Learn why Bogota is the epicenter for doing business in Latin America   

Fecha: 29 June, 2023
business in bogota

Did you know that Bogota has a powerful economy and extraordinary human talent? The vibrant Colombian capital is not only known for its rich culture but also for its robust economy. Here we tell you everything you need to know about why Bogota is the right city to invest and do business in.   

Read also: Bogota is an epicenter of innovation, sustainability, and smart development 

According to Invest in Bogota, in 2022, Bogota’s GDP will reach approximately 117 billion dollars. This exceeds the GDP of several Latin American countries such as Costa Rica, Panama, Uruguay and Paraguay. The city has shown an average growth of 4.1% between 2018 and 2022, exceeding both the Latin American (1.1%) and Colombian (3.4%) averages.  

In 2022, economic growth reached 92.2%, and in that same year it contributed 33% of the national GDP. In addition, the city’s GDP per capita reached US$10,421, providing a favorable environment for foreign investment. 

Bogota stands out for its diversity of sectors with high growth potential. From software and IT services, corporate services, textiles, consumer products, communications, to financial services, leisure and entertainment, transportation, pharmaceuticals, hotels and tourism.   

These sectors align with Invest in Bogota’s main investment focuses, ensuring a strong and growing entrepreneurial ecosystem.   

Furthermore, in 2022, Bogota-Region attracted the establishment of 1,833 foreign companies. In the same year, 76.3% of foreign companies in Colombia were in the Colombian capital.   

By 2021, more than 400 of the FORBES 2000 companies were based in Bogota. This is a clear testimony to the confidence that international companies have in the city’s potential. 

Bogota has everything for your business! 

But it is not all about facts and figures. The city is an educational center of excellence in Latin America. It is home to 2 of the top 10 universities in Latin America. Based on data from Invest in Bogota, the city concentrates 35% of the country’s active research groups, 39% of Colombia’s PhDs and 35% of the country’s technologists and technicians.   

The Colombian capital is proud to be a safe and friendly destination for investors and key players in the entrepreneurial ecosystem. The city offers the benefits of 18 free trade agreements in force, 11 bi-national and 7 multilateral agreements, 18 international investment agreements, and 15 double-degree agreements. All of these provide foreign companies with a favorable environment to expand in the region. 

Thus, Bogota is not only a cultural and touristic epicenter but also a dynamic economic metropolis with a wide variety of business opportunities and exceptional human talent. If you are looking for a place to invest or establish your company, this should be your first option!  

Want to know more about Invest in Bogota? We articulate the entrepreneurship ecosystem, attract high-impact foreign investment and capture world-class events and business meetings for the city.   

We invite you to keep visiting our #BogotaBigIdeas section and share it with your community. Follow us on LinkedIn, Instagram, Facebook, and Twitter to stay up to date with the trends and news that Bogotá has to offer. 

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