Bogota is the third largest city in Latin America with most jobs created by new foreign direct investment in the last decade
Colombia's capital, Bogota, was honored in the annual ranking of the Financial Times’ fDi Intelligence Research Center as the city with the best investment promotion strategy in Latin America and number 6 of the continent.
Bogota is the first city in Latin America and the sixth city in the continent with the best investment promotion strategy, as ranked by American Cities of the Future published in the fDi Magazine. The city is located after Chicago, New York, Montreal, Los Angeles and Miami and is the first Latin American city beating regions such as Sao Paulo, Rio de Janeiro, Buenos Aires or Mexico City.
"This recognition is a good indication that the path we have taken in Invest in Bogota since its inception in 2006 has been the right one. After a decade of work we have brought the city more than 250 projects with an estimated investment of over USD 1.9 billion, generated more than 23,000 direct jobs and have positioned Bogota as a pioneer city and an excellent place to invest in the continent,” says Juan Gabriel Pérez, CEO of Invest in Bogota, Bogota’s investment promotion agency.
"From the entity itself and with our affiliates such as Invest in Bogota, we are committed to make Bogota one of the main investment destinations in the region, helping to improve the business environment. This result is evidence of that," adds Mónica de Greiff, President of the Bogota Chamber of Commerce.
Within the ranking, Bogota also climbed two positions relative to 2015/16, from seventh place to fifth as a city of the future of Latin America a scale that measures the overall economic potential, human capital and lifestyle, costs, connectivity and favorable business environment. Only Sao Paulo, the Mexican cities of Queretaro and Mexico City and Santiago de Chile are ahead on the list.
This ranking is done every two years and evaluates 481 cities across the Americas, classified into groups according to their size. Bogota is part of the group of major cities, along with another 49 including New York, Sao Paulo, San Francisco and Montreal. This is where it is lauded for its investment strategy and outperforms all other major cities in Latin America.
"These findings support Bogota's international leadership and our commitment to securing the position of the city as a destination for investors, providing an investment-friendly environment, modern infrastructure and human talent," notes Juan Miguel Durán, Bogota’s Secretary for Economic Development.
In other categories, Bogota excelled as the eighth city in number of new investment projects across the continent between 2012 and 2016, at a level similar to Los Angeles and surpassing cities like Santiago and Chicago.
Following 10 years dedicated to the city’s promotion, Invest in Bogota has been classified by different institutions such as the World Bank in 2009 and Site Selection Magazine in 2015 and 2016, as the best investment promotion agency in Latin America and the Caribbean region.