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

On Tuesday, March 15, Colombian President Iván Duque announced the association of the national government for the construction of the Bogotá Science, Technology and Innovation District, which foresees a total investment of US$300 billion to be contributed by the public and private sectors in the country.

This was announced by the president during an event held jointly with representatives of the Bogotá Chamber of Commerce, its subsidiary Corferias, the Office of the Mayor of Bogotá, the Government of Cundinamarca, which will be responsible for the development of this project, in which he indicated that the Ministry of Commerce , Industry and Tourism will be responsible for supporting its consolidation.

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

This initiative, which foresees the construction of 400 square meters, which will establish a coworking model available to entrepreneurs and entrepreneurs, aims to strengthen the entrepreneurship and innovation ecosystem in the capital, as well as to position the city and the region as a center for research and development by 2026 in the international arena.

At the same time, an investment of $300 billion is planned, which will include $11,000 for pre-feasibility studies, contributed by the Chamber of Commerce and the District, as well as $286,570 million for the acquisition of the property, the construction of the headquarters building and the first phase of the office building.

In turn, the Bogotá Chamber of Commerce announced that it will contribute 51% of the funds, and the remaining 49% will be delivered by allied entities of the public sector: the Ministry of Commerce, Industry and Tourism, the Government of Cundinamarca and the Capital District.

“The Bogotá Science, Technology and Innovation District will have two types of business models: a real estate business, which will generate income from the rental of spaces, and a business related to science, technology and innovation activities, which will generate revenue from the provision of services,” the national government said.

In the next 10 years, Colombia will have a 30 billion peso fund available to promote science, technology, and innovation in the country. Of the money, it was indicated that 20 billion are delivered to the sector through Conpes, and the other 10 billion will be delivered through the General Royalty System.

“Where were the resources for this sector? What investments are we talking about, which are coming out of the public sector? The Conpes 469, which we prepared in December last year, allows us to say that, in the next 10 years, not counting royalties, we are talking about 20 billion in investments for this sector. Another historic milestone for science, technology and innovation in our country,” said the president, Iván Duque.

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