31 de Marzo 2021

Bogota leads the development of cultural and creative projects

Culture, Creative, Innovation
Bogota's News

With more than 50% of the value of projects approved by CoCrea in 2020 to receive private investment, Bogota leads the development of creative and cultural projects in Colombia.

Bogota leads the development of cultural and creative projects

Bogota, with 53% of the value of projects approved in 2020 that will receive private investment through CoCorea’s invitation to apply, is positioned as the leading city in the development of cultural and creative projects in Colombia.

In addition, the city is home to about half of the country's orange economy industries and has 12 creative districts, making it a hub for the development of cultural and creative projects and companies.

“Bogota brings together the talent and creativity of all Colombia. Here is where all the citizens from the rest of the country come to grow their startups, and try to develop their artistic or creative careers,” says Mónica Ramirez, Director of CoCrea, an entity assigned by the Ministry of Culture to carry out the annual invitation to apply for the creative economy projects.

According to Juan Gabriel Perez, Executive Director of Invest in Bogota, “the city is not only attractive to people from other cities in Colombia. Bogota has become a very important international destination. Between 2008 and 2018, it was the city in Latin America that received the most greenfield foreign investment in this sector, above cities like Miami, Sao Paulo, Mexico City and Buenos Aires, with 581 million dollars. And in 2020, despite the context, the city attracted 19.5 million dollars of foreign investment projects in creative industries”. 

The invitation to apply seeks to connect cultural and creative agents with private companies. In this way, the former obtain investment, and the later obtain a deduction in income tax of 165% on the invested value.

The projects approved and presented in the city of Bogota in the 2020 invitation to apply, which are currently seeking financial support from private companies (BanCoCrea), have the potential to employ more than 20,000 people during the time of their execution.

Among these, there is a mixture of virtual development and technology proposals, and others that consider face-to-face interaction and experience as their main attraction. Likewise, they explore disciplines such as music, theater, editorial production, artistic and cultural training, among others.

These projects represent a great opportunity for the city, not only in economic terms, but also in cultural and entertainment terms. “Cultural and creative industries are essential for the sustainability of a city and for its growth, also for the improvement of society. (…) are among those industries that by creating generate a life value”, affirms Nicolas Montero, District Secretary of Culture of Bogota.