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The role of foreign investment in Bogota’s economic reactivation

Fecha: 28 October, 2021
El papel de la inversión extranjera en la reactivación económica de Bogotá

Foreign investment is one of the vectors of economic reactivation in Bogota. The transfer of technology and knowledge and its capacity to generate jobs, make it an important energizer of the economy.

Between 2020 and the first quarter of 2021, more than 10,900 jobs were created thanks to foreign direct investment in Bogota.

How does foreign investment contribute to Bogota’s economic reactivation?

Bogota is one of the cities in the region that attracts more foreign investment projects every year. Despite the global economic crisis suffered in 2020 and the first months of 2021, in this same period, Bogota received investment projects that managed to generate more than 10,900 new jobs in the city.   

In addition, it is expected that in the next three years, foreign investment in the city will generate more than 60,000 jobs. A very positive figure for the economic reactivation of Bogota if one considers that, for each direct job, about 3.5 more indirect jobs are created. 

According to surveys conducted by Invest in Bogota to different foreign investors, 95% of them keep their reinvestment or expansion projects in the Bogota Region, so the outlook for the city is favorable and with multiple growth opportunities.  

(Do you know which are the countries that invest the most in Bogota?)

According to Clara Bernal, country manager of Concentrix, talking in a panel moderated by Invest in Bogota, ‘Bogota continues to be a very attractive place, with an even greater growth potential.’  

(Learn more about the business climate in Colombia and the Bogota Region).

What opportunities exist in the context of Bogota’s economic reactivation?

Bogota is the country’s leading consumer center thanks to its economic dynamism and its more than eleven million inhabitants in the city-region. 

This, added to other characteristics such as its strategic geographic position, its human talent, investment incentives, and its business environment, make the capital a center with multiple opportunities.  

These opportunities exist especially in sectors that drive other industries and serve as an engine for the entire economy. An example of this is the construction and infrastructure projects, in which Bogota has a solid pipeline, with major projects that began construction in 2021, such as the first line of the Bogota’s Metro and the Western Regiotram.  

Also, in sectors that need specialized human talent. As in the case of information technologies, audiovisual production, video game development, energy and electrical technology, development of construction materials, and processed food. And in the case of medical devices, pharmaceuticals, and health services, where Colombia stands out in the region for having the best health system in Latin America, with 97% coverage. 

(Bogota: center of development and export of the pharmaceutical and health industry in the Americas).

(Five IT/BPO companies that have chosen Bogota as a nearshore destination in 2021)

And, finally, in sectors where young people without previous work experience manage to be protagonists, as in the case of the contact center industry. This, thanks to factors such as bilingualism, high availability of human talent, and the incentives of the national and district government for youth employment and first jobs. 

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