27 de June 2016
Invest in Bogota and EY Launch the new Bogota Investment Guide
The 2016 Investment Guide has been released; a key document for foreign businessmen interested in investing in the capital.
In addition to updating the regulations and macroeconomic figures, this new version presents a complete description of the key regimes for investors, such as taxes, immigration, foreign trade and customs, as well as a detailed study of the major trends in wages and employment of Colombian companies, especially those located in Bogota.
"The Investment Guide is essential to our mission to produce quality information that promotes the generation of business and encourages companies exploring the capital city as an ideal place to invest," explains Juan Gabriel Pérez, CEO of Invest in Bogota, the agency that promotes foreign investment in the Bogota Region.
This edition incorporates for the first time a chapter about Bogota as an attractive investment destination, including attributes of its economy and the issue of intellectual property is addressed in response to the explosive growth of investment in sectors based on knowledge and innovation.
Between 2005 and 2015, the Bogota Region has received about USD 14.134 billion of new foreign direct investment (FDI greenfield) through 544 projects of companies from different countries, according to a report prepared by Invest in Bogota. The sectors that received the largest amounts of investment in this period were communications (USD 2.614 billion), financial services (USD 1.987 billion), consumer products (USD 1.782 billion), transportation (USD 848 million), food (USD 771 million) and software and IT services (USD 725 million).
By exceeding 1,600 companies with foreign capital in 2015, Bogota consolidates its position in Latin America, as one of the most dynamic, diverse and creative economies with excellent investment opportunities. Specialized media such as FDI Intelligence and America Economía, highlight the positive outlook for growth in value-added sectors, as well as its positioning as a great city to live in and do business.
"The results of various international rankings position the city among the highest-ranking places to do business in Latin America and among cities with outstanding economic development. This positioning is the result of a series of strengths, among others, the positive performance of its productive activity, its capacity to generate employment, the country's largest business base and dynamism in foreign trade," says Freddy Castro, Secretary of Economic Development of Bogota.
"Bogota is the largest city of Colombia in business concentration, with 650,000 productive and trade units; the most dynamic labor market with 112,000 new jobs per year and human talent recognized for its high quality, and a contribution of about 25% to national GDP. The city is a destination for world class investment that offers great opportunities for business development," affirms Mónica de Greiff, President of the Bogota Chamber of Commerce.
To provide a complete picture of the opportunities being generated in the Bogota Region and Colombia, an analysis of labor trends and sections of the market research of Private Equity Funds study conducted by EY is included. Similarly, a perspective is provided of the current economic growth of Bogota and its business environment, which today position it as the 5th best city to do business in Latin America, according to America Economía 2016.
Carlos Mario Sandoval, lead partner of People Advisory Services of EY Colombia, says: "Bogota will always be a necessary option to be evaluated by all investors coming to Colombia. Hand-in-hand with Invest in Bogota, we wanted to take on this joint project to raise the awareness of investors regarding the strengths of a city whose GDP has grown by more than 30% in the last ten years, its main areas of development, infrastructure, and thus make available the information and tools to make wiser investment decisions. "
The Investment Guide also includes an explanation on circumstantial issues of business development and investment worldwide, and how Colombia responds to these challenges. In this new edition, the action plan of the OECD adopted late last year against erosion of the taxable base and the transfer of benefits to prevent avoidance and fiscal abuse at the international level is presented (Base Erosion and Profit Shifting - BEPS.
Invest in Bogota, which this year celebrates its 10th anniversary, has facilitated more than 200 foreign investment projects with an estimated capital investment of over USD 1.600 billion, which in turn have generated more than 21,000 direct jobs. As part of the advisory services offered by Invest in Bogota to foreign businessmen, from its early years of operations it has periodically published The Investment Guide with updated information essential to understanding the Colombian legal system.