Date

19 de June 2015

Bogotá seeks to attract foreign capital to the creative industries sector

Creative industries in Bogota
  • Invest in Bogota travels to South Florida (USA) to promote investment and expansion opportunities offered by Bogota in creative industries through one -on-one meetings with interested companies.
  • The visit was aimed at promoting the installation in Bogotá of companies that create audiovisual content for film and television, advertising, digital content and communications that are looking to expand their businesses into Latin America.
  • "As the city seeks an increasingly specialized foreign investment, creative industries are of particular importance because of their potential for technology transfer and adding value to an increasingly complex chain of services," says Juan Gabriel Pérez, CEO of Invest in Bogota.
  • Bogota is the second most important destination for foreign direct investment in the creative industries sector in Latin America and accounts for 78% of the investments in new projects and 68% of the companies in this sector in Colombia.
Bogotá seeks to attract foreign capital to the creative industries sector

The visit, which has the support of ProColombia, Beacon Counsil and the American Marketing Association, seeks to encourage the installation in Bogotá of companies that create audiovisual content for film and television, advertising, digital content and communications that are looking to expand their businesses into Latin America. The agenda includes one-on-one meetings with global companies that have offices in these cities: Freemantle Media, a European company that produces and distributes television content; BBC Worldwide Latin America, a British audiovisual content company; HBO Latin America, cable television; Clear Channel, an American company specializing in broadcasting and outdoor advertising; and DAS Creative Group, a digital advertising agency, among others.

Juan Gabriel Pérez, CEO of Invest in Bogota, emphasizes: "As the city seeks increasingly specialized foreign investment, creative industries are of particular importance because of their potential for technology transfer and adding value to a string of increasingly complex services."

Pérez continues: "Nowadays Bogota is a magnet for the creative industries in the region; it’s the second largest destination of foreign direct investment in the sector in Latin America, with the United States, Venezuela, Mexico and Spain being the countries that most invest; it accounts for 78% of the investment in new projects and 68% of the companies in this sector in Colombia; thanks to the presence of major players and movie and television studios - such as FoxTelecolombia, Sony, Grupo Cisneros, Netflix, among others - more and more audiovisual content is being produced in Bogota for the entire Hispanic market. What’s more, the city has grown exponentially as a setting for domestic and foreign productions: while in 2004 it produced an average of 6 films, 22 were made in Bogota in 2014. 45% of the productions over the last 10 years, have been co-produced with companies from Spain, Argentina and France."

Bogota has identified a special disposition and a compelling value proposition for the creative industries sector, with initiatives that harness the creativity and talent to transform good ideas into business opportunities. The city has a young, multicultural population and a highly-qualified workforce of 4.5 million people; in the last decade over 55,000 professionals, technicians and technologists have graduated in different areas of the creative industries. Bogota serves as a gateway to a market of over 500 million people in Latin America, without counting the 50 million Spanish speakers in the United States. All of this, together with the institutional support offered Proimágenes, MinCultura, guilds and associations, lay the foundations for high growth potential in the sector.