25 de Julio 2013

Bogota seeks alliances with embassies and bi-national chambers of commerce in Bogota, to attract foreign investment

Invest in Bogota

The investment promotion agency for Bogota gathered representatives from embassies, bi-national chambers and providers or specialized services for foreign investors under the event dubbed: Joint work among the network of partners for foreign investment in Bogota, in order to disclose the opportunities regarding foreign investment in Bogota, and to explore joint working opportunities to promote Colombia's capital internationally.

Juan Gabriel Perez, Executive Director of Invest in Bogota, explains:  "the embassies and bi-national chambers invited belong to Bogota’s priority markets for the attraction of direct foreign investment. Invest in Bogota has focused its promotion strategy in the attraction of investment into high added-value sectors for the city, such as technology-base services, services for the oil and gas industry, agro-biotechnology and light manufacture, mainly.  High added-value foreign investments contribute to the city's economic development, they generate jobs and transfer knowledge and technology".

Perez continues: "Even during times of international crisis and its impact on FDI dynamics and flows, Bogota continues to be an attractive destination for foreign capitals.  Estimations by Invest in Bogota's Market Intelligence team show that this trend will hold, at least, in the medium term.  Between 2012 and the first four months of 2013, greenfield investment flows into Bogota focused on IT and communications (45.2%), enterprise and financial services (21%), energy (16%) and consumer products (7.7%). By country of origin, 85% of greenfield Foreign Direct Investments flowing into Bogota between 2012 and April of 2013 came from five countries:  United States (54.5%), Germany (13.8%), France (7.1%), Canada (5.1%) and the UK (4.3%).

Bogota has key differentiating factors that make it the country's main city and one of the most important business hubs in the Region. Such factors are: Economic strength; good air connections and telecommunications; broad access to international markets; pro-entrepreneurial environment; support to entrepreneurs, businessmen and investors; availability of skilled labor; and a good combination between professional development, business potential, a skilled and committed labor force, an excellent cost-benefit ratio, opportunities in added-value segments and a high quality of life.