Bogota seeks alliances with embassies and bi-national chambers of commerce in Bogota, to attract foreign investment
Invest in Bogota, a public–private initiative between the Capital District and the Bogota Chamber of Commerce, has been recognized as one of the top global investment promotion agencies by the Best to Invest Top Agency Awards of Site Selection magazine. The agency, whose mission is to support investors exploring opportunities in Bogota, was recognized as the best regional agency in Latin America and the Caribbean and appears alongside internationally renowned agencies such as InvestHK (Hong Kong), IDAIreland (Ireland), and CzechInvest (Czech Republic).
Top Investment Promotion Agencies: 2015
Source: Site Selection Magazine, 2015.
Juan Gabriel Pérez, Executive Director of the agency, says the following: “Invest in Bogota has been leading the Bogota investment promotion strategy for eight years with an innovative business model for its public–private component. When it was created in 2006, there were 679 companies in Bogota with foreign capital. Last year, the number had increased to 1,519. Since 2007, we have supported 185 foreign companies in new projects for Bogota, which has involved an estimated total investment of USD 1.3 million and the generation of approximately 18,620 jobs. We are proud that Invest in Bogota’s work has been recognized as a catalyst for the generation of new businesses in strategic sectors with high added value that contribute to Bogota’s economic development.”
Site Selection magazine is an international business publication of the Conway/Terrain Inc. Consulting Firm, based in Berlin. It is internationally famous for providing consultancy to companies, promotion agencies, and governments on topics related to foreign direct investment. Together with a panel of consultants and experts in foreign direct investment, the magazine assesses and catalogs the world’s best agencies by region according to the performance of their managers and employees. The winning agencies accumulated the highest score in the following seven criteria:
- Most professionally responsive to investor inquiries.
- Most knowledgeable and linguistically diverse staff.
- Best access to user-friendly databases of sites and incentives, both general and sector specific.
- Best information on timing expectations for permits and other processes.
- Best access to recent investors regarding testimonials.
- Best reputation for protecting investor confidentiality.
- Best reputation for after-care services.
Mónica de Greiff, Chairperson of the Bogotá Chamber of Commerce, states, “The perception of Latin America’s businesspeople and investors about Bogota has significantly improved over the last fifteen years. Now, the city is considered to be one of the most attractive cities to invest and localize companies. The role that Invest in Bogota has played in this context has granted it the title of being one of the best investment promotion agencies in Latin America. Its public–private cooperation focused on attracting strategic investment for the city and its long-term vision are the key to its success.”
“Invest in Bogota has provided invaluable support to the city because of its knowledge of how to communicate to potential investors the competitive advantages that make Bogota stand out as an important destination for investment in Colombia and Latin America. Investors from 44 countries have come to Bogota in the last decade, attracted by its excellent human resources, favorable business environment, and the privileged geographical location that the city offers,” explained the District Secretary of Economic Development, Carlos Simancas Narváez.
Mr. Pérez concludes, “This is an acknowledgment of the effort and teamwork of everyone who has been a part of Invest in Bogota and of the valuable support of the Bogota Mayor’s Office and Bogota Chamber of Commerce. We will keep working in partnership so that Bogota can continue to position itself internationally as one of the most important cities in Latin America for living, investing, and conducting business."