A fair number of foreign ventures have already leapt at this chance to move business into South America. Last year cosmetics and pharmaceuticals (as a sector) accounted for 8% of such projects in Bogota. And, the country saw investment predominantly from the US, as well as from Spain, Brazil, France, Chile, and England, among other countries.
Beyond cosmetics manufacturing, it’s worth noting that biotechnology is also a priority sector for Bogota. Biotech matters more and more to the industry as it is increasingly used to generate synthetic and bioidentical ingredients.
This is the second-generation of the free Invest In Bogotá app and was developed to improve on the original which “exceeded…expectations in terms of downloads,” according to a media release announcing the latest version.
The app lets users connect with investment specialists and request customized information. There’s also content on sector-specific opportunities, what Bogota offers investors, stats comparing the city to other hubs in South America and more.
The city proudly hosts professional events as well. Earlier this year, Invest in Bogota announced several global conferences taking place through 2017, among them the Annual Meeting of Latin American Dermatologists (known as RADLA). That convention is set for late May of 2017. “The event is estimated to attract 3,500 participants and [have an] approximate economic impact of USD $5,250,000,” according to the promotion agency.
The city likes to refer to itself as “a world-class destination for business.” And it certainly is popular. The International Congress and Convention Association puts the number of professional event participants coming to Bogota between 2015 and 2018 at 27,400 and rising.
The economic appeal
The city’s investment promotion agency says the likelihood of growth in Bogota is good. "The Colombian capital is now an attractive place for foreign investment since it boasts one of the most dynamic markets in the region and the greatest growth potential in the continent,” says Juan Gabriel Pérez, executive director of Invest in Bogota.
Invest in Bogota is a public-private agency involving both the Bogota Chamber of Commerce and the Bogota City Government, and it comprises sector-specific advisors that work with interested investors.
The city “offers competitive advantages for business, exceeding those of its Latin American peers due to its economic strength, highly qualified human talent, favorable business environment, privileged geographical location, access to markets, and quality of life," Pérez adds.