24 de August 2012
Summary of the Agency’s Investment Promotion Results
Investment flows to Bogota has been growing at a steady rate for over two years, and estimations indicate that this trend will continue, at least in the medium term. Although currently the world is feeling the winds of recession, growth perspectives for the economy in Bogota continue to be positive, and the recognition that Colombia has achieved at an international level will certainly assist in maintaining corporate interest in investing in Bogota.
By Adriana Suarez, director of Invest In Bogota
Since its establishment in 2006, Invest in Bogota, the public-private agency dedicated to promote investment in the city, has focused on promoting value-added sectors to direct investment in Bogota, to improve investment climate, and to position the city as a business destination.
Its strategy, along with the vision of its founding members, the Bogota Chamber of Commerce, and the Bogota City Hall, is focused on contributing to the city's competitiveness and economic development.
The Agency has dedicated its efforts to proactive promotion through various activities, such as one-on-one contact with target companies in value added sectors, participation in sector-oriented events both nationally as well as internationally, and strengthening relations with the network of associates and allies.
As a means to highlight the opportunities and strengths of the Capital City and its neighboring region, and to work from a strategic perspective, promotional activities have focused on drawing investment towards high value-added, employment generating sectors that motivate technology transfer, and drive competitiveness contributing to the region's development.
At the same time, the international crisis and the significant improvement in the way Colombia and its economic dynamics are being perceived world-wide, have made for a greater inflow of foreign investors in strategic sectors, who arrive in Bogota and look for support from Invest in Bogota.
During the first semester of this year, Invest in Bogota generated new business opportunities and confirmed investment decisions on strategic sectors for the city, such as Business Process Outsourcing (BPO) and IT, Oil and Gas industry services, as well as the Chemical and Pharmaceutical industries and Agribusiness.
The investments that have been secured come mostly from Europe, but also from the United States, China, Mexico and Panama. These investments are key for Bogota's economic growth and employment generation. For example, the BPO and Call Center industry has maintained a sustained growth rate of more than 12%, and it generates approximately 82.400 jobs nationwide, of which approximately 60% are Bogota-based.
On the other hand, Invest in Bogota has achieved significant results in projects directed towards improving the investment climate: Talk to the World and the city marketing strategy are two clear examples of this effort.
With Talk to the World, Bogota's bilingual program, the goal is to strengthen the skills of citizens of working age, who are able to respond to the human resource needs regarding bilingual manpower, commonly held by the companies settling in Bogota.
Nowadays, the city has 11.344 people certified in English Level B2 or above, and a database of close to 41.000 residents who have been diagnosed as below B2, which serves as input for the design of tailor-made programs for different populations. This program has been possible thanks to the District's Secretary of Development (SDDE).
The City Marketing Strategy, on the other hand, positions Bogota internationally as an emerging business and talent center, and a hub for corporate tourism, an epicenter of culture, creativity and sustainability.
The strategy is carried out articulating projects that highlight Bogota's most relevant attributes and values as a creative and innovative city, such as the Iberoamerican Theater Festival, the FIFA Sub-20 World Cup, or the city's candidacy to UNESCO's Network of Creative Cities, the Bogota Audiovisual Market (BAM), among others.
Investment flow towards the city has been growing at a steady rate for over two years, and estimations indicate that this trend will continue. Although currently the world is feeling the winds of recession, growth perspectives for the economy in Bogota continue to be positive, and the recognition that Colombia has achieved at an international level will certainly assist in maintaining corporate interest in investing in Bogota.
Furthermore, the city can boast an advantage in Invest in Bogota, an agency recognized by the World Bank as the Top 1 promotion agency in developing countries.