18 de Marzo 2018

Five sectors to which Bogota hopes to attract foreign investment in 2018

Bogota hopes to attract foreign investment

This year the Colombian capital will prioritize five economic sectors to attract investment and exceed the total figure for 2017, which amounted to about USD 1.85 billion, promotion agency Invest in Bogota announced today.

Through the agency, which is responsible for encouraging foreign investment in the city, Bogota hopes to continue attracting international projects and companies, since it is estimated that in the last decade it has received over 900 initiatives from 50 different countries.

"Bogota has excelled in Latin America by implementing a proactive strategy to attract investment, where we seek the major players around the world in the sectors that we want to promote," says Juan Gabriel Pérez, Invest in Bogota’s CEO.

To meet its goal, the sectors of life sciences, technology-based services, light manufacturing, infrastructure and creative industries have been prioritized.

In the field of science, "increased life expectancy" has attracted investment in Bogota by pharmaceutical companies, medical devices and health services, as Bogota has more than 9 million of the members affiliated to the health system and 7 of the 44 best hospitals in Latin America, among other features.

In technology-based services, the axis specializes in information technology, since the capital is home to "73% of the PhDs and 51% of all the masters of the country, according to the figures of the Colombian Software Industry Federation and 71% of bilingual talent," the agency added.

For its part, light manufacturing is growing due to the increasing demand for food and beverages "with natural components", accompanied by the greater purchasing power of the citizens, creating an ideal scenario "for international players".

In the infrastructure field, Bogota is developing a package of mega projects to improve mobility, health, education and security, as well as new residential, commercial and office plans, accumulating an estimated demand of 3.4 quadrillion pesos[1] (about USD 11.94 billion dollars) for 2021.

Finally, the creative industries focused on music, audiovisual production and visual arts, among others, represent 3.3% of Colombia’s GDP, which exceeds the participation of this sector in the economies of Mexico, Peru, Argentina, Chile and Brazil.

"We present investors a thriving city with a workforce of 4.6 million people, specialized human talent, a market with rising purchasing power, a strategic location with the No. 1 cargo airport in the region and advanced development of its business lines," Pérez adds.

During what is now a decade of work, Bogota has received about USD 19.7 billion in investments in new projects, creating nearly 112,000 jobs.


[1] 3,400,000,000,000,000


Source: EFE
Inputs managed by Invest in Bogota