Spain, the second largest investor in Bogota

February 21, 2014
  • Between 2003 and 2013, Spain went from being the fourth to the second largest country in terms of investment flows into Bogota, at over US$ 1.5 billion dollars, mainly in sectors such as financial services, communications, consumer products and business services. 
  • This rise reflects the large inflow of Spanish investments into new projects in the city during 2013: an estimated US$ 673 million that generated an average of 4,357 new jobs.

Spain has moved into second position from fourth in the ranking of countries having the largest investments in new projects in Bogota over the past 10 years. This rise reflects the large inflows of Spanish investment funds into the city during 2013.

This past year, Spain emerged as the country that invested the most in Colombia’s capital, at an estimated US$ 673 million, surpassing monies flowing in from the United States and France during the same period. This amount was 300% higher than that recorded for 2012, and resulted in the generation of an estimated 4,357 jobs

Juan Gabriel Pérez, Executive Director of Invest in Bogota, explains that “Over the past ten years, Bogota has become a magnet for companies from Spain. Also, between 2003 and 2013, Spain became the second country in terms of its contribution to investment flows into Bogota, at 14.1% of all capital investments, following the United States (at 31.1%).”

Pérez further states that “Bogota is an ideal location to invest, due to its access to markets, strategic location, skilled labor, competitive costs, business environment, operational environment, generous incentives, and quality of life. These are some of the main factors that make Bogota an emerging business hub, providing 24% of the national GDP and 54% of all financial transactions in the country.” 

These traits open up significant investment opportunities in different sectors. The agency’s Executive Director explains that “The Colombian Capital has prioritized certain strategic, high growth sectors such as: i) Agroindustry and Biotechnology (natural and synthetic ingredients and the fruits and vegetables industry); ii) Services for the oil and gas industry; iii) Technology based services (BPO, IT, and digital contents); iv) Light manufacturing (construction materials, auto-parts); and v) City infrastructure projects.”

Spanish drive for Bogota

Between 2003 and 2013, Spain has been second in terms of investment flows into Bogota: 

  • The over US$ 1.5 billion in Spanish investment into Bogota accounts for at least 30% of the total investments made by that country in Colombia (not counting projects involving the extraction of natural resources). 
  • Spanish investments in Bogota have mainly focused in sectors such as financial services (48.5%), communications (19.5%), consumer products (9.5%), and business services (5.3%). 
  • Spanish companies with the highest levels of investments in Bogota between 2003 and 2013 were Banco Bilbao Vizcaya (BBVA) (with investments totaling US$ 693.6 million), Movistar (US$ 190.5 million), and Tous (US$ 142.8 million), among others.
  • Over the past 10 years, investment projects led by Spanish companies have generated over 15,800 jobs in Bogota.