NEW YORK (TheStreet) -- Colombia's relationship with the U.S. "couldn't be better," said Luis Restrepo, executive director of the U.S. for ProColombia.
The country is in its third year of the free-trade agreement with the United States, and it has paid off. Tourism has grown dramatically for Colombia, he said.
Over the past four to five years, the industry grown and now boasts four million tourists per year, 350,000 of whom are from the U.S., he said.
While tourism is up, oil is down. For a country like the U.S., falling oil prices is a great thing, as gasoline prices decline.
However, for a country like Colombia, for which crude oil is its top export, the results of falling prices aren't so pretty. Due to the country's diversification though, its overall exports business has held up.
The country depends on other exports to help carry the load, shipping out bananas, coffee, textiles and apparel, and cultural products.
Colombia is also drawing investment interest from new companies and funds, Restrepo said.
Over the last 15 years, the country has received $28 billion in foreign investments, nearly $3 billion of which has come in the past year alone.
The result has allowed Colombian businesses to expand, creating more manufacturing companies and boosting employment.
Colombia is now the third largest economy in the region, he said, which is helping to attract the interest of multinational companies both big and small, Restrepo concluded.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.