21 de Marzo 2019
United Nations highlights investments in Bogota, Cape Town, and Dubai as examples to achieve the Sustainable Development Goals
A recent analysis by the United Nations Conference on Trade and Development highlighted Bogotá and its foreign investment promotion agency as a case study in the development of projects backed with foreign capital to achieve the Sustainable Development Goals.
Through the IPA Observer, a series of studies that analyze the results of the efforts of Investment Promotion Agencies around the world, the United Nations Conference on Trade and Development (UNCTAD) highlighted the case of Bogotá as an example of the role that foreign investment can play in the achievement of the Sustainable Development Goals.
The case study focused on the remodeling of the old El Campín Covered Coliseum, now known as the Movistar Arena. UNCTAD highlighted the fact that the remodeling project, executed through a Public-Private Partnership, is expected to create over 400 skilled jobs and involve an investment of almost USD 26 million.
"Prior to this project, Bogotá lacked adequate venues for world-class concerts and cultural events... The arena has special access and services for people with disabilities, such as dedicated entrances, ramps, and lifts for wheelchairs.” The remodeling resulted in four five-on-five soccer fields, a jogging track, a skateboarding park, and a cycling path, as well as a children’s playground and an area for art exhibitions. According to the document, “the new arena, which has 4.5G Long-Term Evolution (LTE) mobile network technology, is the most modern concert and event venue in Latin America.”
The document is available here.
The inflow of foreign investment for the remodeling of the Movistar Arena achieved three of the UN’s Sustainable Development Goals: Sustainable Cities and Communities, Decent Work and Economic Growth, and Partnerships for the Goals.
The importance of Invest in Bogota’s role
The UNCTAD document also drew attention to the fact that Invest in Bogota, the capital’s investment promotion agency, coordinated the institutional and commercial agendas of the public and private entities involved in creative industries, entertainment, and infrastructure, which facilitated the partnerships necessary to develop the project.
“This investment is a clear example of the type of projects we want to bring to Bogota: projects that create decent jobs, foster the transfer of knowledge, and contribute to the city’s development and innovation efforts,” said Juan Gabriel Pérez, Executive Director of Invest in Bogota.
According to the report, "Invest in Bogota, Wesgro, and Dubai FDI each employ multiple concrete investment promotion strategies to contribute to sustainable development. Collectively, from 2015 to 2017, these three agencies have attracted over 700 companies that have created thousands of jobs and invested billions of dollars in sustainable development projects, including in renewable energy, water cycle management, solid waste management, circular manufacturing, transport and mobility, food production and processing, green construction, healthcare, and education.”