81% of foreign companies located in Bogota will develop new investment projects in 2022

Date: 4 May, 2022

Prioritized projects include investment in new operations, expansion projects and projects to improve current operations. This is shown in a survey conducted by Invest in Bogota among 80 international companies established in the city.

According to a survey conducted by the foreign investment promotion agency, Invest in Bogota, in the first quarter of the year, 81% of a sample of 80 foreign companies installed or in the process of installation in the city, said that they consider developing new investments during 2022.

Forty-four percent of the companies contemplate their installation in Bogota, especially in sectors such as manufacturing, technology and outsourcing services (BPO). An example of this is the U.S. insurance company Asurion, which recently opened a call center in the city, with an operation that involves the creation of 1,500 jobs.

43% of the companies expect to develop expansion projects, mainly in sectors such as life sciences, outsourcing services (BPO) and technology, as is the case of the U.S. nearshore services provider Lean Solutions Group, which is currently expanding its operations with the opening of 700 new job positions.

Finally, 13% of the foreign companies that according to the survey will develop projects in 2022, will be focused on developing improvements to the company’s current operations, mainly in companies in the manufacturing sector.

“During 2021 we observed an important business dynamism in Bogota and an upturn in the arrival of foreign companies. A 78% growth was evidenced compared to the figures observed in 2020,” says Isabella Muñoz, executive director of Invest in Bogota.

According to the same measurement, 77% of companies are optimistic about the opportunities offered by the Bogota Region to invest and develop business. This optimism is especially perceived by foreign companies in the creative industries, service outsourcing (BPO) and manufacturing sectors.

The survey also revealed that thanks to the management of the pandemic and the notable progress in vaccination, the uncertainty generated by Covid 19 is no longer relevant for the economic decision making of these foreign companies.

Proof of this is the significant dynamism registered in the first quarter of this year, in which it is estimated that greenfield foreign direct investment will continue to grow, especially in software and IT services, a sector that accounts for one third of the investment projects developed in Bogota so far this year.

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