Our country has established an enviable macroeconomic framework with a double investment grade, but this achievement will remain nothing more than a decorative title if we do not take the next institutional step. In my analysis, I outline three structural reforms—which are low in fiscal cost and have a high multiplier effect—that are necessary to boost real investment.

Achieving a double investment grade is an accomplishment that confirms our macroeconomic strength, but its true value lies in how we use it. Today, a large portion of our budget goes toward maintaining the size of the government, leaving little room for what truly multiplies opportunities: better roads, digital connectivity, and technical education for our young people.

While we enjoy solid macroeconomic stability, fiscal discipline, and an enviable demographic dividend, patient capital is looking for something we still lack on a large scale: a concrete portfolio of bankable projects with added value, mature technology ecosystems, and a proven track record of transparent public-private partnerships. Keeping our economy anchored solely in primary commodities limits our ability to attract large-scale productive investment.

What is truly valuable about this report is the observation that key sectors such as logistics, commerce, financial intermediation, and construction already account for more than 50% of this new capital. We are witnessing a genuine process of economic diversification, in which we are moving beyond being merely exporters of raw materials to position ourselves as processors and providers of high-value-added services.

The Trap of Complacency: When Ratings Become an Excuse