national investment. However, it is also clarified that FDI
contributes to economic growth only when there is a sufficient absorption
capacity for advanced technologies in the host country, for which the host
country should have a minimum threshold of human capital (Borensztein,
De Gregorio & Lee, 1998).
According to the
endogenous theory, an increase in the number of capital variables requires the
adaptation of the available technology in the more advanced countries, so as to
allow the introduction of new types of capital goods. According to this theory,
FDI is the main channel of technological progress, assuming the existence of a
“catchup” effect and considering that it is cheaper to imitate products that
already exist than to create new products, under the assumption that the cost
of installation depends on the number of varieties of capital that are produced
in the country in comparison with those that are produced in more advanced
countries (Borja, 1958). Additionally, Borensztein, De Gregorio and Lee (1998), De Mello (1999),
and Zhang (2001), suggested that FDI contributes substantially to economic
growth, as long as the host country takes advantage of the externalities that
the entrance of FDI flows provides. Finally, from the theory of endogenous
growth, authors such as Romer (1986 and 1990), Sala-I-Martin (1994), Mankiw,
and Romery Wheil (1992),
have included new factors and concepts for the analysis on the relation between
foreign investment and economic growth, such as: the endogeneity of technical
progress, the importance of the accumulation of human capital, the relevance of
investment in research and development (R & D), imperfect competition, the
externalities produced by the diffusion of knowledge, the importance of
institutions and the management of economic policy.
Meanwhile, from
the point of view of the Latin American
structuralist theory, which arose with the Economic Commission for Latin
America and the Caribbean (ECLAC) with authors such as Prebish
(1949), Singer (1950) and Hirschman (1958), FDI generates negative effects on
economic growth, given the relationship of dependence under the
center-periphery approach. From this critical approach of ECLAC, foreign
investment can positively influence economic growth on the short term, while on
the long term it produces the opposite effect. On the short term, the increase
in the investment will result in an increase in production and consumption,
which causes a rise in the rate of economic growth in the country. However, as
time passes and projects are completed, the adverse effects of the foreign
investment can be seen, thanks to the “decapitalization” and “dismantling” of
the projects, once the benefits are obtained (Stoneman, 1975; Bornschier, 1980; O´Hearn, 1990).
According to the
thinking of the ECLAC, foreign trade and especially FDI could cause
underdevelopment, because the profits repatriated by foreign
companies exceed the value of the original investment, in this way
deteriorating the terms of exchange. Additionally, it is maintained that FDI
does not generate demand for domestically produced goods and does not give room
for the emergence of new national enterprises, as the wages of the workers of
companies of foreign origin do not increase and thus it does not have profound
effects on the internal market. In the same way, FDI does not produce a
transfer of cutting-edge technology and does not influence the growth of new
types of industries that use new technological processes (Haber, 1997, p. 164).
In this context,
Borja (1958) groups the negative effects of foreign investment into five categories:
a) the displacement of local producers on account of FDI; b) the flows of trade
and capital generated by FDI are assumed to be negative for the host economy on
the long term, due to that the foreign companies tend to import more than they
export and to send more capital abroad than they what bring in as original
investment; c) the technology that the companies introduce is obsolete for the
developing countries, they do not carry out research in the local economy and
their technologies are not appropriate for the social needs of the host
countries; d) as regards distributive effects, the argument is that due to the
higher salaries paid by foreign businesses, as well as the consumption models
that they promote, they have a negative effect on the regressive income
distribution patterns in underdeveloped countries; e) the foreign companies
develop alliances with the local bourgeoisie, which result in an aggravation of
the historical tendency of political exclusion and economic marginalization of the
majority of the population.
In summary,
according to the theories presented, foreign investment has an effect that is
measurable through the increase in capital stock and the benefits that are
derived from the transfer of knowledge and technology, so as to improve and encourage
the innovation of production systems and, in this way, contribute to economic
growth. For the neoclassical theory, the effects of FDI are short term and the
benefits can be measured by the amount of capital invested, the generation of employment
and the transfer of technology. For the endogenous theory, the benefits can be
seen according to the qualification of the human factor and by the strategies
the host country uses in order to absorb and take advantage of the transfers of
capital, knowledge and technology that come in from abroad and can be used in
the development of production chains in sectors of the local economy. Latin
American structuralism offers criticism of the effects of foreign investment
and considers that it does not demonstrate much benefit for the host country,
due mainly to the factors of dependence which end up deteriorating the terms of
exchange, as well as the negative impacts produced by decapitalization and
dismantling of projects. For the research, the theories of endogenous growth
and that of the ECLAC are considered, as two explanatory theories adequate for
the analysis of the evolution of FDI in coal mining in Colombia.
RESULTS
The results give an account of the evolution of FDI in the mining and
quarrying sector and in coal, lignite, and peat extraction in Colombia in the
period from 2004 to 2013. A panorama of the coal mining sector in Colombia is
presented, taking into account aspects such as the reserves, production and
exportation of coal, the evolution of FDI in the described period is indicated.
Generalities
of the regulation of foreign direct investment in Colombia
In Colombia, the legal regime for foreign investment was transformed as a
result of the transition from an economy with restrictions on foreign capital
to an open economy with an active policy of attracting foreign investment,
where three stages can be distinguished (Fedesarrollo,
2007). Firstly, from the late 1960s until the early 1990s, the regulation of
foreign investment was restricted, because of the import substitution
industrialization (ISI) model, which would promote the development of
domestic production from internal resources. In this first stage, the
legislation would restrict all the sectors that could receive foreign investment
flows and the free transfer of capital and profits in line with the exchange
control regime that operated in the country (Fedesarrollo,
2007).
The second stage began with the economic opening and neoliberal reforms
of the 1990s, when the foreign investment regime was modified with Law 9 of
1991, which promoted the internationalization and modernization of the
Colombian economy. This law granted the same treatment to foreign investors as
nationals and based on the principles of equality, universality and
automaticity, the restrictions on foreign investment were eliminated in most
sectors and the free transfer of capital and profits was authorized, except for
in the sectors of telecommunications, air and sea transport, and continued to
be completely banned in relation to toxic, dangerous and radioactive waste, in
the property sector and in national defense (Resolution 9 of 1991).
The third stage began with what was stipulated in Decree 2080 of 2000 and
continues into the present. It is characterized by the deepening of the reforms
to the FDI regime adopted at the beginning of the nineties and from the
mechanisms of simplicity, automatic authorization, equal treatment and
stability for the investor, it has sought to improve and promote the attraction
of foreign capital to the country. Currently, the legislation authorizes the
investment of foreign capital in all sectors of the economy, except for in
activities of defense and national security and in the processing and disposal
of toxic, dangerous and radioactive wastes not produced in the country. In
Decree 2080 it is also possible to distinguish two modalities of foreign
investment: direct foreign investment (FDI) and portfolio investment[1].
In Colombia, FDI flows have become the main source of financing for the
current balance of payments deficit and are registered before the Banco de la República of Colombia, which publishes statistical reports of
the FDI flows that enter the country and releases reports directed to the
Ministry of Mines and Energy and to the Mining and Energy Planning
Unit (UPME, by its acronym in Spanish) of this Ministry, on topics related
to mining and oil. The principal norms that govern the registration of FDI are
the Colombian Exchange Statute (Law 9 of 1991) and the General Regime for
Foreign Investment in Colombia, recorded in Decree 2080 of 2000. Decree 2080
contains six definitions in which a natural or legal person can participate in
the process of capital transfer in the country (art. 3 Decree 2080), as well as
the modalities of investment where tangible and intangible goods are
highlighted as well as the different modalities of contributions that a
non-national can carry out in the country (art.5 Decree 2080).
With relation to
foreign investment in the mining and oil sectors, Law 9 of 1991 in its article
15, “Investment Regimes,” stipulates that through general norms exceptional
regimes could be established between the investor and those sectors. In this
respect, in Decree 2080 of 2000 (Title III Section II), it is stipulated that capital
investments from abroad for oil and natural gas exploration and exploitation,
mineral extraction and processing, were subject to the compliance with norms
that regulate these activities. In those cases, the exchange regime of the
sectors of hydrocarbons and mining, including the activities of oil, natural
gas, coal, ferronickel or uranium exploration and exploitation, will be subject
to the regulations of the governing board of the Banco de la República, in accordance with their respective powers.
Additionally, companies that have foreign investments in their capital and that
carry out activities of the exploration or exploitation of oil, natural gas, or
coal, or that are dedicated exclusively to providing technical services for the
exploration or exploitation of said resources, are not obliged to reinvest in
the host country (art. 16 of Law 9 of 1991; art. 23 of Decree 2080 of 2000;
Decree 1844 of 2003).
In the same way,
in Law 658 of 2001, Mining Code, that which is pertinent to mining is defined,
as regards exploration and exploitation rights, the reserved, excluded and
restricted zones, that which corresponds to prospecting and concession
contracts, among others, where, based on the criteria of equal treatment, the
foreign investor may invest without any discrimination. Finally, through Law
963 of July 8, 2005, contracts of legal stability were established, regulated
by Decree 2950 of 2005 and Decree 1474 of 2008, which became incentives in
order to protect investors from unfavorable changes in the laws or regulations
detailed in the contracts between the government and companies (foreign as well
as national) and in this way guarantee the investors more than US$1.49 trillion
that if the norms or interpretations that are specifically identified in the
contracts as determinants of the investment change, the investment will not be
affected.
A brief
context of the coal mining sector in Colombia from 2004 to 2013
Colombia is
characterized for having the largest coal reserves in Latin America and is one
of the top ten producers of the resource in the world, which makes this sector
attractive for foreign investors. The country has a potential yield of 16.436
billon tons (Mt) of coal, of which 6.419 Mt are measured and distributed in the
western, central and eastern mountain range of the country. Within this
potential, 4.571 Mt are indicated, 4.237 Mt are inferred and 1.209 Mt are
hypothetical resources (Ministry for Mines and Energy, 2012). The country has anthracite
and bituminous coals, characterized by their high carbon content and calorific
value, which can be used in the thermal and steel industry and in the
generation of energy. There are also subbituminous coals and lignite coals that
contain a lower degree of calorific power and higher levels of volatile
material, moisture and ash, but can also be used in electric power generation,
steam generation and in some industrial processes (Upme,
2005, 2012).
The region of Colombia where the reserves, production and exportation of
coal is concentrated is the Atlantic, in the departments of La Guajira, Cesar
and Córdoba, and in the interior of the country in the departments of Antioquia,
Valle del Cauca, Cauca, Boyacá, Cundinamarca, Santander and Norte de Santander
(Figure 1). The zone of La Guajira leads with 57% of the total national coal
reserves, distributed in the areas of Cerrejón Norte,
Cerrejón Central and Cerrejón
Sur. The Atlantic region with the departments of La Guajira, Cesar and Córdoba
register 89% of the total reserves in the country and is a favorable region for
exportation as it lies on the coast. The other 10% of the reserves are found in
the departments of Antioquia, Valle del Cauca, Cundinamarca, Boyacá, Santander
and Norte de Santander (UPME, 2012).
Figure
1. Measured coal reserves in
Colombia by department
Source: elaborated by the author, based on data from the National Mining Agency,
2014.
In Colombia, in the period of 2004 to 2013, National coal production
maintained an average annual growth of 2.4 %. National production during the
period was 735,129,279 tons (t), with the departments of Cesar and la Guajira
totaling nearly 90% of the production, followed by Norte de Santander (3 %),
Boyacá (2 %), Cundinamarca (2 %), Córdoba (1 %), Antioquia (1 %) and Santander
(1 %) (Figure 2) (National Mining Agency, 2014). Additionally, 91% of the national coal production for
the period was destined for exportation (Upme, 2010). In relation to the departments of Cesar and
la Guajira, it is worth highlighting that their proximity to the sea facilitates
exportation, at the same time that they have the largest proved and probable
coal reserves in the country.
Figure 2. Total coal
production in Colombia by department from 2004 to 2013.
Source: elaborated by the author, based on data from the Mining and Energy
Planning Unit (Upme, 2010).
According to the information provided by the National Mining Agency
(2014), coal production in Colombia during the period of analysis shows three
particular periods. The first period, from 2004 to 2008, where the production
of coal maintained a sustained growth, showed a variation of 10.74% in 2005,
equivalent to 59,675,099 t. In 2006, the variation was 11 % with 66,191,863 t.
In 2007 the variation was 5.61%. For 2008 the production was of 73,502,070 t,
with an annual variation of 5%. The second period showed a reduction in coal
production in the country that coincided with the world economic crisis, with a
variation of -1 % in 2009, equivalent to 72,807,413 t. In 2010 the variation in
production was 2%, equivalent to 74,350,133 t. The third period is
characterized by a boost in coal production in 2011 and 2012, with a variation
of 15.4% and 4% respectively. Finally, in 2013, production dropped slightly
with a variation of -4%, equivalent to 85,496,062 t. The total coal production
during the period was 735,129,279 t.
On the other
hand, coal exports in Colombia in the period analyzed amounted to 50.224
billion dollars FOB, making it the second most exported product of the country
after oil (Banco de la República, 2014i). From 2004
to 2010 there was sustained growth in exports which showed a boost in 2001 with
8.397 billion dollars FOB. In the two
following years, there was a decrease in exports with a variation of -7% and
-14% respectively. The average participation of coal in the total national
exports during the period was 13%, with 2009 being the year with the greatest
participation with 16% of the total. In relation to tons of coal exported
during the period, it reached the sum of 675,626,567 tons, which represent 91%
of the total national coal production (Figure 3) (National Mining Agency, 2014;
Dane, 2014).
Figure 3. Colombian coal exports from 2004 to 2013
Source: elaborated by the author, based on data from the Banco de la Republica (2014i) and Dane (2014).
7The main
destinations for Colombian coal exports in the period of 2004 to 2013 were the
markets of the United States, Holland, the United Kingdom, Turkey, Israel,
Chile, Brazil, Portugal, Spain, France, Italy, Denmark, Canada, Puerto Rico,
Ireland and China, which form the first group of importer countries that
exceeded ten million tons in the period analyzed. A second group is composed of
the Caiman Islands, Peru, the Dominican Republic, Germany, Mexico, Guatemala, the
Republic of Korea, Croatia, Scotland, Belgium, Argentina, Taiwan, Morocco,
Panama, Slovenia, India, the Channel Islands, Guadalupe and Switzerland, whose
importation was between one and ten million tons of coal during the period
analyzed. Finally, there is a third group consisting of countries whose coal
imports were between 100,000 and one million tons which are, Finland, Poland,
Greece, Egypt, Ukraine, Cuba and Sweden. The rest of the countries that had
coal imports of less than 100,000 tons were Malaysia, Norway, Trinidad and
Tobago, Vietnam, the Czech Republic, Saudi Arabia, Curaçao,
Singapore, El Salvador, Iran and Russia (Dane, 2014) (Figure 4).
Figure 4. Coal
exports in Colombia by destination country groups from 2004 to 2013.
Source: elaborated
by the author, from the data
base of the Dane (2014).
Before presenting the results of the evolution of FDI flows destined for
the mining and quarrying sector and the extraction of coal, lignite and peat in
Colombia, it is important to mention that the percentage participation of mining
in the total national FDI in the period from 2000 to 2012 had the following
dynamic. According to Fedesarrollo (2013), in 2000
mining had a participation of 1.8% of the total FDI, which then showed an
increase in 2003 with 2.3% of the total. For the year
2006, there was a slight increase with 2.4%, which then decreased to and
remained stable at 2.3% in the years 2009 and 2012 respectively. In this way,
according to Rudas (2013), the mining sector showed
almost constant rates of positive growth and above or close to that of the
total FDI.
Evolution of the flows of foreign direct investment in Colombia by
economic sector and in the mining and quarrying sector
in the period from 2004 to 2013
In Colombia, the total FDI flows registered by the Banco de la República in the years from 2004 to 2013 reached the sum of
99.439 billion dollars, of which, 20.847 billion have been invested in the
mining and quarrying sector, which absorbed 21% of the total flows of foreign
investment that entered the country in the period (Banco de la República, 2014). Separating the rates of the mining and
quarrying sector, close to 18.649 billion dollars (89 %) was invested in the
extraction of coal, lignite and peat while 1.967 billion dollars (9 %) were
destined for the extraction of metal ores such as copper and ferronickel. With
respect to the reinvestment of the profits from FDI and other activities in
mining, negative balances were shown, particularly in the years 2007 and 2008,
with a figure of -794 million dollars and -498 million dollars, respectively.
For the years 2005, 2012, and 2013, the reinvestment of profits was 343 million
dollars, 259 million dollars and 335 million dollars,
respectively (see table 1 and Figure 5).
Table
1. FDI flows in Colombia according to economic activity from 2004 to 2013. (Billions
of dollars)
|
Year |
Mines
and quarries (including coal) |
Oil Sector |
Manufacturing |
Transport,
storage and communications |
Financial
and business services |
Electricity, gas and water |
Other economic
activities |
Stock |
|
2004 |
1.246 |
.495 |
.288 |
.481 |
.244 |
.088 |
.279 |
3.122 |
|
2005 |
2.151 |
1.125 |
5.502 |
1.025 |
.245 |
-252 |
.434 |
10.230 |
|
2006 |
1.796 |
1.995 |
.815 |
1.065 |
.478 |
-.068 |
.663 |
6.744 |
|
2007 |
1.081 |
3.333 |
1.760 |
.401 |
1.359 |
-129 |
1.042 |
8.847 |
|
2008 |
1.790 |
3.349 |
1.696 |
.978 |
1.083 |
156 |
1.476 |
10.528 |
|
2009 |
3.014 |
2.637 |
1.364 |
.340 |
.711 |
-992 |
.940 |
8.014 |
|
2010 |
1.838 |
3.080 |
.210 |
-.356 |
.916 |
.043 |
.641 |
6.372 |
|
2011 |
2.480 |
4.700 |
1.214 |
1.760 |
1.160 |
.381 |
2.797 |
14.492 |
|
2012 |
2.474 |
5.471 |
1.985 |
1.245 |
1.077 |
.672 |
2.103 |
15.027 |
|
2013 |
2.977 |
4.909 |
2.586 |
1.474 |
1.606 |
.395 |
2.116 |
16.063 |
|
Total |
20.847 |
31.094 |
17.420 |
8.413 |
8.879 |
.294 |
12.491 |
99.439 |
Source: elaborated by the author,
based on official data from the Banco de la República
de Colombia (2014). Other sectors include: agriculture, hunting, forestry,
fishing, construction, trade, restaurants and hotels and community services.
Figure 5. FDI flows in Colombia in the mining and quarrying
sector from 2004 to 2013 (Billions of dollars).
Source: elaborated by the author, based on official data from the Banco de la República de Colombia (2014).
In Colombia, in
the period of 2004 to 2013, the mining and quarrying sector (20%) and the oil
sector (32%) absorbed 52% of the total FDI flows that entered the country,
which represents US$ 51.941 billion. The manufacturing sector absorbed 17% of
the total, followed by financial and business services (9%), transport (8%),
other economic activities (12%) and electricity, gas and water with only 0.2%
(see Figure 6). With respect to this, Garay (2004) maintains that traditionally FDI in Colombia has been
characterized by being directed towards non-renewable natural resources such as
coal, and especially, oil. However, if we compare the sectorial distribution of
FDI in Colombia by economic sector in the period from 1994 to 2003, we find
that the most attractive sectors for foreign investment were in this
order: financial and business services
(23%); manufacturing (18%); electricity, gas and water (18%); mining and
quarrying (13%); transport, storage and communications (10%); and finally, the
oil sector (7%) (Figure 6).
Figure 6. FDI flows in Colombia by economic sector and time
period (Bill of Us)
Source: elaborated by the author based on data from the Banco de la República (2014).
As we can observe, in the period of 2004 to 2013, the oil sector has
benefitted most, its participation going from 8% to 32% regarding FDI flows
with respect to the previous period, while the mining and quarrying sector went
from 17% to 21%. On the other hand, the manufacturing sector maintained a
constant level for the two periods at 17%, while the sectors affected by a
decrease in FDI from one period to the other were those of financial services,
falling from 21% to 9%; transport, storage and communications that went from
10% to 8%; and electricity and gas, going from 16% in 1994 to 0.2% in the
period from 2004 to 2013.
Also, if we look at the percentage participation of the mining and
quarrying sector in the total FDI flows in Colombia in the period of 2004 to
2013, we find that for the year 2004, the sector managed to attract 38% of the
total flows that entered the country. For 2005, participation was 21% and 26%
for 2006. In the year 2007 there was a decrease in FDI flows going to the
sector, which had a participation of 13%. For 2008 it rose to 17% and then to
37% in 2009. For the following years, the sector again showed a decrease in
FDI, 29% in 2010, 17% in 2011, 16% in 2012 and 18% in 2013. As regards the oil
and mining sectors, the results demonstrate a significant increase in FDI flows
in recent years, which is related with the high
international prices of coal, the stable economic performance of those sectors,
as well as economic policies oriented towards promoting them as drivers of
economic growth, which makes them attractive for foreign investment.
Evolution of the flows of foreign direct investment in the extraction of
coal, lignite and peat in Colombia from 2004 to 2013
In relation to FDI in the extraction of coal, lignite and peat in
Colombia, in the period of 2004 to 2013, close to $US 18.649 billion was invested, which represented 18% of the total national
FDI. The yearly average for this activity was $US 1.865 billion, which showed
sustained growth as from 2006, reaching its highest point in 2009 with $US
2.858 billion. For the
year 2010 there was a marked drop of FDI in this sector with a variation of
-47%. In 2011 there was a variation of 35% with $US 2.035 billion. For 2012 the variation was -20% with $US 1.608 billion
while in 2013, the variation was 27%, reaching the figure of $US 2.045 billion
(Figure 7).
Figure 7. Evolution of FDI flows in the extraction of coal,
lignite and peat from 2004 to 2013 (Bill of Us).
Source: elaborated by the author, based on official data from the Banco de la República de Colombia (2014) and the Colombia Mining
Information System SIMCO (2014).
Figure 8 illustrates the comparison of the variation of FDI flows in the
mining and quarrying sector and in the extraction of coal, lignite and peat,
where it can be appreciated that coal is the principal receiver of FDI in the
Colombian mining sector.
Figure 8. Percentage variation of FDI flows in the mining and
quarrying sector and in the extraction of coal, lignite, and peat 2005 - 2013.
Source: elaborated by the author, based on official data from the Banco de la República de Colombia and the Colombian Mining Information
System -SIMCO.
Figure 9 illustrates the three groups of investor countries in Colombia.
Unfortunately, it was not possible to access the information regarding the
investments by country of origin and destined economic sector, as it is not
publicly available. Thus, the information is presented according to total FDI
flows that the countries deposited in the period of 2005 to 2013 without any
discrimination. In the first group are found countries with FDI above US$1 billion.
In descending order they are: the United States, England, Panama, Spain, Anguilla,
Bermuda, Switzerland, Chile, Mexico, the Cayman Islands, the British Isles,
Brazil, France, Canada, Barbados and Luxembourg. The second group is composed
of countries where the sum total of FDI is between US$ 100 million and US$ 1
billion. In descending order, they are: Germany, Venezuela, Austria, Peru,
Uruguay, the Bahamas, Ecuador, Italy, Holland, Japan, Argentina, Belgium, the
Republic of Korea, Norway, Ireland and Costa Rica. The third group is made up
of countries where the investment amounts are below US$ 100 million. In
descending order, they are: Australia, the Netherlands Antilles, China,
Denmark, Puerto Rico, the Republic of Cyprus, Portugal, Israel, India, Sweden, Curaçao, the Dominican Republic, Singapore and Bolivia.
Figure 9. Total FDI flows in Colombia by country of origin from
2005 to 2013. (in billions of dollars)
Source: elaborated by the author, based on official data from the Banco de la República de Colombia (2014).
Discussion
In accordance with the results, there are some reflections that are to be
put into discussion for future research. The first consists of calling
attention to the tendency of FDI flows to concentrate in the primary sectors of
the country, which has been possible thanks to the high international prices of
commodities and the incentives
granted by the state so as to attract foreign investment, added to the policies
that seek to promote the mining and oil sectors as two drivers of the economic
growth of the country.
The above is
worrying if the modalities of the foreign investment that enters the country
are not identified and characterized. That is to say, it is pertinent to
subtract the amounts of FDI that enter the country, in particular in the
sectors analyzed, with the intention of recognizing, quantifying, qualifying
and characterizing the same contributions of the investment in terms of
technology transfers, types of machinery supplied, contributions to the capital
of the company, generation of employment, etc., with the aim of having a better
understanding of the cause when evaluating and determining the contribution of
FDI to the development of said sectors, as well as to the development and
economic growth of the country. On the contrary, there will continue to be
figures that may hide the true purpose of the investment and its results. If we
retake the discussions of Elías et al. (1998), Carkovic
and Levine (2002), Alfaro (2003), Loja and Torres (2013) and the structuralism
of the ECLAC, we find that the benefits of FDI directed to the primary sectors
such as oil or mining are nearly non-existent or negative and can have serious
repercussions, given the environmental externalities and the process of
“decapitalization” and the “dismantling” of projects.
Nevertheless, it is necessary to clarify that thanks to the particularities
of the mining industry, it is necessary to be careful with the analysis of the
growth of FDI, as the period required for the investment in geological
exploration to materialize in mining production is approximately nine years.
That means that the resources that enter the country for expenses of
functioning and exploration will be returned to the companies nearly a decade
later and only if the project manages to overcome the technical, geological,
environmental, social, economic and legal requirements necessary to allow the
opening of the mine. Therefore, FDI cannot by itself explain the increase in
the production of a mineral nor its export on the short term, except when its
specific destination is the acquisition of projects in production, the
expansion of operations or the opening of a mine, after the process of
exploration (UPME, 2012). For the same reason, it is pertinent to separate and
characterize the FDI flows that have entered the mining sector, taking into
account the definitions and modalities of FDI existent in the country or
creating categories so as to classify the empirical and immaterial
contributions of the investment.
Secondly, there exists the possibility that the FDI flows are distributed
in the departments and regions where the greatest volume of coal reserves,
production and exportation is concentrated in Colombia. From the above it is
seen that in the year 2006, FDI directed towards the mining sector rose to 1.796
billion dollars which includes the 1.7 billion for the purchase of 33% of Cerrejón by the company Xstrata (now Glencore) (Portafolio, 2006). In the FDI figures for 2009, the mining
sector was the greatest receiver of resources, with 3.014 billion dollars,
within which is included two billion for the sale of Prodeco
in an operation that only implied the transfer of the ownership of the mine
site (Portafolio, 2009). In the same year, Vale
contributed 373 million dollars in acquisitions and 300 more in reinvestment
(UPME, 2012). For 2010 FDI was of 1.838 billion dollars, which includes the
purchase on the part of the Panamanian company Medoro
(Gran Colombia Gold) of assets such as: Frontino Gold
Mines for 380 million dollars, Mineros Nacionales and Colombia Gold for the value of 50 million
dollars. Other operations were also presented such as the purchase of the Francia mine by the Goldman Sachs group for 200 million
dollars (Portafolio, 2009).
As we can see, it is pertinent to separate and characterize the FDI flows
that enter the mining sector by country of origin as well as destination. The
analysis of the geographic distribution of FDI in the Colombian territory would
allow the corroboration of the hypothesis mentioned above, as well as providing
more detailed information about the contribution of FDI on a sectorial and
regional level, taking into account the different mining districts of the
country, as well as the characteristics of the population and workers in the
investments destination areas. The above would be of use in order to verify if
there is a direct or indirect benefit to foreign investment, not only on a
sectorial level, but also on a social and work level, if we take into account
that the transfer of knowledge, machinery, and the creation of jobs are some of
the possible benefits derived from the investment. In this respect, it is worth
mentioning that there has been no analysis of the geographic distribution of
FDI in the national territory that separates the FDI flows by economic sector,
country and company of origin, place of destination and the modalities of the
investment.
Thirdly, the importance of investigating the relation between FDI and the
sustainable development of the sector is highlighted. If one of the benefits of
FDI is the transfer of knowledge, machinery and technology, in the case of a
sector of a primary nature and one of extraction such as coal, it is essential
to analyze in what way said transfers and contributions that come from abroad
are framed in a better management of the productive schemes of the sector, or
on the contrary, the concentration of FDI in the primary sectors of the country
is due to the lack of technical and environmental regulation on the part of the
pertinent authorities, which would be disadvantageous for the development of
the sector and of course for the population near to the mining and related
transport ventures, as well as the workers, the landscape and the sustainable
development of the nation.
CONCLUSIONS
The coal mining sector in Colombia shows a real economic potential that
is seen reflected in the reserves and quality of the coal, as well as in the
dynamic participation of its exports in the international market and its
significant attraction of FDI. In the period from 2004 to 2014, FDI showed a
concentration of 52% of the total flows of FDI in the primary sectors of oil
(31%) and mining (21%). Of the total FDI that entered the mining sector, 89%
was directed towards the extraction of coal, lignite and peat. The above was
possible thanks to the incentives and economic policies oriented towards
capturing and attracting greater FDI flows, and especially, the policies
oriented towards the development of the mining and oil sectors as two drivers
of the economic growth of the country. Nevertheless, there is concern about the
“prioritization” of the FDI that enters the country, due to the lack of
disaggregated information that would allow the observation of the modalities in
which the investments are carried out and the geographic distribution of the
same.
In this context, it is concluded that if the coal mining sector
represents a real potential for foreign investors, for the country it is
pertinent to carefully analyze what have been the modalities that these
investments have taken, above all in the primary sectors. In recent years and
due to neoliberal reforms, FDI has had a privileged place in the development
policies of countries in development, with the expectation that FDI directly or
indirectly contributes to increased production and employment, as well as
increasing learning capacity and technological ability. In the case analyzed,
the fact that FDI is focused in the extraction of mineral resources and oil
reduces the expectations of these benefits, even more when the way in which
these investments have materialized is unknown.
On the other hand, the geographic distribution of the reserves as well as
the exploitation and exportation zones for coal in the country are known, it
would also be pertinent to locate the geographic distribution of the FDI that
enters the mining sector. The above would allow the verification and
understanding of the routes that FDI takes in the national territory and above
all the verification of the empirical contributions of foreign investment in
the sector of study. In this way, it is concluded that the reach of the study
has allowed the identification of the evolution of the FDI flows that have
entered the mining sector in the determined period, but that is not sufficient
for identifying and determining the contributions of FDI in the development of
the sector, given that it would be pertinent to separate the FDI figures,
taking into account the variables of the investments country of origin, the
mining locations the investment is destined for and the modalities that this
investment has taken, which would be in relation to the generation of
employment, the transfer of capital, knowledge or technology.
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* This research article is the product of the project:
“Analysis of the evolution and geographic distribution of foreign direct
investment in the coal mining sector in Colombia, 2004-2012”. The research
is financed by the Youth Researchers and Innovators Program 2013 “Virginia Gutiérrez de
Pineda” of the Colciencias Science,
Technology and Innovation Administrative Department and the Universidad
Pedagógica y Tecnológica de Colombia UPTC. The
project is part of the Geography and Land Management research group (GEOT, by
its acronym in Spanish).
** Research professor of the Bogota branch of the Universidad La Gran Colombia.
Holds a Master’s degree in Latin-American Studies and International Relations
from the Ecuador branch of the Universidad Andina Simón Bolívar,
and a Bachelor of Arts in Social Sciences from the Universidad Pedagógica y
Tecnológica de Colombia UPTC. Tunja, Colombia. Postal address: 111711. Email
address : fabian.plazas@ugc.edu.co, fabian.plazas@uptc.edu.co
[1] It is
important to clarify that in order to develop the objective that is proposed in
the research article, portfolio investment was not part of the object of study,
as it responds to different motivations and implications that are outside the
central analysis of the study.