Cundinamarca, nestled in central Colombia, and nurtured in equal parts by the Magdalena River to the west and the Orinoco to the east, and the valleys of the Andes, also owns another strength – the country’s economic, institutional, and cultural capital, Bogotá, is here.
The nation’s financial hub, Bogotá is driving Colombia’s economy; this is where 54% of the country’s financial transactions happen. In addition, 29% of all companies in Colombia are located here, companies such as EEB (the energy group providing electricity to most of the country), successful security clothing company Miguel Caballero, and spirits manufacturer Empresa de Licores de Cundinamarca (ELC), which holds 35% national market share in the liquor and spirits sector.
ELC has been exporting for over a decade, but its goal now, according to General Manager Carlos Alberto Meza Reales, is to become more competitive by expanding both at home and abroad, with a view to “make products that Colombians can be proud of.”
Bogotá is not only limited to domestic enterprises; international companies are beginning to show interest.
“Even countries from Asia or the Arab Emirates, and Turkey, are moving their focus,” says Juan Carlos Jiménez of Invest In Bogotá, an agency that provides expertise and support to potential investors He says that so far, the agency has helped 114 foreign companies settle in the city.
Given its population – 7.6 million inhabitants, 16% of the nation’s total population – it comes as no surprise that the city’s GDP of US$90.2 billion is greater than national totals of neighbouring countries like Ecuador. Its strong “inner market” as Mr. Jiménez calls it, is in part due to the country’s focus on improving its business climate, resulting in a surge of foreign direct investment.
The region overall has obviously improved; the department is ranked first in the country for management, notes the Governor of Cundinamarca Álvaro Cruz Vargas. The success of the region’s businesses, along with its high GDP and overall financial stability are factors contributing to Colombia’s role as one of Latin America’s best business environments and one of its most competitive countries.
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