Business is booming in Bogotá. With Bogotá recently earning the accolade as one of the top 10 Latin American cities of the future from fDi magazine and having a GDP ranking higher than Latin American countries such as Panamá, Uruguay and Ecuador, Bogotá is revealing itself to be a serious contender when it comes to international business.
So, what is behind Bogotá’s business success? Firstly, thanks to Bogotá’s central location, it makes it the ideal candidate to set up business. Bogotá’s El Dorado airport is the largest cargo hub and third largest passenger transport hub in all of Latin America, meaning international clients are within easy reach.
This central location in turn means Bogotá is the hub for Colombian business. 29% of all businesses in Colombia have their headquarters in Bogotá, with a staggering 54% of Colombian financial transactions taking place in Bogotá. In addition, foreign investment in Bogotá has totaled 1.4 billion dollars in the last 10 years, which in turn is helping make Bogotá one of the strongest Latin American economies.
With the middle class in Bogotá having risen 13% in the past decade alone, more and more of Bogotá’s youth are receiving higher education. 6 out of the best 100 universities in Latin America are based in Bogotá and with a particular focus on research and development in the city, 1,900, just under half of the country’s total, research groups are based in Bogotá. More than 100,000 graduates enter the job market each year, with 70% of Bogotá’s workface being highly qualified, young talent. The future is bright for Bogotá’s business future, if the next generation of business leaders have anything to say about it.
With many projects being carried out to improve the infrastructure and everyday life in Bogotá, they look set to mobilize Bogotá as a leading business capital. Colombia’s economy is on the up in Latin America and because of falling oil prices, the export industry is diversifying to ensure economic stability. Transport links in Bogotá such as hybrid buses, electric taxis, cable cars, well-established cycle routes as well as a metro system are proposed. New convention centers and an entrepreneurial center are only set to renovate and innovate Bogotá’s business activity. Such innovation enhances Bogotá’s position as a leading Latin American business hub.
Even outside of business, Bogotá has plenty to offer. With lower living and labor costs, as well as a booming gastronomic and cultural scene, Bogotá is a vibrant, cosmopolitan city. In addition to having ample travel opportunities on your doorstep, you don’t even have to travel far to get a reprieve and escape the city, with over 5,000 parks in the city alone as well as a botanical garden spreading over 18 hectares.
Prime location, emerging talent, innovation and quality of life are just a few of the many factors which make Bogotá a highly viable option to set up business. With business looking set to snowball in Bogotá, it’s time to take advantage of the business opportunities on offer – before everyone else does.