11 de February 2019
Aerospace, a promising new sector for Bogotá
In addition to having the busiest airport by cargo traffic of Latin America, Bogotá is one of the most connected cities in the region. Since 2010, the city’s aerospace sector has brought in more than USD 144 million in foreign investment.
In recent years, Bogotá has taken a giant leap forward in attracting foreign investment. The city, hailed as one of the top five destinations to do business in Latin America, has experienced a significant evolution in terms of its workforce (4.6 million) and the size of its economy, now larger than the economies of countries such as Uruguay, Panama, and Paraguay.
Bogotá’s strategic location on the continent and its flight connections are also contributing to its growing competitiveness. Only five hours away from cities such as New York, Mexico City or Sao Paulo, the capital has turned its airport, the busiest by cargo traffic and the third busiest by passenger traffic, into a hub for Latin America.
Furthermore, El Dorado placed second behind Panama City, in the Megahubs International Index, which ranks the 50 most connected airports in the world.
However, significant improvements in the city’s air connectivity are not the only indicator of the aerospace sector’s rising importance, as many global aerospace companies have decided to set up shop in Colombia and its capital. Since 2010, six foreign investment projects from the aerospace sector have arrived in the country, which account for more than USD 144 million in investments and more than 589 new jobs. “Bogotá has received 27% (USD 39.2 million) of those investments, which has resulted in the creation of 300 new jobs," said Juan Gabriel Pérez, Executive Director of Invest in Bogotá, who added that companies such as Airbus (Netherlands), Barfield (France) and Aerosync (United States) are leading the way in this regard.
According to the Colombian Aerospace Manufacturers Association (Acopaer), there are 21 suppliers currently operating in the city, not including other clusters that have sprung up in places such as Antioquia, Risaralda and Valle del Cauca.
According to the Financial Times’ Aerospace Cities of the Future 2018/19, Bogotá ranked first in innovation and attractiveness above cities such as London (United Kingdom) and Santiago (Chile).
Some of the criteria taken into consideration by the ranking include the number of patents in the sector (2003-2015), the number of Top 300 universities with engineering programs (QS University Rankings), and the number of companies in the engineering industry as a percentage of the total (2015).