information brochure ifp colombia 2015
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Research in Colombia
IFP April 2015
The Destination
The Program
What do we offer?
www.riskifp.nl
Financial Study Association Groningen
Risk is af�liated with the Economics and Business studentFaculty association
Main Partners Risk
International Financial Program
2Risk International Financial Program 2015
Content
- Preface
- Risk and the International Financial Program
- About Colombia
- Transition Country Colombia
- Interesting Industries
- Unique Selling Points
- IFP Outline
- What we offer
- Former Clients
- Board of Recommendations
- Supervising Professors
- Participants
- Board
Bloomberg: “South America’s fastest-growing economy”
KPMG: “Colombia has become an attractive country for investors, and there are many reasons for this: robust growth, a qualified workforce and a business-friendly environment.”
Bloomberg: “The economy expanded 6.4 percent in the first quarter of 2014, its fastest pace in more than two years, even as growth slowed in Peru, Chile and Brazil.”
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Preface
Colombia, with its 48 million inhabitants, is one of the
most important emerging economies in Latin America.
Its growth over the last decade has been above average:
last year, it was 4.3%, while Latin America’s growth was
3.2%. With a diverse economy, including strong sectors
such as oil and mining, finance and banking, construction, energy and retail, Colombia has
become one of the region’s main FDI destinations. Colombia’s growth is expected to reach
5% by 2015. In the past few years, Colombia went from being a development aid recipient,
to becoming an important trade partner for the Netherlands. This new mutually beneficial
climate was demonstrated by the opening of the Holland House in Bogotá, the first of its kind,
inaugurated by the King and Queen on their official visit to Colombia in November 2013.
In 2013 Colombian exports to the Netherlands was USD 2,265 million FOB, equivalent to 16.6
million tons, the biggest volume of cargo was mobilized by maritime lines. Water management,
fluvial navigation, port management, sustainable agriculture, biomass and biofuels, are areas
in which Colombia has great interest and needs for progress. Thus, we not only have strong
economic and trade links, but also increasingly close relations in the scientific and technical
fields. A recent example is an agreement between the STC Group and the “Universidad del
Norte” in the city of Barranquilla, on Colombia’s Caribbean coast, we will start developing a
top-level Centre of Excellence on Ports, Transport and Logistics to serve all of Latin America.
Why is Colombia a country where the investors want to go? Among several factors,
I would like to highlight: our location, with coastlines on both the Pacific and Atlantic Oceans,
the mega diversity which is in the top 17 counties of the world; the 1st rank in protecting
investors in Latin America and for its Free Trade Zone and Free Trade agreements signed during
the last years.
I encourage Dutch companies to explore the Colombian market through this dedicated group of
students and we wish all the participants the best in their trip to our country.
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About Financial Study Association Risk
Risk is thé study association for Accountancy, Controlling, Finance, and the financially
interested student at the University of Groningen. Risk has set itself the goal to close the gap
that exists between theory and practise in the areas of Finance, Accountancy & Controlling,
Organizational & Management Control, and International Financial Management. Risk
organises activities for students at the Faculty of Economics and Business of the University of
Groningen. Besides, Risk is one of the associations that is part of the Financial Association of
the Netherlands (FAN).
International Financial Program (IFP)
The International Financial Program (IFP) is an initiative of financial study association Risk.
The IFP is a research trip for financially interested students whom would like to broaden
their horizon. It is a multidimensional project in which students will enhance themselves
professionally by conducting research for (Dutch) companies. The program has been
established in 2006 and has proven to be a great experience for students and a great success
for companies. Previous destinations of the IFP include Argentina, Brazil, Malaysia, Mexico,
Panama & Costa Rica and Peru. In 2015, the next destination of the IFP will be Colombia.
Destination Colombia
In April 2015, the IFP participants will travel to Colombia to conduct two and a half weeks of
field research for (Dutch) companies. Colombia is an emerging and fast growing economy,
offering many opportunities for internationally oriented companies. The IFP offers your
company the opportunity to explore business opportunities in one of the fastest growing
countries of the world.
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About Colombia
According to Bloomberg, Colombia is “South America’s
fastest-growing economy”. The economy expanded 6.4
percent in the first quarter of 2014, its fastest pace in
more than two years, even as growth slowed in Peru,
Chile and Brazil. This macroeconomic performance in
combination with improving fiscal and political stability
as well as peace negotiations are part of this success.
Colombia, the third economy of Latin America, has
transformed into one of the most important economies of Latin America in the last ten years. With
its ideal location between Middle- and South-America, Colombia is the international gateway
to the entire continent. It was named as one of the CIVETS countries, as only country of Latin
America, because of its steady growth in GDP. The CIVETS countries are the fastest growing
economies in the world with the most promising investment opportunities for companies. Over
the last two years, international investments in Colombia have grown significantly and the
Netherlands are the most important investor (except of the oil and mining industry).
The economic policies and promotion of free trade agreements by the Colombian government
has led to a 30 percent increase in international trade within the last three years and a generally
transparent investment climate. Colombia is known for several economic centers. Whereas the
capital Bogotá is the political, financial and professional center, cities like Medellin, Cali and
Cartagena house many corporate headquarters as well (2012, the Wall Street Journal).
Numerous new opportunities for foreign investments rise as a result of the transformational
development, economic growth and the stimulating government policies for international trade.
Because of these developments, Dutch companies should seek their value in this upcoming
market within the numerous possibilities for research. Forty Dutch companies already operate
in the Colombian market, are you the next one who will profit from this outstanding opportunity?
Key facts ColombiaCapital: Bogota
Language: Spanish (official)
Population size: 48.32 million (2013)
GDP: $378.1 billion (2013)
GDP per capita: $7,825 (2013)
GDP per capita PPP: $9,125 (2013)
GDP real (annual) growth rate: 4.6%
Source: The World Bank
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Transition Country Colombia
Transition is about the process of moving forward from one phase to the next. This certainly
applies to Colombia, which previously received development aid from the Netherlands and now
has been declared as a ‘transition country’. The Dutch government does not provide Colombia
with development aid anymore but instead invests in trade, the investment climate and other
investments opportunities with Colombia, making the relationship become mutually beneficial.
Colombia has a relatively good investment climate, a developed financial sector and an
adequate economic policy. Additionally, the country has a relatively young population, a
rapidly expanding middle class and a stable political environment. These factors are important
fundamentals for sustainable economic growth and therefore Colombia is seen as a promising
country.
To help the SMEs in creating a healthy trade relationship with countries such as Colombia,
Agentschap NL offers the Transition facility. The aim of the Transition facility is to encourage
the Dutch business sector to provide extra support in transition countries in order to create
a promising market in those countries. For example, the Dutch Ministry of Foreign Affairs
planned an economic mission for the second half of 2014.
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Interesting industries
Agribusiness
Due to its location and the tropic weather conditions, Colombia has many opportunities for
broad agricultural and farming investments. Fruits, vegetables, floriculture, horticulture,
food and coffee are all very important products in this sector and offer high potentials for
international investors. Especially floriculture is of great importance; Colombia is the biggest
producer of flowers in the world, making the Netherlands a very important trading partner.
The large amount of land available for agricultural purposes also creates the possibility for
cultivating biofuels. In addition, the government stimulates this sector through tax cuts and
many international trade agreements. Finally, the Dutch demand for Fair trade products has
increased the last couple of years and Colombia’s objective is to become the world market
leader in Fair trade products. (Source: Agentschap NL)
Oil and Gas
Oil and coals have always been an important industry in the economy of Colombia. From 2007
to 2012, Colombia increased its daily oil production by 77% and became the 4th largest oil
producer in Latin America. In the upcoming years there will be an investment of $2,600 billion
dollars to conduct explorations. In Colombia over 30% of explored wells are successful and
more than 50% of the total territory is yet unexplored. Recently, the gas industry has become
an important industry as well due to the discovery of reserves. Besides oil and gas, Colombia
has broadened its view to biofuels and other renewable energies. (Source: Flanderstrade.com
and Investincolombia.com)
Infrastructure and Construction
Over the last five years the size of the construction sector grew at an average rate of 16.8%
per year, well above the average growth in the region, which was 10.2%. The construction
industry in Colombia is the third largest in Latin America. In 2014, the government almost
doubled the investment budget for infrastructure projects, reaching a budget of over $6,500
million dollar. Moreover the government has also started a project to build 1 million new homes
in 2014 to address the national housing shortage. (Source: Toplatinexport.nl)
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Cocoa and Chocolate
Colombia has a strategic geographical position. The constant temperature throughout the
whole year is advantageous for growing cocoa. As an equatorial tropical country, Colombia
enjoys strong sunlight all year round. In addition, Colombia boasts a variety of climates and
abundant water resources. Besides, a study showed that Colombia has a potential for 2 million
hectares for growing cocoa crops. (Source: Investincolombia)
Maritime industry
Harbors and terminals in Colombia: Barranquilla, Buenaventura, Cartagena, Puerto Bolivar,
Santa Marta and Turbo. Several Colombian harbors have investment plans for the coming
years. There are opportunities in modernizing the harbors along the coastline and deepening
the access channels. Because Colombia is situated between both the Atlantic Ocean and the
Pacific Ocean, it has a favorable strategic position in Latin America. The efficiency of the
main harbors has increased over the last years, however, there is still room for improvement.
(Source: Flanderstrade.com)
Water management
Due to the rich hydrography in Colombia there are many opportunities for Dutch companies
in the delta technology. Next to that, there are also investment opportunities in the waste
water technology, drinking water supply and water management infrastructure. The Dutch
expertise on water management provides us with a reliable image. The Colombian president
Santos asked the Netherlands to help the Colombian authorities with the water management
after the large floods in 2011. This resulted in a public-private cooperation agreement between
the Netherlands and Colombia. Furthermore, the Colombian government will invest €6 billion
in water management in the next four years. Dredge companies and dikes are required to
make the country’s largest river, the Magdalena, more navigable and less sensitive to floods.
In 2010 large floods led to the establishment of the Colombia-Netherlands Water Partnership
(CNWP). This partnership reflects multiannual and constructive cooperation between both
countries. Next to the fact that this cooperation stimulates networking and joint-ventures, it
also supports the tendering processes. The aim of the partnership is to increase the capacity
and expertise of the local authorities.
(Source: government.nl)
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Unique selling points
High quality
Research will be conducted by 21 top quality selected senior students with diverse financial
academic backgrounds. These students will be guided by two professors of the University of
Groningen during the research period. The professors have plentiful experience in conducting
research at academic and corporate level. Therefore the IFP offers a high quality research that
is ensured by the experienced professors.
Specific knowledge
For the International Financial Program, students are selected from the Faculty of Economics
and Business. Therefore, we have specific, academic knowledge about business and finance.
Through this knowledge, we could conduct qualitative research in these areas. Since students
with different study backgrounds are involved in this project, the quality of the research is
strengthened by the complementary knowledge of the students.
Experience
Since its start in 2006, the International Financial Program has performed many successful
studies in several Latin American countries.
Tailor-made research at cost price
The IFP will conduct tailor-made, professional research at cost price. This program is primarily
focused on gaining experience and therefore you will only pay for the costs made during the
preparation phase and the field research phase.
Independent
The IFP is conducted by students who are not affiliated to any company. Therefore our research
is independent and objective and all findings will be treated confidentially.
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Recruitment
The International Financial Program gives your company the opportunity to make valuable
contacts with our participating students. Among our participating students we selected four
Bachelor students and seventeen Master students.
Next to our research we can also offer an inhouse day at your company. If desired, one of our
external relations managers will be delighted to elaborate the possibilities for research or an
inhouse day. Please do not hesitate to contact one of our external relations managers.
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IFP Outline
The International Financial Program has a unique setup in which students conduct research but
also participate in the preparation of the trip. Therefore students are recruited in an early stage
and are part of research groups as well as subcommittees. This setup of the IFP is visualized
in the organizational chart below.
Preparation phase September 2014 – January 2015
The preparation phase starts in September. From this moment on the students are actively
involved in the project. During this period the students are trained in order to attain the
necessary skills and knowledge which will enable them to successfully perform the field
research. This will be done during lectures, workshops given by guest speakers and an
interview training given by a consultancy firm.
Desk phase January 2015 - April 2015
In January the research groups will start with their individual research assignment. From
this phase on the students cooperate with two professors from the University of Groningen
in order to safeguard the quality of the research. For over three months the students are
now intensively engaged in the research and will, in cooperation with the companies, setup a
research framework and determine the contents of the research.
Field research phase April 2015 - May 2015
In the second week of April we will leave for our destination: Colombia. This phase of two
and a half weeks will be marked by conducting research, which will mainly consist of visiting
companies, taking interviews and gathering information. During the two and a half weeks of
field research the two supervising professors will support the students.
Reporting phase May 2015 - June 2015
After returning from Colombia the research groups will process the information gathered so
far and write a report covering the research question. In June the students will present the
final version of the research to the assigned company.
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What we offer
The International Financial Program selects 21 top students who have made substantial
progress in their studies. They have been selected by strict criteria after which only the
most motivated students remain. These motivated students form the basis of the research
project. Two academic professors will guide the students throughout the entire process to
ensure academic standards and function as a cornerstone to assure high quality research.
The IFP provides the company a unique opportunity to work together with selected students,
have many contact moments with them and obtain a high quality research that broadens the
horizon of the organization. Since we conduct the research at cost price, all these beneficial
aspects will be obtained for only €6.000,- (excl. VAT).
The students participating in the program are students that have affinity in the field of finance
and accounting. Areas for research are numerous and largely depend on the needs and wishes
expressed by the company. In the initial phase participants will come up with suggestions
for research or amplify ideas proposed by the company. Examples of subjects examined in
previous years are:
• microcredit
• business development
• risk analysis
• investment analysis
• market analysis
• conducting audits
Previous research:
• The banking climate in Panama
• The possibilities of the expansion of the Panama Canal
• The attractiveness of the Peruvian insurance and pension market
• Foreign direct investments
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Board of Recommendation
Dhr. P. Zwetsloot
Unitmanager Emerging and Distant Market of the Department for International Business at
Ministry of Economic Affairs
Dhr. M. Elamparuthi
Business Developer at VTTI
Prof. Dr. D.M. Swagerman
Former Partner at Deloitte
Professor at the University of Groningen
Dhr. W. de Boer
Ambassador of Panama
Prof. Dr. D. De Waard
Former Partner at Ernst & Young Accountants
Professor at the University of Groningen
Andy Marchant
Product Line Manager at TomTom
Prof. Dr. J.W. Velthuijsen
Partner and chief Economist at PwC Economic Consulting
Professor at the University of Groningen
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Supervising Professors Dick de Waard“The IFP 2015 will be my fifth journey with the financial association Risk. In
1995 I joined the International Financial Program for the first time to New
York. However, the project was completely different than it is nowadays.
The set-up of the project has become more professional since then. In
2010 I guided the students in Brazil, in 2012 we left for Costa Rica/Panama
and last year I joined the IFP to Peru. It is very inspiring to conduct
research in its current form with highly motivated students in a beautiful
and interesting Latin American country far away.”
Prof. de Waard was a partner at Ernst & Young accountants from 1997
until the 1st of January of 2013, where he worked since 1977. In 1998 he
became Chair of Director of Ernst & Young Cleantech and Sustainability
Services of Belgium and The Netherlands. Since 1992 he has been
connected to the University of Groningen in the field of Accountancy, where
he currently works as the Chair of Director of Accountancy and the section
Auditing. Next to his function at the university in the field of sustainability
and the reporting of sustainability he is currently an independent advisor.
Furthermore, Prof. de Waard participates in a consultation platform about
‘integrated reporting’.
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Jan Willem Velthuijsen“In 2013 I joined the Risk International Financial Program (IFP) to Brazil.
This year I will guide the students that are going to conduct research in
Colombia. I believe that Colombia is one of the most promising countries
currently, since it made substantial progress in economic development by
implementing economic reforms several years ago. I would recommend
the IFP to all interested. Allowing 21 highly motivated students to explore
business opportunities for your company in a country such as Colombia at
cost price is a unique opportunity”
After graduating his Msc. Econometrics at the UvA, Jan Willem Velthuijsen
moved to the contract research unit of the economics department of
the UvA. Better known as SEO Economic Research. During the fifteen
years prof. Dr. Velthuijsen worked for SEO Economic research he gained
experienced in a wide spectrum of fields. He specialized in applied
economic research on policy research. In 1999 prof. Dr. Velthuijsen
started at PricewaterhouseCoopers where he was responsible for setting
up a Competition and Regulation team. During this period he worked on
assignments on several economic issues, such as regulatory and other
economic disputes, competition clearance, dominance, state aid and
cartels and economic modelling of policy effectiveness or economic impact.
Recently (2014) prof. Dr. Velthuijsen was appointed as Chief Economist.
Next to his work at PwC, he is connected to the University of Groningen
as professor of Economics. Furthermore, he is Programme director of the
Executive Master of Finance & Control for the energy industry.
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Participating StudentsAll participants are students of the Faculty of Economics and Business and subjected to strict
selection criteria. Only students that have made substantial progress in their studies are
eligible for this program. They primarily are in the final phase of their Bachelor studies, or are
Master students. Preferably, all students follow a financially oriented study.
Babet Hogetoorn Boudewijn Leutscher Ellen Koster Emma Kruijswijk MSc Organisational MSc Finance BSc International MSc Finance Management Control Economics & Business
Eva Dieben Jan Jongsma Joran Heeman Justin Arnolli MSc International MSc Finance MSc International BSc EconomicsFinancial Management Economics & Business
Lara Kranendonk Lea Hamann Martijn Boeve Martijn Vruwink BSc Business BSc International MSc Finance MSc Finance Economics Business
Remko Gerbrandij Rianne van Raaij Rosalie Dekker Vincent Meulendijks MSc Controlling MSc International MSc International BSc Economics & Economics & Business Financial Management Business Economics
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IFP Board 2015If you are interested, we would like to make an appointment to discuss the research possibilities
for your company. Do not hesitate to contact us if you have any questions.
The IFP Board 2014-2015 (from left to right):
Koen MeursPR & LogisticsMSc Finance
Bas KallenbergExternal Relations and TreasurerMSc Accountancy & Controlling
Mathijs LindemulderChairmanMSc Finance & MSc International Economics and Business
Jorg MeierVice-Chairman and External RelationsMSc Finance & MSc International Financial Management
Harm SchievinkExternal RelationsMSc Finance
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