Columbia expects to double its ethanol production in 2009 to 2.42 million liters a day, according to a Reuters report.
The nation is already the number two ethanol producer in Latin America, behind Brazil.
Like Brazil, the country uses sugarcane as a feedstock for the biofuel.
Columbia is offering low tax rates to companies that are willing to invest in the growing industry.
Agriculture Minister Andres Fernandez Acosta said Columbia has the potential to grow up to 3.9 million hectares of sugarcane for ethanol–up from current land use of 478,000 hectares.
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