Date

05 de April 2019

Bogota aims to become the regional leader in foreign investment for the fashion sector

Creative Industries
Events in Bogota

After managing to capture the interest of 81 initiatives worth USD 260 million over the last five years, the Colombian capital aims to become the regional leader in attracting investment projects for the fashion industry, trade association sources told Efe this Thursday.

fashion

“Bogota’s participation in the creative industries in Latin America has been steadily growing for years,” said Juan Gabriel Pérez, Executive Director of Invest in Bogota. Through platforms such as BCapital or Bogota Fashion Week (BFW), which opened its third edition on April 2 and will end today, “the city is showcasing its potential for new projects that will have a positive impact on the local economy to hundreds of international investors," added Pérez.

Between 2013 and 2018, 58% of the investment initiatives for the sector that reached the country set up operations in Bogota, making it the second city in Latin America that received the most investments (USD 260 million) behind Mexico City, which secured 97 projects for USD 426 million.

These initiatives led to the creation of 5,500 direct jobs in the Colombian capital. By destination, Spain has been the top investor over the past five years with 20 projects for USD 65 million, followed by the United States (20 projects and USD 43 million) and Italy (six projects and USD 15 million). In terms of exports, the Colombian fashion sector sold USD 939.5 million last year, a 2% increase compared to 2017.

According to Flavia Santoro, President of ProColombia, the sector has the potential to grow even more thanks to the rise of the performing arts as one of the most popular niches for selling fashion. “Our export strategies include taking advantage of existing trade agreements, promoting sales of unique products made by Colombian designers, and the digitalization of the industry through a powerful channel such as e-commerce,” she added.

48 designers and 50 international and domestic buyers will come together this week at the BFW to take part in more than 350 business meetings, where over USD 60,000 in short, medium and long-term deals are expected to be closed.

The event will feature 15 runways, two performances and academic conferences with the presence of 20 national and international guests, including Edgardo Osorio, designer of the Aquazurra brand, Nina García, editor of Elle magazine, and Silvia Tcherassi.

 

Source: EFE