Bogota, the capital of Colombia, strengthens business ties in Asia

  • located in South America, Colombia offers great business opportunities and with more than 11 million inhabitants, Bogotá, its capital, has a strategic location, a highly qualified, talented and competitive workforce.
  • Asian companies are very interested in the Bogota region, especially for the development of professional services outsourcing projects.
  • in the last decade, Bogota-Region received 115 new and expanding FDI projects Asia Pacificestimated at $1,313 million.

BOGOTA, Colombia, November 17, 2022 /PRNewswire/ — Representatives of Invest in Bogotathe Bogota Investment attraction agencies conduct a promotional agenda the philippineswith the goal of promoting the city among BPO companies with expansion interests Latin America for their nearshore operations in English and Spanish.

During its foray into the Asian country, the promotion team held meetings with key stakeholders, assessed the roadmap of the BPO sector there and learned about the challenges and needs companies in this country have for their development. Isabella Muñoz, Managing Director of Invest in Bogotaindicates that “The experience of the philippines provides us as a country and as an advertising agency with relevant insights to see where we want (and should) go in our smart specialization exercise.

“The Bogota region is aware of its opportunity to strengthen the business with Asia. In the last ten years it has received from Asia Pacific 115 new and expanding foreign direct investment projects rated with $1,313 million and which have created more than 8,300 jobs. These represent 8.7% of the total projects carried out in the Bogota region,” adds Muñoz.

The availability, quality and cost of labor, advances in bilingualism and strategic location have helped investors perceive the region as an ideal destination for their service activities.

investments off Asia Pacific
66.1% of the investment projects are concentrated in the city region Colombia received from Asia Pacific. The business services sector was one with the largest number of Asia Pacific Projects carried out in the Bogotá region, concentrating on 13.9%. It is a sector with great potential for job creation, concentrating 24.1% of the jobs created by FDI in this eastern region.

Apart from business services, other relevant sectors in attracting FDI out Asia Pacific are pharmaceuticals (12.2%), consumer goods (11.3%), communications (9.6%), software and IT services (9.6%), automotive (7.8%), financial services (6.1 %) and other (29.6%).

China is the most important Asian investor in the Bogota region with 32.2% of the projects. Japan (20.9%), India (16.5%), Australia (11.3%) and Korea (10.4%) also stand out.

Investing in BPO
Colombia and especially Bogotá are major players in the global BPO industry. The country is the first destination in the region for the development of BPO operations according to the Offshore BPO Confidence Index 2021 and the third BPO market in Latin America (13th worldwide) according to the 2021 Global Services Location Index report.

In the last five years, the industry has Colombia achieved compound annual growth of 16%, standing out as the fastest growing in the region. The attributes that Bogota For the provision of professional services, it has become the most important BPO and KPO cluster Colombiawith 67% of the country’s income, 70% of the businesses and 69% of the jobs generated by this industry.

SOURCE Invest in Bogota

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