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Reasons Bogota is Turning Into a Top Investment Destination

Bogota, the capital of Colombia, is improving its public infrastructure, developing a new green corridor and expanding its airport. This might attract investment and increase economic growth.
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Bogota

Aerial view of Bogota. Colombia 穢 EGT-1 / shutterstock.com

January 03, 2023 11:53 EDT
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The city of Bogota was founded almost 500 years ago. Even before Spanish colonization, Bogota was the biggest city in the territory. Naturally, Bogota has been a hub for business and more than 20% of Colombian businesses begin here.

Throughout the 20th century, Bogota experienced a massive transformation in infrastructure, design and scale. It went from being a walkable 25-block city to more than 45,000 blocks today. In 1956, six municipalities were annexed as part of the formation of the , and urban sprawl contributed to Bogotas explosive growth. 

The city continues to grow in size and scale. Today, Bogota has been ranked as one of thebest cities for in Latin America. New urban works projects over the next decade promise to increase its attractiveness for foreign investment and transform it into a modern city. This would make it suitable for both expanding a business and a company. 

The promise of better public infrastructure

Bogota is not exactly known for its great public transportation system. Some might argue that it doesnt even have the best system in the country. Colombias second city Medellin, with its metro, tramway and cable cars, has a much better public transportation system. 


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Today, the capital citys main mode of public transport is the TransMilenio, a bus-transit system that operates in most of the city. It also has Urbano, a regular bus that connects to the stops that the TransMilenio doesnt reach, and TransmiCable, a relatively new mode of transportation, modeled after Medellins MetroCable, that takes passengers in and out of the southernmost parts of the city to a TransMilenio station. 

This system has many flaws. Anyone who has lived in Bogota can tell you how crowded the TransMilenio can get, how difficult it is to get to the outermost parts of the city, and how much of a hassle it is to travel to neighboring towns. These are the key issues being tackled by these new transport projects. 

The first one is the metro. Its been talked about since the 1940s and has passed into the realm of legend. However, after many decades of political fighting over whether it should be subterranean or elevated, the metro might finally come to fruition. The first line will be elevated and will go from Bosa to Santa Fe, and the second line will connect to Suba. Theyre projected to begin operating by 2028, and the new POT (Plan de Ordenamiento Territorial) made by Bogot獺 Mayor Claudia Lopez, envisions five lines in the next 30 years. 

Second is the RegioTram, a high-speed train system connecting neighboring towns. Until now, the only option for people who live in surrounding towns like Ch穩a, Mosquera or Facatativ獺, is to get to the capital by a clunky, overcrowded bus, which means hours of commuting every day. The RegioTram hopes to eliminate that. The first tram will connect Bogota to Facatativ獺. 

As well as these new projects, the existing TransmiCable is also being expanded. After it was introduced in 2016 to the southern district of Ciudad Bol穩var, TransmiCable has made the lives of workers who travel to the north of the city to work every day better. Now, three new lines will be added to it. The first will go to San Cristobal, the second will pass through the National Museum area and go to Monserrate, and the third will go to El Codito.   

A New Green Corridor 

The Carrera Septima (Seventh Street) is one of the main north-south thoroughfares in the city. It stretches from the heart of La Candelaria, Bogotas vibrant heart and its historic center, to the citys northern city limits. In the last few years, it has transformed into something most Rolos (aka Bogotanos) call iconic. 

As we move into the north on this street we find not only headquarters for a lot of important companies and businesses in the region, but also historic living spaces. Today, the street works as a highway where cars, buses, bikes and TransMilenio buses share one space, which doesnt help with the citys chronic mobility problems. 

The Green Corridor or Corredor Verde project aims to reevaluate the Septimas design, transforming it into a pedestrian-friendly green space, complete with new bike lanes, limiting the space for cars and promoting public transportation. 

Theres some debate, however, as to what form of public transportation should be used. Former mayor of Bogota and current president of Colombia, Gustavo Petro, has insisted on a Tramway system, alluding to the one that existed in the 1940s, but use the TransMilenio instead. 

Both transportation systems have pros and cons. The tramway, for instance has already in Medellin, Colombias second biggest city, where it works as part of the Integrated Transport System (SIT). If it works as in Medellin, a Tramway system in the Carrera Septima could revitalize transport and reduce commuting time further, but building it isnt a guaranteed success, and would increase the of the Corredor. 

Expansion of the El Dorado International Airport

El Dorado airport is Colombias largest international airport, and has been ranked among the best in Latin America. It moves more than 30 million passengers a year and that number is only expected to grow, as the city attracts more foreign tourists, business travelers and migrants.

The airport is one of the reasons why Bogota is such a great place for business. Ease and comfort in air travel is a main attraction for foreign investors and business people, but it has recently started to fall behind with increasing demands from both tourists and commuters. Thats why the El Dorado Max project was launched. It aims to revitalize and expand the airport, allowing it to serve up to 60 million passengers per year. When the project is completed, its expected to make El Dorado one of the most advanced airports in the region, with the technology to compete with world-class airports around the globe. 

Aviation and air transport is a very important economic facilitator. In 2014, it contributed over to Latin Americas GDP. Allowing significantly more passengers into the country will increase tourism. It will also improve connectivity within the country, boost business and enable the capital region to bloom.

Infrastructure projects will have multiplier effect

Bogota forms 29.5% of Colombias GDP, making it the largest business hub in the country. With the recent efforts to better connect the capital city with the surrounding towns, the GDP of Bogota has reached $105 billion, and accounts for more than the GDP of three Latin American countries: Panama, the Dominican Republic and Uruguay. 

These urban renovations prove Bogota is on its way towards more development. Not only are they bound to improve quality of life for everyone, including businesspeople who are looking to relocate or expand their business, but they will lead to a better, more stable economy. 

Ease of travel, better transportation and improved public spaces will cement Bogota as the entry point to both northern South America and Central America.

The views expressed in this article are the authors own and do not necessarily reflect 51勛圖s editorial policy.

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