For Invest in Bogota, attracting Foreign Direct Investment (FDI) is one of its main purposes, which is carried out in order to strengthen the productive and business entrepreneurship and contribute to the socioeconomic development of the city. Recently, the Corporation has joined forces with the Ministry of Commerce, Industry and Tourism (MinCIT), the Inter-American Development Bank (IDB), the Bogotá Chamber of Commerce, the District Cadastre, and the General Secretary of the District to improve Bogotá’s business climate by facilitating investment procedures for foreigners who decide to invest in Bogotá (Read also: Bogotá: a safe and attractive destination for foreign investment).
MinCIT is leading the “One-Stop Investment Window” initiative. But let’s start with the first thing, what is the One-Stop Investment Window, well, it is an informative and transactional portal aimed at foreign investors, which contains all the information on the procedures to be carried out for their installation and operation in Colombia. In this sense, the foreign investor can find information on the procedures for: creation of companies, purchase of real estate, construction of infrastructure, pre-operational licenses, or migration and hiring of personnel.
In addition to the informative scope of the portal, the National Government, with the support of the Regional Investment Promotion Agencies (APRIS), is working to achieve the transactionality of the procedures through this Window. (Read: What is a foreign investment promotion agency and what is it for? In this process, work is being done to simplify, streamline and digitize the administrative and regulatory processes involving public and private entities involved in the investment cycle (mitigating duplication and discretionality); provide clear and updated information on the requirements and benefits for investors and facilitate personalized support and advice from the Regional Investment Promotion Agencies (APRIS) to investment projects.
Read more: Why is public-private collaboration important?
Definitely, the improvement of the procedures that are being intervened with this project, not only benefit foreign companies but also the citizens in general. It is also expected that this space will serve as a starting point for the development of new projects with other district entities and also to work together with the Chamber of Commerce of Bogota and the new district administration in the improvement of procedures and processes that companies have to perform in the city.
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