Colombia will receive 45 new foreign investment projects

21 May 2020
The projects come from 21 countries and total estimated business amounts of US $ 1,477 billion. In addition, they will generate about 17,000 news jobs.

In the midst of the challenges presented by COVID-19, Colombia maintains its attractiveness as a destination for foreign investment and business thanks to international businesses which continue to expand their operations in the country, highlighting Colombia’s positioning as an export platform, as well as its tax incentives and qualified labor.

This is demonstrated by the 45 new non-mining, non-energy foreign investment projects managed and captured by ProColombia between January and April 2020.

"Business continues to move forward—that has been the motto of our operation that has migrated to virtual environments to continue advising potential investors and entrepreneurs across the world. That interest has materialized today in Colombia, and we are announcing the arrival of 45 new projects brought by ProColombia in the first four months of the year. The business representatives estimate that these projects will generate 17,000 new jobs, which will contribute to increased technology, technology transfer, and development in the different regions where they are establishing themselves," said Flavia Santoro, president of ProColombia.

According to Santoro, the projects will be developed in Bogotá (22 initiatives), Antioquia (6), Bolívar (1), Tolima (1), Valle (3), Atlántico (3), Cundinamarca (6), Risaralda (1), and Magdalena (2).
The projects come from the United States (10), Germany (2), Argentina (2), China (3), Spain (4), the United Kingdom (4), Ireland (1), Costa Rica (1), Panama, Australia (4), Singapore, India (1), Israel (1), Guatemala (1), South Korea (1), Canada (1), Venezuela (2), Chile (1), Thailand (1), Japan (1), and Mexico (1).

Eighteen percent of the projects were in the BPO and shared service center segments, 11% in renewable energy, 8% in the pharmaceutical sector, 6% in software and IT, 10% in metalworking, 3% in agribusiness, 5% in investment funds, 16% in retail, and 23% in other sectors.

Out of these projects, 20% correspond to greenfield investments—that is, companies that had no previous presence in Colombia—and 80% to new investments from multinational companies already established in the country.

Between January and April 2019, ProColombia contributed to the arrival of 45 foreign investment initiatives. Thus, this year’s result—also 45 projects—shows that the efforts to overcome the difficulties presented by coronavirus, such as the implementation of new strategies with virtual tools including seminars, webinars, and Shark Tank-type formats (ProColombia Pitch Sessions) have worked.

ProColombia, led and supported by the Ministry of Commerce, Industry, and Tourism, has been working through virtual tools with the more than 500 large multinationals operating in Colombian territory. ProColombia has offered guidance and support to the solidarity initiatives arranged by companies to address the effects of COVID-19 in Colombia. It has also conveyed information on the measures being taken by the government and how they impact operations. But the most important efforts were geared to keeping interest and confidence in the country alive.

Similarly, ProColombia’s commercial offices abroad have been working with potential investors through virtual tools, seeking to capture and maintain their interest in expanding their operations in Colombian territory once the current difficulties subside.