Benefits of investing in Colombia: international investors’ views on the most welcoming place for business.

Investment incentives

Articles

04 of October of 2021

Arriving in Colombia, international investors find a country with an advantageous business environment and incentives promoting foreign direct investment. For those hoping to start or move their company’s branches to one of the best-located countries, it is useful to collect other investors' impressions on the benefits of investing in Colombia. As you flip through these testimonials, you’ll begin to understand why Colombia is the most welcoming place to international investors.

For example, Bank Santander former President Manuel De la Cruz has clearly identified the benefits to invest in Colombia, as he states: “Colombia is the most welcoming place for business, mainly for two reasons. First, the number of opportunities in many sectors. Colombia is a growing country, therefore there are many opportunities to do business here. And the second is talent”.

“Talent in Colombia allows you to develop those opportunities, you can make them a reality with the help of its people. If you combine both things, it definitely becomes a welcoming country”. Manuel de la Cruz, Bank Santander former President.

Benefits of investing in a country with an exceptional location

The country’s strategic location is a key feature for leaders considering their industry’s international presence in order to reorganize their supply chains. Intertec International is one of the companies that has entered Colombia following ProColombia's and ACI Medellín strategy for the import of exporting firms. The global provider of IT services and specialized software chose Colombia as the one of the bases of operation to support their customers in North and South America from Medellín and Bogotá.

Kent Feuerhelm, Executive Vice President of Intertec International, explained: "The decision to expand our presence to Colombia represents an exciting phase in the growth of our company. Colombia is strategic for the quality of talent, the availability of services and a location that gives us a closeness to the United States and our customers". The company is now benefiting from Colombia’s growing software and IT services.

Technology-based companies can grow together with Colombia’s IT and creative industries. The country has several incentives for investment in these areas, and a strong business segment of companies developing specialized IT solutions to meet international clients’ needs.

For Gorilla Logic, the United States company offering outsourcing software development, establishing in Colombia matches their aim to deliver results on the work schedules and deadlines of their customers in North America.

Hence, location and time zone where among the benefits of invest in Colombia: “Gorilla Logic chose to open an office in Colombia because of the size and availability of talent for software product development as well as the proximity to the United States and Costa Rica for travel and time zone considerations. We chose Medellín specifically because of the focus on and investment in technology by the city”. Said Dan Berg, CEO at Gorilla Logic.

Medellín: a focal point for technology in Colombia

The city has been forging a name as capital leading Colombia’s technology and innovation transformation. Medellín was the top ranked Latin American city among the Smart Citi Index in 2020.

For the Canadian company Talent.com, the city’s potential was notable: “We were looking for a city where we could expand our operations in Latin America, and it seemed to us that Medellín had all the characteristics of a city in full economic development and with a lot of potential to grow and have access to good talent. The best of all was that when we arrived, we found ourselves with a very hard-working culture and with a lot of knowledge in the areas we needed”, states Lucas Martínez, the company’s CO-CEO.

Human talent is one of the reasons to invest in Colombia

It is indeed a common point for international investors to highlight Colombia’s promising human talent. The country’s workforce is experienced supporting the business process outsourcing (BPO) for different economic sectors. From banking and financial services to telecommunications and software development, a qualified workforce is a strong factor attracting foreign investment in Colombia.

For Scotiabank’s President and CEO Brian Porter: “Colombia is business-friendly and open to foreign investment, and its young, educated, multi-lingual and digitally-savvy population makes it a key market for recruiting leading talent”. This company has also built a global business center and tech unit in the country, providing services for their general operation.

For the British multinational Shelton’s Coffee, the country is simplifying the process for doing business in Colombia, and this adds extra benefits: “The strategic position of Colombia, the highly qualified human capital of the country and the great facilities that a city like Bogotá has for the creation of companies, such as the digitization of processes and records, were decisive for our investment decision", points out Ximena Shelton, General Director of the company.

Colombia is a welcoming place for business holding valuable characteristics as a well-located alternative for technology-based firms, with the talent to accomplish these company's goals and several incentives encouraging direct foreign investment. Get to know more about the investment incentives for investing in Colombia, here.