Barranquilla, a new business destination for global companies
Barranquilla has been established as one of the main cities in Colombia, due to its business dynamism, led by industry and commerce, and the strong economic performance that grew by 2.7% in the third quarter of 2018, above the national average.
This economic boom relays on different factors, including the geographical location of the city’s department, Atlántico, that in 2018 was ranked fourth in the Top 10 of Latin American states of the future 2018/2019, a ranking made by the Financial Times.
In addition, Barranquilla is located next to the Magdalena River, which allows it to have a dynamic port sector, and the management of institutions such as the Departmental Government, Barranquilla Mayor’s Office, Chamber of Commerce, Probarranquilla, among others, which have joined forces to stimulate the investment attraction and the development of specialized events.
Recent statistics show the positive results for Barranquilla and its department, which has been a result of the management done by the previously mentioned institutions. Some numbers are:
- Atlántico’s GDP has grown by 4.2% from 2008 to 2016, while Colombia’s GPD grew by 3.8% in the same period.
- In terms of poverty, the statistics are favorable: in 2008, 43% of the population of Barranquilla was considered poor, while at the end of 2017 the poverty was reduced by 20%.
- In 2018, 3,676 formal jobs were generated and more than US $ 267.7 million in investment flows were received, whereof 39% (US $ 104 million) correspond to Foreign Direct Investment (FDI), according to Probarranquilla.
- According to a report from the Ministry of Finance of 2018, Barranquilla is the city with the most per capita investment with $ 1,945,000 per inhabitant
- The infrastructure projects in the department are advancing steadily and some of the greater investments from Colombia are made in the city, such as the new Pumarejo Bridge ($ 650,000 million), which its length was estimated at 3.5 kilometers and a height of 80 meters, which allows the passage of vessels with deeper draft.
- In the city, 15 specialized events will be developed between 2019 and 2020, which will move more than $ 26,810 million and 19,150 national and international travelers. Among these, the 61st Annual Meeting of the Inter-American Development Bank (IDB), which will be held next year.
A Silicon Valley Giant
Among the most important companies that arrived in the city in 2018 is Jumio, a company from the heart of Silicon Valley that was established in Barranquilla with its first identity verification center in Latin America, trough NativApps. This operational base of Jumio generated 400 new jobs in the city and US $ 5 million investment.
The arrival of the multinational company was under the Co-manage model offered by NativApps in its portfolio of services, which consists in locally building and running white-label non-voice operations in Colombia for products in the expansion stage.
If you are looking for an investment opportunity in a city that has the conditions for business development or digital projects, Barranquilla is the right place and we can help you make IT happen. Contact us for more information!