Colombia placed three companies among Latin America’s 50 largest multilatinas by sales, led by Ecopetrol in sixth position, according to a report by the Inter-American Development Bank, Portafolio reported.

The study, titled “Multilatinas on the move: characteristics, motivations and policy guidelines”, assessed 156 listed firms operating across multiple markets and sectors. Ecopetrol ranked highest among Colombian groups, reflecting the weight of hydrocarbons within regional corporate expansion, while Grupo Éxito and Grupo Nutresa placed 44th and 47th respectively.

Ecopetrol’s position underscores its regional footprint across four countries in exploration, production and commercialisation, reinforcing Colombia’s presence in a ranking largely dominated by Brazil and Mexico. Grupo Éxito operates in two markets, consolidating its expansion through regional investments, while Grupo Nutresa has built a broader international network spanning 12 countries, driven by acquisitions and brand growth.

At the regional level, the top three positions were occupied by Brazilian companies Petrobras, JBS and Cosan-Raízen, highlighting the concentration of corporate scale in energy and agribusiness. More than 85% of the multilatinas identified are based in Brazil, Mexico, Chile, Argentina and Colombia, pointing to a relatively concentrated geography of outward investment.

Between 2013 and 2023, these companies executed on average more than 320 greenfield investment projects annually, exceeding $14 bn per year and generating around 43,000 jobs, the report found. In 2023 alone, projects reached 350, with roughly 75% driven by firms from Brazil, Mexico, Argentina, Colombia and Peru.

Despite rising geopolitical tensions, over 80% of surveyed firms said they do not plan to relocate operations or shift supply chains in the near term, suggesting continuity in regional investment strategies. For Colombia, analysts say the presence of three firms in the ranking signals growing internationalisation capacity, albeit still behind regional leaders.

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