He has won the contest after trouncing his opponent by winning more than 50 percent of the votes.

According to BBC News, Duque won 54 percent of the votes.

His opponent, leftist ex-guerrilla Gustavo Petro, acknowledged defeat on Sunday evening.

Taking to the stage in the national capital, Bogota, following his win, Duque promised to reunite the nation.

During the election his campaign was seen as business friendly, as he based it on deduction of taxes and bolstering investment.

Thanking the people of Colombia, he said, "I will give all my energies to unite our country. No more divisions. We want a country with everyone and everyone."

Duque's running mate Marta Lucía Ramirez will become the country's first female Vice President.

Image: twitter.com/IvanDuque