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Why Bogotá?

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Located in the center of the country, Bogotá is not only Colombia's capital city, but also its economic center, concentrating the largest number of people in the country with more than 8 million inhabitants, a figure above other capital cities like Washington DC, Santiago de Chile or Hong Kong. With a sound and sustainable economic performance of 4.7% of economic growth during the last 10 years, Bogotá has a GDP per capita of US $ 9,322.

Its economy is mainly driven by services, where the financial and construction activities have become an instrument to haul other productive sectors and attract investment. Consequently, Bogotá has seen an important increase of foreign companies, reaching 1,534 in 2016; a figure that has doubled in the past 10 years.

Bogotá is considered a Creative District, concentrating nearly 92% of Colombia's creative services, 90% of audiovisual producers and 74% of digital content companies. Furthermore, it has a consolidated trackrecord of successful productions focused on the Spanish-speaking regional market, and it’s the main destination for green field FDI in Latin America for the creative industries. It’s worth stressing the fact that there are various markets and events that boost these industries, such as: Bogotá Audiovisual Market (BAM), Bogotá Music Market (BOmm), Bogotá International Art Fair (ARTBO), Bogotá International Book Fair (FILBO) and the Iberoamerican Theatre Festival of Bogotá (FITB), among others.

Bogotá is also a city of fashion, with an industry that moves about 15% of the city's industrial GDP, making it an important generator of employment and a reference of design and creativity at a national and international level. There are important efforts for the development of this activity, and a driver for the consolidation of the designers through the Bogotá Fashion Week (BFW) business platform

Likewise, the city-region is a territory of connectivity where the ICT sector is a growing industry, and where public and private actors have set themselves the task of consolidating a digital ecosystem where connectivity, digital development, promotion of a digital culture and the ability to make use of high-end technologies are the premises for attracting investment, improving the quality of life of the citizens and consolidating an exportable supply of services to other countries.

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All of the above has allowed Bogotá to be considered as the 4th most attractive city to invest in, according to the Index of Attractiveness of Urban Investment, built by the Universidad del Rosario and the Chilean firm, Business Intelligence. It has also been recognized as South America’s 4th city of the future, as mentioned in the ranking of American States of the Future; it’s the 5th most attractive city for business according to the ranking of Urban Competitiveness of America; and the 7th city in the world for business tourism and conventions, as per the classification of the International Congress and Convention Association.

Nevertheless, Bogotá has also demonstrated its potential in areas other than business, it has 5 of the 100 best universities in Latin America according to the QS Intelligence Unit; it was selected as City of Music, City of Peace and World Book Capital by Unesco; and it received the Golden Lion for Best City in 2006 for its innovative solutions of mobility, social inclusiveness and public space use.

In addition to these aspects, Bogotá is considered by Forbes magazine as one of the top 12 destinations worldwide for 2017. Moreover, as a result of the work carried out by the Greater Bogota Convention Bureau within the agenda of the Business Tourism and Events Cluster Initiative, the city is now a member of the BestCities Global Alliance, a network of twelve premier meeting destinations, which guarantees a level of excellence in the services aimed at meetings tourism in the partner cities, with Bogota being the first Latin American city to enter.

 

  • Bogotá-region´s productive development efforts

    Bogotá has been working on two complementary productive development efforts that place it ahead of other regions in the country and among the most advanced regions of the world.

    The first one is the Research and Innovation Smart Specialization Strategy (RIS3), which aims at focalizing most of the public, private and academic actors efforts and resources ―particularly those related to science, technology, and innovation― on the following five strategic areas aligned with the productive vocation of the city-region:

    • Biopole, covering sectors and clusters related to life sciences
    • Creative Bogotá-region, which includes sectors and clusters related to the creative and cultural industries
    • Advanced knowledge hub, which aims at turning Bogotá into a mecca of education
    • Business services, covering activities such as consulting, BPO and KPO, financial sector, and tourism
    • Sustainable city-region, under which business solutions to sustainability problems of the region will be supported.

    Within each area, specialization niches have been identified that correspond to specific segments of productive activities and technologies that constitute opportunities for an increasingly innovative region. This strategy will materialize in a portfolio of large science, technology, and innovation projects that aim at spurring growth dynamics of niches, clusters and sectors related to each of these areas.

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    Secondly, Bogotá-region has been developing Colombia's most ambitious cluster agenda and one of the most interesting ones around the world. Today there are 16 initiatives fully aligned with the RIS3, which aim at identifying and addressing bottlenecks that hinder the competitiveness of the following economic agglomerations:

    Graphic communication

    Music

    Healthcare

    Dairy products

    Apparel

    Footwear and leather goods

    Jewelry

    Creative and content industries

    Cosmetics

    Software & IT

    Business and events tourism

    Gastronomy

    Electric energy 

    Construction

    Pharma

    Financial services

    Consequently, these initiatives are key drivers to address the distortions that limit the sophistication and diversification of the productive apparatus in the region and partially materialize the agenda under the RIS3. The above to the extent that the cluster initiatives develop agendas that are complementary to the STI projects within the Strategy. Additionally, these initiatives may be the source of such projects, and their institutional arrangements –in which business, public sector, academia and support entities come together– should play a role in their management.

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  • Competitiveness in Colombia

    Colombia has an institutional framework that has become an international role model due to its capacity to articulate multiple actors of public and private order, as well as civil society, both at the national and local levels: the National Competitiveness, Science, Technology, and Innovation System (SNCCTeI). Accordingly, within the framework of the SNCCTeI, the country has been building a series of policies –in particular, the Productive Development Policy (Modern Industrial Policy)– which aim at organizing, as well as deepening, the efforts that have been made to increase the sophistication and diversification of the Colombian economy.

    As a result of collective efforts by different actors, the country has issued the new Productive Development Policy (Modern Industrial Policy), which defines 7 strategic lines:

    • Technology transfer
    • Innovation and entrepreneurship
    • Financing
    • Human capital
    • Quality
    • Linkages
    • Foreign trade.

    More importantly, this new policy adopts a "bottom-up approach" to the way the country will implement its productive development efforts, which means that regions will be the ones defining the clusters, sectors, or strategic areas they will want to work with the national government under this policy.