Spanish subsidiaries of Mexican food group Gruma have started proceedings in Washington, DC, to enforce a US$430 million International Centre for Settlement of Investment Disputes (ICSID) award against Venezuela relating to the Chávez-era expropriation of their business producing corn and wheat flour and tortillas.
The last few years have been slow for Colombia: in 2017 GDP grew by just 1.6%, its worst performance since 2009. 2018 promises an improvement, with the World Bank predicting the economy will grow by nearly 3%, above the Latin American average. This is welcome news for the country’s corporate law firms, which are licking their lips at the prospect of an uptick in deal flow. The construction and natural resources industries look to be the most likely font for the increase in work, which will suit the many firms in this chapter that are already highly experienced in project finance and infrastructure work, particularly thanks to Colombia’s US$70 billion Fourth Generation (4G) toll road building programme.
Colombia is today’s focus of our country-by-country tour of the region’s legal markets, as analysed in the 2017 edition of the Latin Lawyer 250.