Bogota: a sound and dynamic economy
Bogota is a market of over 7.9 million residents, supported by a sound and diverse economy. The city's GDP currently accounts for approximately 25% of the country's and is larger than those of several countries in Latin America.
Bogota offers investors one of the best enterprise environments in Latin America. According to the most recent analysis by the World Bank, the city is among the Top 3 regional cities where doing business is the easiest. Evidence of this can be seen in the fact that Bogota has been the Latin American city that has implemented the largest number of reforms to improve its business climate over the past eight years.
The soundness of Bogota’s economy is evident in the city's dynamics. As a matter of fact, during a good part of the previous decade, the city's economic growth was better than that of either Colombia and Latin America as a whole.
Furthermore, the city's good economic performance has been reflected in a noteworthy stability in prices. Bogota has one of the lowest inflation levels among relevant cities in Latin America. The city's current inflation levels are below those of other large cities such as Lima, Rio de Janeiro, Sao Paulo, Buenos Aires, and Caracas.
In addition, Bogota offers a very competitive cost structure in terms of production. For example, the city has one of the most favorable wage levels when compared to the main cities in Latin America.
One of Bogota's main advantages is its privileged geographical location. Located towards the center of Latin America, it offers a wide range of international connections and has the largest air terminal in terms of cargo transport capacity in Latin America.
The city’s economy builds upon the favorable business climate offered by the rest of the country. Foreign Direct Investment (FDI) flows into Colombia have shown a significant growth in recent years, reaching a historic high in 2013, breaking the US$ 16 billion barriers, a trend that seems set to continue during the coming years.
Therefore, and thanks to a favorable business environment, the number of multi-national companies that have decided to begin operating from Bogota has soared. Currently, over 1,613 such companies have based themselves in the city.
For these and many other reasons, Bogota provides the ideal economic environment for new investments.