Market Access from Colombia and Bogota

Thanks to the international trade agreements signed by Colombia with other countries, companies located in Bogota have direct access to the USD 314.364 billion Colombian market - one of the largest, most dynamic markets in Latin America.

Colombia: a Large and Dynamic Emerging Market

Colombia is the third most populous country in Latin America, home to nearly 52 million potential consumers.

Colombia is the fourth largest market in Latin America after Brazil, Mexico, and Argentina. According to the World Bank, Colombia will grow at a rate of 1.3% during 2023; a rate higher than that of countries such as the United States (0.5%), Mexico (0.9%), Brazil (0.8%), Chile (-0.9%) and by 2024 it is projected to be one of the fastest growing countries in the region with 2.8%.

Source: World Bank. Update on: February 2023. Report January 2023.
*Estimated data for 2022 generated by the World Bank.
(e) Corresponds to projections generated by the World Bank.

For most of the last decade, the Colombian market has grown at a higher rate than the region. Furthermore, in 2022, Bogotá grew more than Latin America. The city grew 9.9% while Latin America and the Caribbean increased 4.0%. This growth is evidence of Bogota’s economic dynamism and its strong recovery from Covid 19.

Bogota: an Attractive Market

Bogota Region has a population of more than 11 million inhabitants. In 2022, Bogota reached a GDP of USD 95 billion, higher than many Latin American countries.

Source: DANE, International Monetary Fund (current pices).

Access to International Markets

Thanks to the different international Free Trade Agreements (FTAs) in operation, companies based in Bogota Region have access to more than 60 countries with a global market of USD 59 trillion (37.1% of the global GDP) and more than 1.5 billion inhabitants.

Free Trade Agreements in Operation

1 Colombia, Bolivia, Ecuador and Peru.
2 Brazil, Argentina, Paraguay and Uruguay.
3 Iceland, Lichtenstein (GDP and population information is not available), Norway and Switzerland, Agreement in operation for Lichtenstein and Switzerland.
4 Member states: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.
5 Trinidad and Tobago, Jamaica, Barbados, Guyana, Antigua y Barbuda, Belice, Dominica, Granada, Montserrat, San Cristobal and Nieves, Santa Lucía and San Vicente and las Granadinas
6 Mexico, Peru, Chile and Colombia
NA=Not available
* GDP and population do not include information about Colombia
Source: International Monetary Fund (current prices); Ministry of Trade, Industry and Tourism of Colombia. Calculations by Invest in Bogota.

FTAs Subscribed