Colombia courts foreign IT investment

Thursday, July 24, 2014

Colombia's investment promotion agency Proexport is executing an international strategy to boost export opportunities and investment in the country's IT sector.

Proexport presented the new campaign to investors in New York, focusing on factors such as the high growth of Colombia's IT industry, high quality human capital, infrastructure and favorable geographic location, ICT ministry Mintic said in a release.

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The agency is focusing on international buyers and Colombian exporters, as well as foreign investors.

Colombian entrepreneurs export to destinations as diverse as China, the EU and Silicon Valley, Mintic added.

Furthermore, a range of global tech giants including IBM and HP have established significant operational hubs in Colombia in recent years.

A further factor of interest to foreign investors is the regional diversity of Colombia, with different parts of the country offering different sector-specific opportunities for the IT industry.

Part of Colombia's national ICT strategy involves promoting greater software development in its regions, with a focus on sectors such as banking in capital Bogotá, mining in Santander and agribusiness and biotechnology in the pacific and coffee-producing regions.

There are also strong IT opportunities in the government, healthcare and tourism verticals on a national level, Mintic added.

The government has set aggressive growth targets for Colombia's tech industry, and is aiming to triple revenues from 5.9tn pesos (US$3.19bn) in 2013 to 17.7tn pesos in 2018.