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Economy Keys Facts

Colombian sector opportunities

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Colombia Inside Out 2021

Colombian sector opportunities

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TECHNOLOGY

April 7, 2021
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TECHNOLOGY
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REASON TO INVEST IN TECHNOLOGY

 

  • Colombia offers competitive costs at the regional level, with one of the lowest operating costs in the world for the provision of IT services. In comparison, the operating costs of countries such as Mexico, Costa Rica and Chile are higher than in Colombia, between 30% and 60%; compared to Peru, the costs in this country can be higher between 5 and 10%. (Everest).
  • The competitive costs that Colombia offers are directly linked to lower compensation costs due to the low cost of living in the country, which represents more than 70% of total operating costs. (Everest).
  • Between 2001 and 2019, 714,740 students graduated from programs related to Software - IT: mainly in the departments of Bogotá, Antioquia, Valle del Cauca and Santander. (Ministry of Education)
  • Between 2016 and 2019 Colombia has increased its software and IT sales in 8.1%. (IDC – estimated figures).
  • Companies can developed specialized IT solutions in different verticals; Fintech, E-health, agribusiness, logistics, energy and oil&gas and horizonatl IT solutions in Virtual/augmented reality, AI and Big Data.
  • Colombia registered 32.7 million Internet users, signifying an Internet penetration rate of 65.5%. (United Nations Census Bureau)
  • In 2020, Colombia positioned as the fourth largest IT market in Latin America, after Brazil, Mexico and Chile.
  • Human capital in Colombia is characterized by being highly quali-ed and cost effcient. Colombia has the fourth most qualifed workforce in Latin America and the ‑rst in terms of growth and training. (IMD World Talent Report 2020).
  • Colombia is the fastest growing country of internet retail sales in Latin America and offers opportunities for foreign companies that provide solutions for online commerce. The Internet retail market registered a 26% compound annual growth rate (CAGR) between 2017 and 2020. This growing trend is expected to continue, surpassing USD 3.4 billion by 2024.