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Bogota, the creative industries’ new hub in Latin America

June 21, 2017

This foreign investment comes mainly from the US, which contributes 30% of the total amount of the investment in the Bogota Region and triples investment in the following countries on the list, which are Spain, Venezuela, Mexico and Chile.

Bogota is the city that receives most greenfield investment in Creative Industries throughout Latin America and the Caribbean. This is shown in the study conducted by fDi Markets which emphasizes that since 2005, the capital has received USD 488 million - more than Sao Paulo, Buenos Aires, Mexico City or Rio de Janeiro.

This foreign investment comes mainly from the US, which contributes 30% of the total amount of the investment in the Bogota Region and triples investment in the following countries on the list, which are Spain, Venezuela, Mexico and Chile.

In this equation, Bogota stands out as the hub of the creative industries, since apart from generating 77% of the revenue of this industry, it is home to 74% of the largest companies in the sector, including major international players in television such as Sony and Fox Telecolombia, and advertising firms such as Ogilvy, a company supported by Invest in Bogota in its definitive reinvestment process.

In order to present Bogota as an emerging market with multiple opportunities, Invest in Bogota, the capital’s foreign investment promotion agency, will take a trade mission to the United States and Canada to show off the potential of the city to major industry players in Miami, New York, Toronto and Montreal.

"Bogota offers a wide variety of competitive advantages for the creative industries sector that make a major difference, such as its recent growth, knowledge transfer through foreign investment, institutional support and a plentiful supply of qualified human talent," says Juan Gabriel Pérez, Invest in Bogota’s CEO.

Bogota has also positioned itself as an excellent setting for film and television content production with export potential, thanks to its geographical position and its infinite variety of landscapes, environments, climates and production and post-production infrastructure.

With these favorable numbers and their potential, the Bogota Chamber of Commerce and the Office of the Mayor of Bogota have opted to transform Bogota into the business hub of the creative industries sector in Latin America, through a clever specialization strategy that lends priority to this sector and encourages the active participation of private sector representatives.

"The city is betting on becoming a business hub for the Orange Economy in Latin America. Iconic companies like Netflix and Fox are making productions in the city with an international impact such as Narcos and Cumbia Ninja," says Pérez.

Renowned for its skilled, creative and abundant human talent in these industries, between 2001 and 2014 Bogota graduated 57% of all the professionals in related industry areas of the country, such as advertising, film and television, visual arts, design and music, according to sources of the Labor Observatory of the Ministry of Education.

Several companies emphasize their decision to have settled in Bogota as a success. "Installing ourselves in Bogota has been an excellent experience since we found abundant human talent and great creativity. Today there is a trend towards globalization and competition in the advertising world and it is precisely in this complex and constantly changing landscape where you have to be increasingly efficient and versatile, optimize resources in all possible areas while integrating a diversity of talents. Bogota offers this possibility better than anywhere else in the region, allowing us to serve customers in 32 countries. In the past, Argentina, Mexico and Brazil were more competitive in the creative industries sector, but Colombia is now the future of the region in this aspect," says Felipe Afanador, General Manager of Ogilvy & Mather.