01 de Noviembre 2018
Bogota promotes its advantages as an investment destination in China
In addition to taking part in the World Free Trade Zone China Summit and the China-LAC Business Summit, representatives of the Colombian capital will visit Chinese companies to promote the benefits offered by the city for foreign investment
As part of a proactive strategy to promote Bogota as one of the most attractive investment destinations in Latin America, Invest in Bogota, with the backing of ProColombia, travelled this week on a business and trade mission to Asia, where we will visit four cities in China and participate in economic exchange seminars and business forums and summits.
Invest in Bogota’s mission to China, led by Juan Gabriel Pérez, Executive Director of the agency for the promotion of investment in the Colombian capital, includes the World Free Trade Zone China Summit in the city of Zhuhai. This is an international congress on free trade zones at which 12 economic zones from the Eastern giant and more than 20 international free trade zones will be present.
Bogota will also participate in the China-LAC Business Summit, an event that promotes the economic-commercial cooperation between China and Latin America and the Caribbean (LAC), and that forms part of the China-Latin American and Caribbean Countries Cooperation Plan (2015-2019).
“Chinese businesses see Latin America with increasing interest. These types of missions allow us to show the strengths that make Bogota one of the most interesting destinations in the region to potential investors,” said Pérez. It was him who revealed that between 2007 and 2017, Bogota received 31% of the total of Chinese investment projects that arrived in Colombia.
Figures from the fDi Markets platform indicate that in the past decade Colombia received 16 investment projects from China, which were principally focused on the communications (60%), manufacturing of car parts (11%), and machinery and equipment (8%) sectors.
The Chinese cities that have invested most in Colombia include Shenzhen (6 projects), Beijing (3 projects) and Dalian. With regard to companies, Huawei Technologies, Langchao, and ZTE are the three Chinese companies that invested the most in Bogota during the decade under study. As part of its business and trade mission to China, Invest in Bogota will visit the cities of Hong Kong, Shenzhen, Zhuhai, and Shanghai.
Which sectors are favorable for Chinese investment in Bogota?
Aligned with the Smart Specialization Strategy, an exercise through which private business, local Government, and academia have defined an integrated agenda for productive development for the transformation of Bogota and Cundinamarca, Invest in Bogota has identified the sectors with the most potential to attract investment.
The leading sectors of this promotion strategy are: life sciences, which include health services, cosmetics, pharmaceuticals, and medical devices; technology-based services, such as outsourcing of services and development of IT products and services; light manufacturing, which covers construction materials and food and beverages; and infrastructure, which includes urban renovation and transport infrastructure projects and creative industries. In the case of China, Bogota will promote investment opportunities in manufacturing, the IT sector, infrastructure, and pharmaceuticals.