Juliana Gomez
Chief Executive Officer
Invest in Bogota
jgomezp@investinbogota.org

LATAM FDI: Today,  we are fortunate to have Juliana Gomez with us. Juliana is in charge of an organization in Colombia, Invest in Bogota. Juliana, good afternoon, how are you? Could you tell us a little bit about yourself and your organization?

Juliana Gomez: Thank you so much, Steven, for the invitation, and I am the CEO of Invest in Bogotá. Invest in Bogotá is the promotional agency for Bogotá City. We promote and attract foreign direct investment into the city. We also promote corporate tourism and advocate for positioning Bogotá as a business platform within Latin America.

LATAM FDI: Now, I understand that you’re relatively new to Invest in Bogota. Could you tell us a little bit about your career and its trajectory?

Juliana Gomez: Absolutely. My background is actually linked to foreign direct investment. Over the last 20 years, I have worked with the Colombian national promotion agency, ProColombia, and later led the public affairs practice for a US company, FTI Consulting. Now I’m back to promoting foreign direct investment and international tourism to Bogotá on a regional scale. I am really happy to be able to engage again with the dynamics of multinational companies, understand investment opportunities, and develop business in Colombia, specifically in the Bogotá region.

LATAM FDI: Well, this is a good question to start with, then. What role does Invest in Bogota play in positioning the city as a leading investment destination in Latin America?

Juliana Gomez: Yes, over the last 20 years—this year is our 20th anniversary— we at Invest in Bogota have been facilitating and advocating for the city to become a regional platform for investment and business. So, we like to think of ourselves as strategic and trusted advisors to companies seeking to set up shop in Bogotá and expand their investment in our region. We have also been promoting Bogota as a corporate tourism destination over the past few years. Additionally, we are working to position Bogotá as a destination for large-scale international events and those hosted by multinational companies. For example, sales workshops or strategic planning workshops for the C-level teams. So, we are integrating the promotion and positioning of Bogota as a business destination within Colombia and, of course, Latin America as well.

LATAM FDI: Beyond being a good place for corporate tourism, what makes Bogota stand out when you compare it to other cities in the region when it comes to attracting foreign direct investment?

Juliana Gomez: Bogota is a relevant region within Colombia and at the regional level as well because we account for 30% of Colombia’s GDP. So, the market and the talent pool are the largest in Colombia. We like to think that Bogotá is the place where companies can ramp up operations once they set up shop here. We are the largest connecting destination for both cargo and passenger traffic in Colombia. The Dorado Airport, in Bogotá, is the largest in South America in terms of cargo and passenger traffic. And we’ve been working towards positioning our city as a sophisticated market and also as a destination for different sectors, knowledge-based sectors, IT sectors, and also as a platform for entrepreneurship and VC capital raising as well.

LATAM FDI: Okay, beyond those sectors that you just mentioned, are there any other priorities that you have with regard to attracting certain activities to Bogotá in the coming years through the efforts of Invest in Bogota?

Juliana Gomez: Yes, Colombia is still a country under construction, and we are welcoming foreign direct investment because it helps close the gap between what we need and what we want to be. So, in terms of infrastructure, there are various projects related to logistics and connectivity required for strategic mobility. For example, the metro lines are currently being built. There’s an interest in having intelligent cities in Colombia. Bogotá is one of them. Attracting direct investment in IT services, AI development, and technology applied to delivering more competitive, productive services is really welcome to the city. As we mentioned, we have the largest operating airport in South America, so enhancing that infrastructure and developing the ecosystem related to air transportation are also key projects for Bogotá City. We also have a large talent pool related to financial services, so everything related to fintech and those financial services are really welcome. And over the last 5 years, we’ve positioned ourselves as a destination for shared service centers and GBS operations. We have over 120 GBS and shared services operations in Colombia.

Out of those, 50% are based in Bogotá. We really want to encourage companies that are highly focused on knowledge and a value-added talent pool to consider Bogotá as a platform for Colombia, and, of course, to reach out to other regional markets as well.

LATAM FDI: For people who might not know, just to give them a sense of how expansive Bogota is, what is the population of the city?

Juliana: Yes, the city’s population is roughly 10 million, including only Bogota. There is the regional metropolitan area, which includes other nearby municipalities, and when we include that larger territory, the population is over 12 million. Colombia’s population, for perspective, is around 50 million people. So, we are the capital city, and, as I mentioned, we account for 30% of the GDP, and the population is 10 million people. There’s this characteristic of Bogota: many people come to pursue graduate and postgraduate studies, and others come because the likelihood of being engaged by a multinational company is higher. As a result, the talent pool is sophisticated, and it’s also the largest labor market in Colombia. And we also attract not only Colombian talent, but also talent from other countries close to Colombia that have found in Bogota the place to pursue postgraduate studies and be engaged by multinational companies.

LATAM FDI: Well, what’s the vision that you have at Invest in Bogota for this year? What can we expect in terms of coming investments? What’s in the pipeline?

Juliana Gomez: At Invest in Bogota, we have a pipeline of over 600 opportunities. One of the main markets we target is actually the US. Historically, the US accounts for around 30% of the projects we attract and facilitate for development here in the city. So, we are envisioning—and, considering this is our anniversary, how we’re going to project ourselves over the next 20 years. We envision a sophisticated city with an economy focused on value-added services. We want to continue positioning this as a destination for, uh, services, as I mentioned before, for entrepreneurship, within entrepreneurship, and as a startup destination for fintech, healthtech, agritech, govtech, and all those developments to be more competitive and to integrate technology into sectors. We also want to position ourselves as a destination for companies within the audiovisual center. There’s a huge market for audiovisual content development. We recently saw the establishment of a large video game company here in Bogota. We are also attracting more opportunities around audiovisual content development. We also want to take into account what I mentioned regarding logistics and infrastructure opportunities and needs for the city.

So companies related to that type of ecosystem will be part of our targeting. And we want to continue having the leadership as the capital city of Colombia, and also as a capital city that leads many processes and rankings within South America. So, at Invest in Bogota, our target is to continue working closely with existing investors to expand operations, position ourselves as this destination for global business services and shared service operations, and continue attracting value-added services and manufacturers into our city.

LATAM FDI: If you had to summarize in one sentence why a company or an individual should consider engaging with invest in Bogota today, what would that be?

Yeah, I would say that Bogota is where global companies can scale up high-value-added operations in Latin America, supported by the talent pool, connectivity, and the proven track record of successful investments from many existing investors. In Bogotá, which has been attracting foreign direct investment for the last 20 to 80 years, positioning Bogotá as a solid destination for foreign direct investment within Colombia and, of course, the region as well.

LATAM FDI: Well, that was a lot of information in a relatively short period of time, and it was very interesting. One thing I like to make sure of is that people who listen to the podcast have a way to speak with the people I host in these discussions. So if somebody who listens to this has questions for you, how would they get in contact with you?

Juliana Gomez: Yes, of course, it would be great, uh, for people and for companies to visit our website investinbogota.org, where you will find information about the opportunities, the sectors of opportunities, and our services. Our services are free of charge, and we have a team of over 40 people dedicated to helping companies and facilitating their projects in the city. Invest in Bogota also works with different partners, both at the regional level, such as the mayor’s office, and from the private sector. We work with the Chamber of Commerce of Bogota. So, Invest in Bogota is also a platform for public and private partnership interaction. And this is important for companies to understand: once we can help them, we will make their lives easier by helping them assess opportunities and guide them through the decision-making process of establishing a shop in Colombia, and hopefully in Bogotá as well.

LATAM FDI: Would it be okay if, uh, on the podcast transcript page, I include a link to your LinkedIn profile and your personal email? Would that be okay?

Perfect, yes. And we will, of course, provide you with the information on our webpage and other social media resources, so people can look into it.

LATAM FDI: Well, thank you very much, Juliana, for joining me today. It was very interesting learning about Invest in Bogota and its activities. I’m sure our listeners learned a lot, as well.

Juliana Gomez: Thank you so much, Steve, for the invitation, and I’m always happy to help companies better understand the opportunities in Colombia and, of course, investing directly in Bogota City as well.

LATAM FDI: Thank you very much.

Pilar Madrigal
Expert in Foreign Direct Investment
CINDE
pmadrigal@cinde.org

LATAM FDI: Today, we have Pilar Madrigal with us. Pilar, welcome. How are you? Could you please tell us a little bit about yourself and about the organization that you represent?

Pilar Madrigal: Yes, absolutely, Steve. Thank you so much. It’s always a pleasure speaking with you and being part of your program. Honestly, your newsletter and podcasts always provide a lot of insight. So, it’s an honor to be here. I work for Cinde. Cinde is an organization that has now, actually, been around for 45 years. It’s going to be our 45th anniversary. We have been operating for 45 years and have been solely focused on attracting foreign direct investment. Out of those 45, I’m happy to say that I’ve been part of it for 28 years. So, I’ve had the opportunity to be part of a transition and an evolution of the country, seeing how the industries that we target started, how they were a few years ago, and where they’re going now. It’s been an honor, and it has allowed me to meet very, very interesting people such as you, and I’m very happy to be here.

LATAM FDI: Well, thank you for the compliment. I know you travel a lot, so you must see and learn a lot from the people you meet. I have half a dozen questions for you today. If you would like, we can start with the first one. In recent years, there’s been a lot of discussion about a slowdown in foreign direct investment. From CINDE’s perspective, what’s really happening here?

Pilar Madrigal: Well, clearly, global FDI is going through a much more complex cycle. It’s shaped by, as we all know, geopolitical movements, shifts in supply chains, tariffs, and, definitely, more cautious investment decisions by multinational companies. So, it’s been several years now that we’ve seen some sort of disruption from the pandemic all the way to what we’re living in today, right? There is much more geopolitical fragmentation. And so, companies are reassessing their expansion strategies. They’re looking at really reassessing topics such as risk, resilience, and proximity to the markets they want to reach. So as a result, I think investment decisions are taking longer, they’re more strategic, and the companies are evaluating locations that offer first and foremost stability, a country that can offer long-term competitiveness, that is, is really always looking as to what’s next as a, as a country. And obviously, that’s preparing talent for this. So, we’re not seeing simply a slowdown; we’re seeing a broader reconfiguration of where and how companies invest.

LATAM FDI: Would it be safe to say that we’re going through a period of structural change in how and where companies decide where to invest?

Pilar Madrigal: Well, I think that companies are increasingly prioritizing resilience, adaptability, and diversification when making this investment decision. So, in a, in a more uncertain global environment, firms are, are definitely looking to reduce the risk by diversifying operations, maybe not only in one country, but in, in, in a couple, and strengthening that regional supply chain. So, this has accelerated trends such as nearshoring. We’re very lucky to be in this part of the world, and we’re seeing how they’re regionalizing their operations. So, they seek locations that allow them to be closer, while still maintaining efficiencies. And so, I do, I do believe that there is a little bit of a shift and that, quite honestly, today we, for the purpose of nearshoring, are in a very, very good position.

LATAM FDI: When you look at global sector trends, what are the main opportunities that you see emerging today? How’s Costa Rica positioned to take advantage of what’s in the landscape at the moment?

Pilar Madrigal: Well, you know, Costa Rica has successfully positioned itself in the life sciences and medtech sector. We are the second-largest exporter of medical devices to the United States, and we also offer knowledge-based services such as shared services, digital technology centers, and advanced manufacturing, right? Anything that, that includes some sort of electronic expertise. And that’s largely due to the strength of our talent and to our growing integration into global value chains. So, we’re now not only seeing the OEMs, but also clearly the suppliers or their service providers, all creating an ecosystem that mirrors the ecosystems in the markets these companies are targeting. So, this trajectory has not only attracted investment but also enabled us to evolve toward higher-value activities within those same multinationals. So, for example, multinationals that started with simple assembly may now have R&D hubs, centers of excellence, and more, producing more sophisticated products. So, I do see that, globally, things are going to continue that way. Those sectors, healthcare, medtech, obviously advanced manufacturing, and anything that is knowledge-based, are what we will continue to see grow.

At least in Costa Rica. There are other sectors, of course; if you look at some studies, you’ll see that they’re also being targeted, such as data centers and related areas. In, in our case, we focused on this. Obviously, we always analyze other sectors, but as of today, this is our strategy, which has successfully positioned us in the three sectors I mentioned.

LATAM FDI: One thing that everybody’s talking about these days is artificial intelligence. How is AI changing operations for the global service centers that you have contact with, and what does that mean for Costa Rica?

Pilar Madrigal: You know, um, it’s a great, great question because we were talking about that today. Artificial intelligence is really not eliminating the services sector. It’s really rather transformative, you know, into much more complex and higher-value types of operations. As AI tools become integrated into everyday business processes, many routine, repetitive tasks that were automated have enabled those who were continually working on them to focus on more strategic, analytical, and decision-oriented activities. With these new types of functions, the biggest difference is that they all require context. As of today, we see AI tools as very good at creating and optimizing paths and strategies. But they need a context that only we, as humans, can provide. So, these people have really been experts in that process. And now they have been moved into a role where they provide the context for automating those processes. So, we do see the transformation. And we see a lot of innovation happening. It is, it is a, a different role, but we see, therefore, that these companies are becoming more and more sophisticated.

LATAM FDI: If operations that you see are becoming more digital and cognitive, what type of talent do the organizations need to find to be able to run their businesses, and how does that look in Costa Rica?

Pilar Madrigal: Well, yeah, you’re right. I mean, talent remains the central enabler of competitiveness in today’s global economy. That’s for sure. As operations become more digital, data-driven, and knowledge-intensive, companies are increasingly looking for professionals. What they’re looking for are professionals who combine strong digital skills with analytical skills, bilingual capabilities, and a high degree of adaptability. That’s very, very important. Beyond that technical expertise, they’re obviously really looking for value-driven problem-solving, a lot of collaboration, and the ability to learn quickly as the technologies they use evolve. So really, it is somebody, you know, who is looking for people that are very, very, I would say, who have the critical thinking, the problem solving, adaptability, and the ability to learn very quickly.

LATAM FDI: Well, in the midst of all these changes that you’re pointing out, um, great— like greater competition for investment, technology transformation, and that pressure on growing good talent. What is Costa Rica’s main opportunity to remain a relevant destination for FDI, and how important is it to update the country’s value proposition to ensure the model’s success in the medium term?

Pilar Madrigal: So, you know, I’m very glad to say that Costa Rica has important strengths. We do have a highly skilled talent pool. We have a longstanding political and institutional stability. We have a great proven track record in attracting foreign direct investment. And so, we do have that credibility, right, that we are a very good partner for a company to continue its growth process. Now, it is a pool of projects that’s becoming increasingly competitive, right? And so, believe it or not, I am of the thought that we all need to reevaluate our value proposition every couple of years. In our case, you know, this means continuing to strengthen our talent, obviously, developing more modern infrastructure, and working on public security and overall competitiveness, right? And in that way, for me, those, you know, and for us actually, those are the most important. Talent number one, obviously, is 1, 2, and 3: talent, infrastructure, public security, and competitiveness. And that’s what we are focusing on as a country, along with, you know, everybody who has developed the ecosystem. It’s very important that any country, especially Costa Rica, takes time to listen to these companies that have set up operations here.

We need to know where they’re going and how they’re changing, and that’s where our value proposition changes as well. So that’s what we’re doing. We listen closely to them. For CINDE, we’ve landed a little over 460 multinational companies. And we listen to them. We try to understand what they are—how they are doing well, but also what their pain points are —and we are continuously working, you know, in our investment climate to make sure it allows them to grow over the years.

LATAM FDI: I have one more question. You recently held a presidential election in Costa Rica, and a new president will take office soon. Could you tell us a little bit about that? Do you anticipate any policy changes that would affect FDI in Costa Rica?

Pilar Madrigal: Um, absolutely. We just had elections. The president-elect, Laura Fernandez, is from the current party. We don’t anticipate any significant changes. As a country, we have valued the continuity of good policies over the years. I do need to say CINDE is a private nonprofit organization. And we have always been open to working with the entire ecosystem, including the government, to collaboratively create and enable the right environment. So, we anticipate that forward-looking scenario or forward-looking vision, I would say. I don’t know if that’s the way you see it, continues. There is absolutely no indication that any of that is going to change, and that, you know, we all work collaboratively— collaboratively, oh my God, I couldn’t say the word.

LATAM FDI: That’s not an easy word.

Pilar Madrigal: To continue to make Costa Rica as strong as possible. So, uh, we’re very, very happy that we have elections, that everybody goes and votes. It is a wonderful party. It’s a great celebration in our country. You see families from different parties in the same car, all with their party flags. And it really is a celebration of a country that respects democracy and respects growth. So overall, absolutely, we anticipate that things will continue to grow and that we will remain a country that has been a friend and the right partner to almost 500 companies that have set up operations.

LATAM FDI: Hopefully, the podcast that we’re putting together at present is going to be something that will bring you more business. That being said, if somebody who is listening to this wants to talk with you about making a foreign direct investment in Costa Rica, how can they get in touch with you?

Well, I’d be very, very happy to talk to them. Clearly, my LinkedIn profile, my first name is Pilar, my last name is Madrigal, and my email address. I’ll be happy to send it to you, Steve, so you can put it in the transcript of this podcast. It’s pmadrigal@cinded.org. And I’m ready to talk. And, you know, one thing that I’ve learned through all these years is that this is a business of relationships. I’ve met, just to give you an example, about 3 years ago, I ended up being able to help a company set up operations after I had my first conversation with them 20 years before. So, we kept in touch for 20 years, and we would sit down, have coffee, and talk. It was never, you know, the right time. Things change, you know, executives changed. But the reality is that this is a relationship that you develop with the companies, with the intention of really letting them know whether you are the right partner for them and what they want to achieve. So happy to sit down with anybody, even if they don’t have a project or are just curious.

And of course, those that do have a project, I’ll be more than happy to, to have conversations. But I am always very open and very interested in hearing what companies have to say, where they’re going, and whether we can be of any help.

LATAM FDI: Well, thank you very much. I will provide listeners with your email address and a link to your  LinkedIn profile.

Pilar Madrigal: Thank you so much, Steve. It’s always a pleasure, and I hope you have a wonderful rest of the week.

LATAM FDI: Thank you, and the same to you.