Since 2002, Colombia has enjoyed a fivefold jump in direct foreign investment

Look out BRICs… the CIVETS are coming, and the new Colombia is one of them.

CIVETS stands for Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa, and according to emerging market analysts, these are the countries that are rapidly gaining on Brazil, Russia, India, and China (BRIC) as the movers and shakers of global economics.

But why Colombia? What happened to its reputation as a drug-ridden economic and political basket case?

Things have changed. It may not have Brazil’s immense wealth and power, but its $244 billion economy is still the fifth-largest in Latin America. Since 2002 Colombia has enjoyed a fivefold jump in direct foreign investment. Oil and gas production are surging. Colombia’s stock market jumped more than any other stock market this year, rising 15% between January and June, and Colombia’s per capita GDP has doubled in the past eight years.

Colombia’s last presidential election also helped solidify the country’s reputation as one of the most stable democracies in the Americas as well. Juan Manuel Santos, former trade, finance and defense minister under his predecessor Alvaro Uribe, won with an undeniable mandate. An economist who trained at Harvard and the London School of Economics, Santos sponsored tough pension and tax reforms and slashed government spending to help beat one of Colombia’s worst recessions on record, helping him win the presidency with a record majority.

All this has come together to make Colombia a rising star in the Americas. According to Eric Farnsworth, vice president of the Council of the Americas, “Whether on security, democratic stability, or vibrancy, the strength of Colombia’s democracy is there for all to see.”

The July issue of International Living magazine devotes its cover story to Colombia. Entitled: “Colombia: A New Land of Opportunity for Expats,” International Living’s Latin America writer Lee Harrison first traveled to Colombia in 2006 and returned again last month to update IL readers to this new expat frontier.

“Colombia is a country that offers everything from a fast-lane life in a glamorous city, to a rich existence in a colonial setting…from beachside living to life high in the Andes. And it’s all affordable, enjoyable and easy to settle into,” Lee reports.

You can subscribe to the IL magazine here and get access to the July issue.