Duque begins construction of Bogotá's Science, Technology and Innovation District

On Tuesday, March 15, Colombian President Iván Duque announced the National Association of Governments for the Construction of the Bogotá Science and Technology and Innovation District, which expects the country's public and private sector to donate a total of $300 billion.

This was announced by the President at an event held jointly with representatives of the Bogotá Chamber of Commerce, subsidiary Corferias, the Mayor's Office of Bogotá, and the Government of Cundinamarca. It will be responsible for the development of this project. The Ministry of Industry and Tourism will be responsible for supporting the integration.

“This initiative will contribute to the integration of Bogotá as the capital of entrepreneurship and innovation in Latin America, giving entrepreneurs and entrepreneurs the opportunity to access investment capital and services that will promote business and job creation,” said Bogotá, president of Commerce, Nicolas Uribe Rueda

The initiative, which foresees the construction of 400 square meters, which will establish a collaborative working model available to entrepreneurs and entrepreneurs, aims to strengthen the entrepreneurial spirit and innovation ecosystem of the capital and position the city and the region as a center of research that has developed in the international arena by 2026.

At the same time, an investment of $300 million is planned, which includes $11,000 for a pre-feasibility study donated by the Chamber of Commerce and the District, and $2865.7 million for the acquisition of real estate, construction of the headquarters building and the first phase of the office building.

The Bogotá Chamber of Commerce announced that it will donate 51% of the funds, and the remaining 49% will be guided by allied agencies in the public sector, such as the Ministry of Commerce and Tourism, the Government of Cundinamarca and the Capital District.

“In the Science, Technology and Innovation District of Bogotá, there are two types of business models: the real estate business, which generates income from the rental of space, and the business related to scientific, technological and innovative activities. It will generate revenue from the provision of services, said the government of the country.

Over the next 10 years, Colombia will raise a $30 billion peso fund to promote science, technology and innovation in the United States. Of this money, it turns out that 200 billion dollars will be delivered to this sector through Conpes, and the remaining $100 million will be delivered through the general loyalty system.

“Where were the resources in this sector? What are the investments coming from the public sector? It can be said that Conpes 469, which we prepared in December last year, is talking about an investment of about $20 billion in this sector without counting royalties for the next 10 years, another historic milestone in science, technology and innovation in our country,” said President Iván Duque.

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