17 de December 2019
The successful public-private partnership that has helped create 44,000 jobs in Bogota
Since its creation in 2006, Invest in Bogota has supported the development of over 350 foreign-company business projects in this capital city, and has also helped create 44,000 direct jobs here. These accomplishments have been made possible as a result of the coordinated efforts of the Bogota Mayor’s Office and the Bogota Chamber of Commerce.
Since its creation in 2006 through an initiative of the Bogota Mayor’s Office and the Bogota Chamber of Commerce, the foreign investment agency Invest in Bogota has supported the development of over 350 foreign-company business projects in Bogota. In receiving over $2.7 billion in investments, creating over 44,000 direct jobs and through the transfer of knowledge and of good corporate practices, Invest in Bogota has had a positive impact on the city.
A large part of the success of this nonprofit corporation lies in the fact that it is a public-private partnership, which helps make Invest in Bogota an autonomous and sustainable entity. The main objectives of IIB include attracting foreign companies to settle in Bogota, promoting an environment that is favorable to doing business in the city, and positioning the capital city internationally as a hub with great advantages for investments.
As Juan Gabriel Pérez states, Executive Director of Invest in Bogota, “We have a very close relationship with state agencies, which allows us to have accurate information and develop initiatives that make it possible to have a better business environment in the city. We also have an understanding of the private sector, how it works and what its interests are. These two factors foster the creation of collective efforts that not only leave a positive impact on business owners that move to the city but on Bogota and Cundinamarca as well.”
One example of this is some of the goals the corporation has set in collaboration with the Smart Specialization Strategy for Bogota, which focuses on the economic sectors in the city that have the greatest potential. These goals not only target the arena of foreign capital investment, but they also seek to leave an impact on all areas of society in order to contribute to the growth and competitiveness of the city and its inhabitants.
Among these approaches are efforts to continue attracting projects that are relevant and that will have a great impact on Bogota-region with regard to having economic growth, creating quality jobs and facilitating the transfer of knowledge and technology; practicing sustainable development in terms of economics, society, and the environment by attracting foreign companies that use good practices; improving the city’s levels of bilingualism, allowing young people to find more and better job opportunities; bridging knowledge gaps so that different population groups can access jobs, and transforming Bogota to make it the Latin American capital for entrepreneurship.
In recognition of its work, Invest in Bogota has received several international awards including “Top investment promotion agency for South America,” given by the American magazine Site Selection for five consecutive years (2015, 2016, 2017, 2018 and 2019), and “Third best investment attraction strategy in Latin America” by the British publication, fDi Magazine (2019).