Bogotá, the largest generator of employment in Latin America by foreign investment

Bogota was the Latin American city that generated the largest number of jobs by foreign direct investment (FDI) between 2016 and 2018 with 23,112 positions, surpassing other capitals such as Mexico City, Lima, and Buenos Aires informed on Tuesday sources of the sector.

The sector that created the most jobs in the capital was construction, with 31.3%, followed by business services (16%), consumer products (12.6%), textiles (7.9%) and software and IT services (5.6%). Image: Flickr
The sector that created the most jobs in the capital was construction, with 31.3%, followed by business services (16%), consumer products (12.6%), textiles (7.9%) and software and IT services (5.6%). Image: Flickr

The Investigations and Market Intelligence team of the promotion agency Invest in Bogota detailed in a report that only last year in the Colombian capital 10,060 jobs was created. This figure represents an increase of 81% compared to that recorded in 2017, when 5,557 jobs were generated, an index lower than the 7,495 in 2016.

With these figures, Bogota surpassed Mexico City, wherein the same period 21,402 jobs were created, Lima (16,448), Sao Paulo (15,893), Guadalajara (15,124), San Luis Potosí (14,297), Buenos Aires (12,008) and Querétaro (11,618), among others.

The sector that created the most jobs in the capital was construction, with 31.3%, followed by business services (16%), consumer products (12.6%), textiles (7.9%) and software and IT services (5.6%).

The executive director of Invest in Bogota, Juan Gabriel Pérez, said that this is due "to the economic dynamism, with specialization towards value-added services, broad development of infrastructure and urban renewal projects, as well as quality and competences of the labor force that the city has ".

The business sector highlights the arrival of 27 new projects from Spain, the United States, the Netherlands, and Switzerland, among others, which generated 3,700 jobs in the last three years.

Also noteworthy are the creative industries, which generated 694 new jobs, surpassing Sao Paulo (565), Buenos Aires (540), Mexico City (478), Rio de Janeiro (219) and Lima (216).

Similarly, Bogota hopes to continue boosting its economy with the support of the construction sector, as in the coming years will be carried out urban renewal works and road infrastructure that will benefit its inhabitants.

The capital also leads the index at the national level, since three out of ten new jobs generated by foreign direct investment in the country during the period analyzed were in the city.

The countries that contributed the most were Spain, with 19.8%, followed by Chile (16.9%), the United States (15.3%) and France (7.5%), which together add up to 60% of the employment generated in Bogota for this period ".

Despite the good indicators, Invest in Bogota expects to boost investment from Asia, since companies from China, Japan, India, and Singapore have cities in Mexico and Brazil as their reference in the region.

"This demonstrates the challenge of continuing to advance in the strategy to consolidate Bogota as an attractive destination for investment in Asian countries that will increase the generation of qualified employment and greater technological appropriation," the entity concluded.

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