Despite Coronavirus Pandemic, Colombia Still Expects 45 New Foreign Investment Projects From 21 Countries

According to Colombia’s investment promotion agency ProColombia, despite the Coronavirus COVID-19 Pandemic, the Andean country reports 45 new non-mining energy foreign investment projects involving the agency between January and April 2020.

ProColombia announced new investments from 21 countries totalling $1.477 billion USD generating 17,000 new jobs.

“Business continues, that has been the slogan of our operation that has migrated to virtual environments to continue advising potential investors and businessmen in the world and who today have materialized that interest in Colombia. We are announcing the arrival of 45 new projects in the country managed by ProColombia in the first four months of the year, and which, according to the businessmen, they estimate to generate 17,000 new jobs, with contributions in technology, technology transfer and development in the different regions where they have been established,” said Flavia Santoro, president of ProColombia.

18% of the projects went to the BPO and shared service center segments, 11% to the development of renewable energies, 8% to initiatives in the pharmaceutical sector, 6% to software and IT, 10% to metalworking, 3 % to agribusiness, 5% to investment funds, 16% to retail, and 23% to other sectors.

Of the total projects, 20% correspond to greenfield investments or companies that had no previous presence in Colombia, and 80% to new investments by multinational companies established in the country.

Between January and April 2019, ProColombia promoted the arrival of 45 foreign investment initiatives, so the result of the current year also of 45 projects, shows that, by avoiding the difficulties associated with the presence of the coronavirus, the implementation of new strategies With virtual tools such as seminars, webinars and Shark Tank-type formats, called ProColombia Pitch Sessions, they have worked successfully in order to maintain the promotion of investment attraction in the country.

According to Santoro, the projects are landing in the following Colombian departments:

• 22 Bogotá
• 6 Antioquia
• 1 Bolívar
• 1 Tolima
• 3 Valle
• 3 Atlántico
• 6 Cundinamarca
• 1 Risaralda
• 2 Magdalena

The initiatives come from 21 countries including:

• 10 United States
• 2 Germany
• 2 Argentina
• 3 China
• 4 Spain
• 4 United Kingdom
• 1 Ireland
• 1 Costa Rica
• 1 Panama
• 4 Australia
• 1 Singapore
• 1 India
• 1 Israel
• 1 Guatemala
• 1 South Korea
• 1 Canada
• 2 Venezuela
• 1 Chile
• 1 Thailand
• 1 Japan
• 1 Mexico