2 of 5
BACKNEXT
Colombia
Colombia

As recently as 2004, the narcotics trade fueled violence and instability in Colombia, obstructing business and deterring foreign investment. President Alvaro Uribe's administration made remarkable strides in forcing the drug industry out. A new-found stability, combined with sweeping privatizations in the export sector and the existence of valuable natural resources like coffee, oil, and coal, translated into GDP growth averaging over 5% per year between 2004 and 2009. A July issue of LatAm Economics Weekly, a report put out by Bank of America Merrill Lynch's global research unit, cited a sovereign credit rating upgrade to investment grade among things to watch in the second half of 2010.

Another area to focus on according to that report is development in the oil sector. IHS Global Insight thinks there might be 11 billion barrels of oil yet to be discovered in Colombia, a large number given that production in the country is already at over 700,000 barrels per day and growing. One company to watch: Gran Tierra Energy (GTE). Current production is ramping up and six new wells are soon to come online. Gran Tierra's net cash position of $267 million as of a month ago puts them in a good position for M&A activity as well.

NEXT: Vietnam

Last updated August 09 2010: 11:34 AM ET
More Galleries
50 years of the Ford Mustang Take a drive down memory lane with our favorite photos of the car through the years. More
8 CEOs who took a pay cut in 2013 Median CEO pay inched up 9% in 2013 to $13.9 million. But not everyone got a bump last year. Here are eight CEOs who missed out. More
10 best convertibles now that spring has sprung It's finally time to put the top down. Here are our 10 favorite rides for the warmer months to come. More
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.