Even in a situation as complex as the one we have been experiencing in the last 12 months, Bogotá, the capital of Colombia, keeps positioning itself as a metropolis full of opportunities, challenges and growth initiatives. An example of this dynamic is the interest of foreign investors which keep looking at this city and this country as one of the most important centres receiving investment in Latin America.

To support this information, I spoke with Juan Gabriel Pérez, Executive Director of Invest in Bogota, the investment promotion agency for the city, who shares some of the reasons why foreign investment in Bogotá will be key to the post-pandemic reactivation.

What does Invest in Bogota do?

At Invest in Bogotá, we support investors exploring opportunities in the city, offering them expert services in every stage of their investment process (exploration, establishment and operation).

How has foreign investment moved in Bogotá in recent years?

Between 2006 and 2020 we have witnessed the arrival of more than 450 projects with an estimated investment of more than 3,100 million dollars. In addition to the economic benefit for the city, these companies have generated more than 50,000 jobs, thus helping to improve the living conditions of the city’s inhabitants.

During 2020, we witnessed the arrival of 30 new investment and expansion projects that will generate more than 5,000 direct jobs for the city.

What makes Bogotá attractive in terms of business and investment?

Bogotá is the main investment attraction in Colombia and one of the most attractive cities to do business in Latin America. Despite the challenges we have had to face due to the pandemic, the city retains a series of strengths that have led to new investment projects continuing to arrive in the city, even in this situation.

The main attributes found by international companies are issues such as the young and qualified human talent of more than 4 million people and market size of close to 10 million inhabitants. We should add also the strategic location of Bogotá on the continent compared to markets such as the United States and Europe, which allows the city to be increasingly selected as a regional hub for multinational companies.

What are the most competitive sectors to invest in Bogotá?

Bogotá has a defined path in terms of productive development, marked by the Smart Specialization Strategy of the city. Based on knowledge and innovation and prioritizing sectors with high growth potential, the main protagonists of our strategy are life sciences, technology-based services, value-added manufacturing, infrastructures and creative industries sectors. In each of these sectors, we have identified projects, opportunities and investment potential.

One of the strategies for 2021 is to attract companies looking for strategic locations in markets close to their geographical areas of operation (nearshoring).

What is the situation regarding foreign investment from Portugal and what expectations does this market generate?

Bogotá has received significant investments from Portugal in recent years from companies such as Jerónimo Martins, Plenty and Grupo Pestana. Our analysis points to at least 9 projects for more than 180 million USD that came to the city between 2012 and 2018, also generating hundreds of direct jobs.

We believe that mainly in sectors such as processed foods, value-added manufacturing, pharmaceuticals and information technologies, great opportunities and Portuguese companies are wishing to develop their operations in Latin America may have Bogotá as a regional hub.

What is Invest in Bogota doing to attract more investors?

From Invest in Bogota, and under the current situation, we support the economic recovery and social development of the city through strategies to attract high-value projects that connect the supply and demand for human talent, with constant support to private projects and public works.

As part of our proactive work to attract investment, we carry out campaigns in strategic countries in Latin American and European markets, as well as the United States, while looking for potential commercial allies for the city in destinations such as Asia.

How do you face the communication and relationship challenges imposed by the global health emergency?

At Invest in Bogota, we have created an ecosystem of digital content that seeks to contribute to the knowledge about our city using new channels. We thus created Bogota Big Ideas, which uses different formats such as BBI Webinars (expert panels), lBBI Talks (1-to-1 conversations), BBI Podcast (easy-to-consume audio content), BBI Academy (business and entrepreneurship training sessions, and BBI Blog (articles, chronicles or interviews) to tell our stories to local and international audiences. The intention is to take advantage of the acceleration of the communication digitisation process to be able to include ourselves in conversations on global issues with the eyes of Bogotá.