Colombia has the best investment attraction strategy in South America, according to the annual Global Best to Invest Report published by Site Selection magazine. This publication belongs to the international conglomerate Conway, a company specialized in creating communication channels between productive ventures and those seeking to invest through technology transfer, resources, and development.
ProColombia was selected in the Top Investment Promotion Agencies 2020 category, a choice that took into account the appreciation of the global investor market that considers them to be the best in their field and the most competent in carrying out the work of creating jobs and opportunities for its citizens. "These agencies will bear much of the burden of helping to rebuild economies and replace lost jobs in response to this unprecedented challenge," the report cites.
ProColombia president Flavia Santoro commented, “This recognition motivates us to continue working for Colombia. It represents the unity, passion, and dedication of the ProColombia team who give their best every day, and who have responded to the current situation with creative and innovative initiatives. We have a goal of attracting 170 new non-mining and non-energy investment projects in 2020. We will continue to provide investors with valuable information and competitive proposals to bring new business opportunities that contribute to growth with equity, development, and job creation for the benefit of the Colombian people."
ProColombia was highlighted for its professional handling of business consultations; the highly-qualified, knowledgeable, and multilingual staff; for offering tailored information on available investment opportunities and incentives; for the care and responsibility shown in the confidentiality of processes; and for its follow-up services.
Invest in Bogotá stood out among the best promotion agencies in Latin America and the Caribbean at the regional and city level, along with Panama Pacífico, Curinde (Curaçao), and Investe Sao Paulo; meanwhile, ProColombia was joined by InvestChile at the national level.
According to the publication, Colombia has the leading workforce in the region in terms of growth and training; it is also one of the leading IT markets in Latin America.
Colombia remains an attractive destination for foreign and business investment, even in the midst of the current pandemic, thanks to international businesses who continue to expand their operations in Colombia, highlighting both the country’s status as an export platform as well as its tax incentives and skilled labor.
This is demonstrated by the 45 new non-mining and non-energy foreign investment projects landed and managed by ProColombia between January and April 2020. According to employers, the projects will create approximately 17,000 new jobs, with contributions in technology, technology transfer, and development in nine regions of the country including Bogotá, Antioquia, Bolívar, Tolima, Valle, Atlántico, Cundinamarca, Risaralda, and Magdalena.
ProColombia has been developing various activities to continue attracting investment to Colombia. More than 50 online events have been held with investors from around the world in which they have been offered first-hand information and the necessary support in order to facilitate their decisions to do business and set up operations in Colombia.
The official figures demonstrate the level of investor interest in Colombia. According to the Central Bank’s most recent Exchange Balance report, foreign direct investment (FDI) flows from January to April 2020 amounted to a total of US $3.533 billion—an increase of US $165.5 million compared to the same period in 2019.
In the non-mining and non-oil segment that includes sectors such as agribusiness, manufacturing, and services, a 141% increase was recorded—from US $658 million between January and April of 2019 to US $1.591 billion accumulated in the same period in 2020.