08 de Marzo 2018

Bogota to seek Pacific Alliance investment in technology and services

Inversión Extranjera Directa
Bogota investment in technology and services

Juan Gabriel Pérez, CEO of Invest in Bogota recently explained how the agency is seeking to attract Latin American companies with ‘interesting potential’ to set up shop in the city.

Pérez went on to say that Colombian capital is endeavoring to attract investment by services and technology companies from Pacific Alliance countries, particularly Chile. ‘The Pacific Alliance is one of the main markets we are looking at; starting last year, we’ve been meeting with ProColombia to put together a schedule of (promotional) events throughout the year,’ Perez said in an interview with EFE.

The Pacific Alliance is a regional integration initiative created on April 28, 2011 by Chile, Colombia, Mexico and Peru.

The block offers competitive advantages to encourage investment and business in order to advance towards the free movement of goods, services, capital and people.

Pérez says that the goal is to launch three or four multi-sector campaigns to attract companies with ‘interesting potential’ to set up shop in the city, so two of these campaigns will be launched this year.

‘The first will be in April in Chile and Peru, where we will be in Santiago and Lima identifying the companies that have not yet arrived and some that are already installed but are looking for new businesses to generate more added value and take full advantage of the Pacific Alliance,’ he added.

In this regard he particularly values the Chilean market, which he says has invested most in Colombia over the last four years, specifically in Bogota, which is the ‘hub of their investments’.

‘It’s very interesting for us to broaden the spectrum to include other companies in services and technology and in other sectors that are quite different from the traditional areas in which Chile is already investing in Colombia or with their distribution sectors,’ he added.

He further noted that Invest in Bogota is working with the state agency ProColombia to take advantage of the Pro Tempore Presidency of the Pacific Alliance, which ends mid-year, to campaign in Mexico, Chile and Peru.

He also reported that the agency is preparing campaigns to be launched in June, seeking to attract investment from European countries such as the UK, Germany and Spain, as well as elsewhere in the world.

‘We are forging an alliance with an international bank that has branches in many countries (...) and we want to look for more opportunities in North America and we want to reach as far as Asia, which for us is an important market that we have to be more involved with,’ said Invest in Bogota’s CEO.

Moreover, Perez said the agency had met its investment targets in the city last year thanks to its ‘skilled work force’ and strategic location.

`We reached a total of over 40 investment projects in 2017 in value - added sectors; we’re emphasizing sectors that are resilient thanks to their ‘intelligent specialization’,’ he said.

He further noted that Bogota is specializing increasingly in the services sector and said that 62% of the city’s GDP comes from that area.

He said that one of the sectors they are emphasizing is value-added services, which has to do with information technology (IT) and business process outsourcing (BOP).

‘Another area we are working on as a strong second sector are the creative industries because more and more film, production, postproduction and full feature companies are coming to Bogota like ‘Mile 22’, starring US actor Mark Wahlberg.

Since Invest in Bogota’s creation in 2006, Colombia's capital has received about USD 20 billion in foreign investment.

‘We calculate that last year roughly USD 1.6 billion came to the city and it was all for projects (...) that have nothing to do with mining and energy, meaning that they are investments in non-traditional sectors - in all, about 100 projects are set up in the city per year,’ he said.


Source: El Espectador
Inputs by Invest in Bogota