Why Bogotá?

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Economic growth projections

Source: World Bank, DANE (2024)

Colombia is projected to grow at a rate of 1.8% in 2024, outperforming countries such as Brazil (1.5%) and Ecuador (0.7%), and matching Chile (1.8%). By 2025, Colombia is expected to be one of the fastest-growing countries in the region, with a growth rate of 3.0%, above the regional average of 2.5%.

Within this context of economic growth, Bogotá is expected to grow at a rate of 2.5% in 2024, according to the Medium-Term Fiscal Framework of the District Secretariat of Finance. This growth outpaces projections for Colombia (1.8%), Latin America (2.3%), and the global average (2.4%).

GDP Bogota-Region, higher than that of some countries

Source: World Bank, DANE (2024)

Bogotá Region’s economy is strong and comparable to that of several Latin American countries.

Bogotá Region’s GDP amounts to USD 117 billion, exceeding that of countries like Costa Rica and Uruguay.

Economic growth
last 5 years

Source: World Bank, DANE (2024)

Over the past five years (2019–2023), Bogotá Region has shown remarkable growth of 3.5%, outperforming Colombia (2.9%) and Latin America (1.4%).

Bogota-Region's population, 2023

According to DANE, the population of Bogotá Region in 2023 was estimated at 11,352,608 inhabitants, representing 22% of the national total. According to the World Bank, Colombia ranked as the third most densely populated economy in Latin America and the Caribbean in 2023, with a total population of 52.1 million.

Bogotá accounts for 25% of Colombia’s GDP and is home to 15% of the country’s population. Additionally, Bogotá’s per capita GDP is USD 11,498, significantly higher than the national average of USD 6,963.

Fuente: DANE (2024)

Bogota-Region as a dynamic business ecosystem

Source: Invest in Bogota based on information from Orbis Company (2024).

As of the end of 2023, the Bogotá Region is home to 2,464 foreign-capital companies (with at least one shareholder holding 51% or more of the capital), demonstrating international investors’ confidence in the local economy.

Bogota is positioned as the epicenter of foreign investment in Colombia, with more than 56% of foreign companies established in the country located in the region.

In addition, more than 400 companies included in the FORBES 2000 list (as of 2023) have chosen the Bogota-Region for their operations.

Source: Invest in Bogota based on information from Orbis Company (2024).

Source: Invest in Bogota based on information from fDi markets, Orbis Corssborder and certifications (2024).

Between 2019 and 2023, Bogotá Region attracted investments from more than 40 countries. The United States leads as the main investor in the city-region, accounting for 25.9% of investment projects. Spain ranks second (11.4%), followed by Mexico (6.2%), Argentina (5.2%), and Germany (4.7%).

Investments have also come from other European countries such as France, the United Kingdom, and Switzerland, as well as from Asian countries like China, Japan, and India.

In terms of sectoral distribution of foreign investment in the Bogotá Region, the software and IT services sector stands out, accounting for 21.0%. It is followed by corporate services (18.8%) and consumer products (6.7%), highlighting the diversity and appeal of the local economy to various industries.

Source: Invest in Bogotá based on information from fDi markets, Orbis Corssborder and certifications (2024).

Source: Dane (2024)

The city’s active labor force exceeds six million people, offering a qualified, efficient, and bilingual talent pool compared to other cities in the region.

Source: QS Rankings (2024)

Fuente: Ministerio de Educación Nacional (2024)

Moreover, the city concentrates 34% of the country’s research groups, 40% of PhDs, and 35% of all technicians and technologists.

Source: Invest in Bogota based on information from fDi markets, Orbis Corssborder and certifications (2024).

Source: DANE, INDEC, INEI, Quito Chamber of Commerce, INE, Government of Chile, INEGI, Numbeo (2024).

Bogotá’s talent pool is also known for having internationally competitive salary expectations compared to cities like Mexico City, São Paulo, and San José.

Furthermore, the workforce in Bogotá is characterized by a strong work ethic, as more citizens value individual effort and hard work to achieve results. (Casas & Méndez).

Time zone

Same time zone as the U.S. East Coast, and just 3 hours behind the West Coast.

Distance

Access to an extended market of over USD 5.9 trillion and 660 million people within a six-hour flight.

Weather

Temperate climate year-round (which supports productivity and reduces energy costs).

Source: Aerocivil. Flightconnections. Distances and times were obtained using an air distance estimator. The extended market refers to Latin America and the Caribbean.

Bogotá is just a five-hour flight from New York, Mexico City, or São Paulo.

Bogotá also has minimal time differences with major business hubs such as Chicago (0 h); New York and Toronto (+1 h); Los Angeles (-2 h); and São Paulo (-2 h), making it an attractive destination for doing business.

The city’s strategic geographic location and time zone have made it easy for participants to access international events hosted in Bogotá. Notably, for the fifth time—and the second consecutive year—El Dorado International Airport was recognized as the Best Airport in South America at the 2024 Skytrax World Airport Awards.