Wednesday 26 January 2022

Bogota, A Magnet For Foreign Investment

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During 2019, Invest in Bogota, Colombia’s capital investment promotion agency, supported 48 greenfield Foreign Direct Investment (FDI) projects, its highest number for a calendar year since its institution in 2006.

The U.S. was Bogota’s main ally in Foreign Direct Investment in 2019

Overall, Invest in Bogota supported the arrival of investments from 25 countries in 2019. For this year the United States was the main ally for the city with 10 projects, Canada, the second, with four projects, and Germany, Spain, Mexico, and France, with three projects each, were tied in the third place.

In addition to receiving investment from countries such as the United States, Spain or France, Invest in Bogota supported projects from Japan, South Korea, Saudi Arabia, and Australia, among others. This evidences that the city is developing interest from regions of the world that were not regularly inclined to Invest in Bogota in previous years.

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This indicates, according to the agency that the city is developing interest from regions of the world that were not inclined to Invest in Bogota in previous years.

According to Invest in Bogota’s Executive Director, Juan Gabriel Pérez, the FDI projects  “surpassed US$600 million dollars and generated more than 7,700 direct Jobs in 2019″.

Pérez added, “these are quality jobs for local citizens and proof of the positive effects of FDI”.

Bogota continues to create an infrastructure that promotes the city as an attractive destination for Information Technology (IT) companies, Business Process Outsourcing (BPO) and Shared Service Centers (SCS). These sectors received the largest number of investment projects for the city in 2019, attracting 14 IT and BPO projects, which brought an estimated 4,000 direct jobs.

Some of the IT and BPO companies that invested with the assistance of Invest in Bogota in the city during 2019 were: Ixerv LAC (United Arab Emirates), Nub8 (US), Grupo ARS (Ecuador), the British software development firm Endava, and Switzerland’s Amaris Consulting, which opened a global robotic process automation center.

The second sector in which Invest in Bogota supported the largest number of investment projects was life sciences, which includes industries as medical devices, pharmaceuticals, cosmetics and health services, with 10 new and reinvestment projects. The city also received 10 investment projects for the value-added manufacturing sectors, 8 in creative industries and 4 in infrastructure.

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Since 2006, Invest in Bogota has been involved in 384 projects which correspond to an estimate of US$3 billion daollrs and has created over more than 45,000 direct jobs.

Article originally appeared on Q Colombia and is republished here with permission.

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Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

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