30 de August 2018

X-Ray of FDI in creative industries in Colombia

camara-creative industries

X-Ray of FDI in creative industries in Colombia

With Bogota as its epicenter, the creative industries sector continues gaining relevance within the Colombian economy. In 2017 alone, the country received at least 10 postproduction, audio-visual production, editing, audio-visual content distribution and digital production businesses. Invest in Bogota’s figures indicate that between 2007 and 2017 the capital was the main destination for new foreign investment in this sector, ahead of cities like Sao Paulo, Miami and Buenos Aires.

peak about the chat shows that the judges of this renowned prize did for the first time in the country to evaluate the products that participated in the International Emmys. This and other news such as the arrival of Will Smith to Cartagena to film the movie “Gemini Man” or the spectacular scenes of “Mile 22” that starred Mark Wahlberg and were shot in Bogota at the start of this year, are a living example of the fact that Colombia is a Latin American reference in the creative industries sector.

This supports the fact that the country is appearing as the second in the region in terms of most foreign investment received in these sectors in 2017, surpassed only by Mexico. Figures from the Market Research and Intelligence Team of Invest in Bogota indicate that at least 10 businesses from the sector landed in Colombia last year.

The entirety of said investments arrived in Bogota, which is also the city in Latin America that received the most foreign investment projects last year. The United States was the country that led the foreign investment in creative industries in the city during 2017, with a total of four projects, whilst Mexico contributed two projects and France one more.   

The number of investment projects in creative industries that arrived in the city doubled between 2016 and 2017, a dynamic that, according to the estimates of Invest in Bogota, should continue this year.

“Between 2007 and 2017, the city was the main destination for new foreign investment in this sector, surpassing capitals like Sao Paulo, Miami and Buenos Aires”, said the Executive Director of Invest in Bogota, Juan Gabriel Pérez, who added that during said period the new FDI in creative industries that landed in the city represented more than $400 million USD.

During said period, the countries from which most foreign investment arrived to the country’s creative industries sector where the United States, Spain, Mexico, and Chile. Some of the companies that Invest in Bogota has supported in the audio-visual industry are HBO, Secuoya Group, Labodigital, A&E Networks, Go Digital Media Group, Fox Telecombia and Max Software.

“This Government’s manifesto includes a promise to strengthen the sector to have a more diversified, creative and innovative economy that contributes to the development of competitiveness and the generation of quality employment in the country,” said Flavia Santoro, President of ProColombia.


Bogota’s strengths make it the epicenter of creative industries

The capital of the country has 50 tertiary education programs (associate’s, undergraduate and postgraduate level), that have graduated between 2001 and 2015 an average of 3,700 students, a figure that represents 52% of the total graduates in the country in careers related to these industries.

Moreover, the Bogota Region is recognized for its wide offer of outdoors and indoors locations, which provide a variety of settings for any type of production. The use of public space for filming is regulated by PUFA (Unified Permission for Audiovisual Filming), that facilitates the necessary permissions from all the district’s entities

As part of its Strategy for Intelligent Specialization, a productive development agenda drafted by the public and private sector and the academia, Bogota Region has identified the sector of cultural and creative industries as one of the five areas of specialization with which it seeks to strengthen the city’s economy from the standpoint of knowledge and innovation.

These are some of the topics that shall be discussed during the third Foreign Investment Meet in Bogota, organized by Invest in Bogota, which will take place on Friday August 31 at the Main Hall of the Salitre Headquarters of the Chamber of Commerce of Bogota.

The event, that will act as a setting to analyze the power of creativity to transform cities, as well as the challenges and opportunities for foreign investment in the orange economy, seeks to promote foreign investment in the creative industries. It also aims to highlight that the creative industries are at the service of other industries, and the potential that these sectors have to invest in the Bogota Region.