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Bogota is the third largest city in Latin America with most jobs created by new foreign direct investment in the last decade

May 08, 2017

According to the Research and Market Intelligence area of Invest in Bogota, more than 4,800 jobs on average per year are generated in the city, thanks to new foreign direct investment projects. 

In the last decade, greenfield (new) foreign direct investment generated on average in Bogota, more than 4,800 direct jobs per year, positioning it as the third largest city in Latin America, after Sao Paulo (7,596) and Mexico City (5,869).

Juan Gabriel Pérez, CEO of Invest in Bogota, notes that: "foreign direct investment provides significant benefits to the cities, because it materializes knowledge and technology transfer, generating quality jobs and contributing to economic development and local competitiveness."

In the national context, Bogota leads the generation of new jobs that are the product of greenfield (new) Foreign Direct Investment (FDI), concentrating 46% of the jobs created in the last 10 years in the country under this concept.

For the year 2016, the countries of origin of the capital invested in Bogota that most contributed to the generation of jobs in the city were Spain (29%); USA (15.9%); United Kingdom (15.7%); Argentina (10%) and France (6.7%). 

By economic sector, the biggest beneficiaries in terms of job creation, were corporate services (33.2%); software development and IT (11.1%); food (11%); consumer products (9.9%); pharmaceuticals (6.4%); textiles (4.7%) and communications (3.3%). In 2016, these sectors accounted for 84.4% of the total employment under FDI in Bogota.

According to a report by the Research and Market Intelligejobsnce area of Invest in Bogota, in the last decade, FDI generated nearly three million jobs through 13,765 investment projects in Latin America. The 5 Latin American countries where FDI generated most jobs were México (37.5%), Brazil (20.6%), Argentina (7.1%), Colombia (6.7%) and Perú (4.9 %).

 

Bogota Workforce

Bogota has an economically active population of more than 4.6 million people. Its 115 colleges graduate over 126,000 students annually (over 34,000 with postgraduate degrees), mainly in areas related to economics, management and accounting (33%); engineering, architecture, and urbanism (22%); and social and human (21%) sciences.

The city concentrates 43% of all PhDs and 30% of the technicians/technologists of Colombia, and it is home to 6 of the top 100 universities in Latin America. Some 1,600 research groups are based in Bogota, 38% of the country’s total. Hence companies setting up in Bogota will find a human talent pool that can fully support their needs.

 

Teleworking in Colombia and Bogota

Teleworking in Bogota grew from 23,485 in 2012 to 55,848 in 2016).[1] The growth in remote workers has been strengthened by the "Teleworking Pact", a public-private initiative with more than 300 participants, such as the Bogota Mayor’s Office, Microsoft, Bayer, the Ministry of Information and Communication Technologies and the Ministry of Labor, among other public and private stakeholders. The Pact aims to promote, encourage and support this way of working in the country. Benefits associated with the Pact include technical support for companies, and training and certification of employees.[2]