UNIDO ITPO Tokyo organized Colombia Investment Seminar on 16 March 2021, jointly with the Commercial Section of the Embassy of Colombia in Japan and Invest in Bogota.
Mr. Ryunosuke Nakazono, Investment Advisor of the Commercial Section of the Embassy of Colombia in Japan made a presentation on the country’s investment climate and incentives offered for investors. The Colombian economy had a negative growth in 2020, but 4.9% growth is projected in 2021 according to the World Bank. Despite the pandemic, Colombia received FDI of over US$4 billion from January to September 2020. Colombia is rated as a country with the lowest FDI barriers among the Latin American nations.
Located at the northern tip of South American Continent, Colombia enjoys easy access to the Central and South American markets. Many multinational companies have productions in Colombia and export to the US market. There are as many as 117 Free Trade Zones, which offer very attractive incentive packages. Mr. Nakazono introduced the activities of several Japanese companies who are already in operation in Colombia and expressed his hope that other Japanese businesses get interested in developing business in the country.
Mr. Juan Sebastian Perez, Senior Investment Officer of Invest in Bogota presented the business opportunities in Bogota, the center of business with 31.5% of GDP, focusing on the healthcare sector. Mr. Perez mentioned that the expenditures of healthcare fields are increasing every year and 7.2% CAGR is forecasted between 2020 and 2024, while the expenditures to the national GDP is also expected to grow from 7.16% in 2017 to 9.14% in 2024.
The markets for pharmaceuticals, medical devices and personal cares are also forecasted to grow by 7.2%, 5.3% and 5.7%, respectively from 2020 to 2024. Mr. Perez, quoting that 71% of total investments from Japan are directed to Bogota and Bogota Region is the main commercial partner of Japan, emphasized that Bogota is the ideal location for Japanese investors.
Mr. Luis David Hernandez, Country Manager, Astellas Farma Colombia SAS, in his video message, introduced Astellas business in Colombia. Established in 2016 in Bogota, the company covers the 3 main areas, namely, oncology, immunology and urology. Astellas in Colombia has maintained double-digit growth for the past 4 years, and currently ranks 21st in the pharmaceuticals in Colombia with US$50 million sales. Mr. Hernandez mentioned that the potential of Colombia is very high with the 50 million domestic market and with good access to other Latin American countries.
At the Q&A session, Mr. Nakazono and Mr. Perez answered the questions such as 1) the current status of bilateral EPA negotiations, 2) names of foreign businesses investing in Colombia in the fields of pharmaceuticals and medical devices, 3) safety and security conditions in Colombia, 4) comparative advantages of Colombia as a production base for exports to North-America.
*To view the presentation slides, click the presentation titles in the programme below.
Date/Time: 16 March 2021 (Tue) 10:00-11:00 (JST)
15 March 2021 (Mon) 20:00-21:00 (COT)
Format: Online seminar / Live stream on zoom
Organized by: UNIDO ITPO Tokyo, Commercial Section of the Embassy of Colombia in Japan,
Invest in Bogota
Languages: English-Japanese simultaneous interpretation
10:00-10:05 Opening Remarks by Mr. Yuko Yasunaga, Head of UNIDO IPTO Tokyo
10:05-10:25 “Business Opportunities and incentives in Colombia“
Mr. Ryunosuke Nakazono, Investment Advisor, Commercial Section of the Embassy of Colombia
10:25-10:40 “Business Opportunities in Bogota – Health Care, Pharmaceuticals, Medical Devices and Personal Care“
Mr. Juan Sebastian Perez, Senior Investment Officer, Invest in Bogota
10:40-10:45 “Astellas Business in Colombia” (Video)
Mr. Luis David Hernandez, Country Manager, Astellas Farma Colombia SAS