From 2020 and 2021, Invest in Bogota, the foreign investment promotion agency for the city, has identified more than fifty foreign companies which are considering Bogota as the destination to relocate their operations and, from this city, serve the Americas and minimize the risk of an interruption of supply chains.
Among the companies that are considering Bogota as a nearshore destination are IT/BPO, life sciences, and added-value manufacturing companies from countries like United States, United Kingdom, Canada, China, Japan, Singapore, Spain, France, Belgium, Denmark, Norway, and Switzerland.
The city also has competitive advantages for relocating operations in subsectors such as building materials and equipment; food containers and packaging; pharmaceuticals; medical devices; and equipment, devices, and electric and electronic components.
Due to this, Invest in Bogota is currently leading virtual missions to attract companies from India, China, Brazil, and Argentina, to show them why the Colombian capital city is the key location to relocate their operations and, from there, export products and services to the Americas.
Amid the companies that have chosen Bogota as the city to relocate their operations within the nearshore trend, one can highlight Shelton’s Coffee, a British firm that now serves the markets of Colombia, Latin America, the United States, and Canada from its facilities in Bogota; and TDCX, a BPO from Singapore, which in addition to its new site in Bogota, has sites in Barcelona, Bangkok, Kuala Lumpur, Shanghai, and Yokohama, among others.
“Bogota is an investment destination with a large number of competitive advantages to attract relocated operations. The city has the third most attractive and favorable environment in the region to do business. It is also the main recipient of foreign direct investment in Colombia and one of the main receivers in Latin America”, states Mauricio Romero, acting Executive Director of Invest in Bogota.
Bogota is also one of the favorite destinations in Latin America for foreign companies willing to relocate their operations, due to its human talent of more than 6 million people; its tax incentives for foreign investment and mega investments; its strategic location, accessible to the main cities of America and Europe; and its international market access, thanks to the 17 free trade agreements signed by Colombia, which make possible the preferential access to more than 1.5 billion consumers.