12 de April 2018

Pacific Alliance attracts increased FDI to Bogota

FDI, Foreign Direct Investment

Since 2011 the amount of foreign direct investment arriving in Bogota from Mexico, Peru and Chile has grown by an average 108% per year. City representatives set off on a promotion mission to attract investment from these countries.

Bogota Pacific Alliance

Bogota, D.C., April 12, 2018 (IiB) - The signing of the Pacific Alliance has had a positive effect on attracting foreign direct investment to Bogota from Mexico, Chile and Peru.

Since 2011, the year in which the Alliance was consolidated, the amount of greenfield foreign direct investment to Bogota originating in Mexico, Peru and Chile has grown by an average of 108% per year. In terms of projects, these have grown by an annual average of 46%. The number of Chilean projects in Bogota has increased by an annual average of 43%, and Mexican projects by 52%.

"During the period under review, 60 capital projects have arrived in Bogota from Chile, Mexico and Peru, which we calculate represent an investment of USD 1.67 million and the creation of over 7,400," says Juan Gabriel Pérez, CEO of Invest in Bogota.

The number of projects in Bogota itself represents 46% of all the projects arriving in Colombia and the city has received 32% of the investments of these countries in Colombia.

The projects arriving in Bogota since 2011 relate mainly to consumer products (13.3%), communications (12%), software and IT (12%), business services (10%), processed foods (7%) and financial services (7%). In order to close the investment opportunities identified in these sectors and generate new ones, a promotion mission of Invest in Bogota will travel to Chile, Peru and Mexico in April this year.

"There is a cultural affinity between Colombia and Chile, Peru and Mexico which promises that this promotional trip will provide interesting results; there will be a robust schedule of meetings with the companies that have shown interest in expanding their operations and have already set their sights on Bogota. The agreements of the Pacific Alliance undoubtedly encourage business between our countries," says Pérez.

Among the firms already installed in Bogota coming from countries of the Pacific Alliance are: Belcorp (cosmetics) and Química Anders (supply of raw materials and industrial equipment) from Peru; Claro (communications), Bimbo (food) and Bquate (music platform) from Mexico; and Sodimac (chain of building materials), Banco Falabella (banking services) and Media Management (communications agency)