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Global Insider Talks

Episode 4: Why Colombia is an Attractive Nearshoring Destination

August 1, 2022

In this episode of Global Insider Talks, we spoke with Ricardo Pedroza, USA Director of ProColombia, a government agency that promotes foreign direct investment into Colombia and supports Colombian companies as they look to expand globally.

Colombia is an ideal choice for companies adopting a nearshoring operations strategy (read more). In our interview, we discussed common misconceptions about nearshoring, reasons why companies – now more than ever – should consider Colombia as a destination for business expansion, and other topics including:
  • Incentives for foreign direct investment
  • How the well-developed Colombian infrastructure attracts businesses expanding into South America.
Ricardo also shared insights on the results of the recent Presidential elections, Colombia as a long-time democracy, and the current and ongoing peaceful transition to the new administration.
Bogata at sunset

Nearshoring your business operations to Colombia may be your smartest and most strategic business decision yet.

Why expand operations to Colombia? Our Founder & CEO, Francisco Gomez, spoke to Ricardo Pedroza about the benefits of doing business in Colombia as one of the top South American markets for foreign trade and investment.

We condensed a few highlights from the interview and are proud to share them with you.

Here’s more on why Colombia is a prime nearshoring destination and offers immediate investment opportunities for foreign companies expanding into the region:

Nearshoring goes beyond infrastructure and manufacturing but includes services companies, from basic call-centers to very complex shared services centers. (1:09)

In 2022, Bogota, Colombia was awarded “City of the Year for Nearshoring” and ranked #1 by the Offshore Confidence INDEX. After years of careful planning, Colombia has become a hub for job creation with more than 700,000 people employed in the services sector alone.

Why should foreign businesses consider expanding to Bogota and Colombia at large? (1:35)

Great talent is in abundance in Bogota and across Colombia, along with the infrastructure and technical connectivity needed to support them. In 2021, Colombia passed a law to standardize remote working to ensure high-quality services and provide the legal and other support needed by businesses. English-speaking shared services, accounting, and HR roles are also widely available.

Why is NOW the time for companies to be thinking about nearshoring their operations? (0:54)

Nearshoring is no longer an option for many businesses but a requirement. You must think of diversifying your risk, geography, local talent, and new places to operate closer to home. Through nearshoring, you can lower your business operations risk, save time and money, and increase your bottom line.

Watch the full-length interview here: (15:51)

Special thanks to Ricardo Pedroza for sharing his insights and for agreeing to speak with Factum Global.