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Jeremy McDermott

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In the midst of a 46-year civil conflict and exporting more than 400 tonnes of cocaine a year, Colombia hardly seems like the best investment destination. Yet money is pouring into what analysts believe is one of the best bets in Latin America for 2011. The current president, Juan Manuel Santos, was a defense minister in the Uribe regime, so security policy has been refined, but not changed. Instead, Santos has made the economy his priority. Thanks to improvements in security, former rebel strongholds have opened up for investment. Economic growth of between 4% and 5% is expected this year. But there are some clouds on the horizon. The rebels and drugs cartels still pose a serious threat. Colombia's debt is currently one notch below investment-grade status.

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