The Colombian capital is moving ahead with its regulatory reform program and lends special attention to innovation to support the process that the country began in 2013 on its way to becoming a member of the Organization for Economic Cooperation and Development (OECD), according to the promotion agency Invest in Bogota.
"The Regulatory Improvement Program is one of the best practices of the Organization for Economic Cooperation and Development - OECD - that Bogota is already implementing to facilitate companies’ operations," Juan Gabriel Pérez, CEO of Invest in Bogota, told EFE.
This initiative seeks to train and require that public officials conduct a cost-benefit analysis of the regulatory projects before they are issued, in order to achieve greater consistency and legal certainty in the district’s regulatory system.
A document produced by that entity and made available to EFE also refers, among the challenges of the Colombian capital, to "facilitating the understanding of its territorial standards and that these do not become a barrier to the daily operation of established companies".
It also indicates that Bogota must "increase the efficiency and effectiveness of innovation" of its companies, for which it has a system that "is being developed and which must continue to be strengthened" through collaboration among the private sector, university research centers, technology development centers and local government.
Furthermore, according to Invest in Bogota, the city "has the Smart Specialization Strategy productive development agenda" (which defines creative industries), the "advanced-knowledge hub”, bio-business, business services, and sustainable city region as priority areas for leveraging local development.
Pérez believes that "Colombia’s joining the OECD will have a positive impact on attracting foreign investment" for the country, because "it’s a seal of quality and best practices, and a firm step towards increasing foreign investors’ confidence."
He also notes that this is "a project with long-term effects whose compliance will mean that Bogota will have underpinned its district institutions and improved public policies."
Among the actions implemented by the city, the document highlights the relaunching in 2016 of the Regional Competitiveness Commission of the capital and the Department of Cundinamarca, whose members are public and private actors and whose technical secretariat is managed by the Bogota Chamber of Commerce.
To improve the collection and publication of information and indicators, the Bogota Mayor’s Office has a District Observatories Network which tracks issues such as coexistence and public security, environmental performance, culture and economic development and health, among others, according to Invest in Bogota.
In the same vein there’s the citizens' initiative called "Bogota Cómo Vamos" (literally “How are we doing, Bogotá?”), which began in 1997 and is dedicated to monitoring the quality of city life and the performance and implementation of public policies.
Invest in Bogota itself provides support for foreign investors and entrepreneurs with an updated data and information system on the economy and competitiveness of the country and city.
Source: EFE - Published in Dinero.com
With inputs provided by Invest in Bogota