22 de January 2019

Bogotá looks for investments in the creative industries

FDI, investments
Bogotá, Ranking of Best Cities, Doing Business
Creative industries in Bogota

The country’s capital was the Latin American city that received the most foreign investment between 2007 and 2018.

Bogota with great foreign investment in the creative industries

Bogotá expects to bring in foreign investments for the creative industries sector through a series of meetings with companies in the United States and Canada in the coming weeks.

Invest in Bogotá will meet with more than 20 audiovisual media, animation and visual effects companies, media groups, film and television producers, digital media outlets and universities that offer programs in the creative industries in Miami, New York and Toronto.

The agency will participate in Napte Miami, one of the “main events for the entertainment industry” that brings together international producers, creators, advertisers and the media.

During the event, Invest in Bogotá will talk about the production of Netflix series such as “Distrito Salvaje” and “Narcos”, as well as “Mil Colmillos” from HBO and “Jack Ryan”, from Amazon.

In Canada, the agency will focus on investments in animation and visual effects and will hold meetings with companies such as Ontario Creates and Interactive Ontario.

Juan Gabriel Pérez, Executive Director of Invest in Bogotá, highlighted the fact that “more than half of the undergraduates from creative and cultural programs in Colombia” graduated in the city between 2010 and 2016. "Factors such as its human talent (…) have helped Bogotá become one of the main destinations in the region for foreign investment in the creative and cultural industries in the last decade,” added Pérez. Most of the companies in the creative industries sector are based in the capital with 74%, followed by Antioquia in the northwest, with 10% and Valle del Cauca in the southeast, with 6%.

Last year, the segments that grew the most include music (26.7%), the performing arts (22.6%), cultural education (0.3%) and advertising (1.8%), while audiovisual media (-7.9%) and books and publications (-2.3%) experienced a significant drop.

Bogotá was the main destination for FDI in the creative industries in Latin America, securing USD 499 million between 2007 and 2018 alone.

The Colombian capital placed well above locations such as Miami (USD 317 million), Sao Paulo (USD 286 million), Buenos Aires (USD 250 million), Mexico City (USD 167 million), Rio de Janeiro (USD 76.7 million), Lima (USD 29.5 million) and Santiago de Chile (USD 19 million).