The Government defines free trade zones as "delimited geographical areas of the national territory, where industrial activities of goods and services or commercial activities are developed, under special tax, customs and foreign trade regulations". There are those that have world-class infrastructure in free trade zones near Bogota that provide added value to the companies that are established there.
Free trade zones have always been a vital component in the global trade architecture, functioning as one of the vital organs of economic growth and foreign investment. In Colombia, these zones are no exception; especially those located on the outskirts of Bogota, which have become central hubs for trade and industry in the region.
The world-class infrastructure in free trade zones near Bogota facilitates a business-friendly environment with tax and customs benefits and represents a microcosm of the globalized economy, where modern infrastructure, advanced services and progressive trade policies converge to create an unparalleled business environment.
The importance of free trade zones near Bogota transcends local borders. As meeting points for national and international companies, these zones act as gateways to Latin America, offering a unique platform for business expansion and growth.
With infrastructure that meets international standards and a range of services designed to support both large corporations and small and medium-sized enterprises, these free trade zones are much more than mere commercial spaces; they are incubators of innovation and centers of logistics excellence.
Moreover, their impact goes beyond mere economics. Free trade zones outside of Bogota play a crucial role in job creation, local skills development and the introduction of advanced technologies and business practices to the region. In doing so, they not only transform the local economic landscape, but also contribute significantly to Colombia's social and technological progress.
What is the importance of Free Trade Zones? Let's start this edition of Zona Franca de Occidente 's blog with some quite revealing figures and interesting facts.
- Growth in the number of Free Trade Zones (FTZs): from 1975, when there were only about 79 FTZs, to 2019, their number grew by 4300%, with more than 3500 FTZs mapped in 130 countries (Global Financial Integrity).
- Importance in the biotech industry: more than 80 FZs are serving the biotech industry, and about 24 new FZs are expected to open in the next five years. The global biotech market was worth $1,372 billion in 2022 and is expected to nearly triple by 2030 (Site Selection).
- Education in Free Trade Zones: Some FTZs around the world host educational centers, including university campuses, to foster educational growth and development, attracting local talent and promoting entrepreneurship, thus providing added value (Site Selection).
- Regulatory flexibility: FTZs offer more flexible rules and laws, allowing companies to experiment with new processes, products and technologies, being another added value (International Wealth).
- Job creation and investment attraction: FTZs attract both domestic and international companies, which helps create jobs and attract foreign investments due to more favorable conditions such as low taxes and developed logistics, being another example of value added (International Wealth).
- Colombia's main trading partners: In 2021, the United States was Colombia's main trading partner with exports from free trade zones worth USD FOB 933.4 million, an increase of 20.3% compared to 2020 (Analdex).
- Growth of imports in Free Trade Zones: In November 2021, imports from Colombian Free Trade Zones grew by 74.6%, going from USD CIF 88.7 million in November 2020 to USD CIF 154.9 million in the same month of 2021 (Analdex).
- Export growth in 2021: Despite the pandemic and global economic instability, exports in free trade zones had a growth of 14.5% in 2021 compared to 2020 (La República).
These figures support why considering establishing a world-class infrastructure in free trade zones near Bogota is an interesting alternative and opens the doors it does to added value.
Section 1: modern and accessible infrastructure
The world-class infrastructure in free trade zones near Bogota is designed to meet the demands of global trade. With highways connecting directly to the country's major ports and cities, the transportation of goods is fast and efficient. These locations also have modern warehousing facilities, including refrigerated warehouses for temperature-sensitive products.
In addition, technology plays a crucial role. Warehouse management systems (WMS) and enterprise resource planning (ERP) systems are integrated to maximize operational efficiency and add value. Security is also a priority, with advanced surveillance systems and strict protocols to ensure the integrity of merchandise.
Get to know in detail the infrastructure of Zona Franca de Occidente and the benefits you will have by establishing your business in a strategic position close to the country's capital and Colombia's main airport.
Section 2: diversity of services offered
Services in these free trade zones go beyond the basics. In addition to customs advice and banking services, companies benefit from specialized international trade legal services. It is easier to find qualified local talent, which is critical for operations requiring specialized labor, who have the capacity to operate in a world-class infrastructure in free trade zones near Bogota.
The presence of innovation and development centers is another attraction. These centers facilitate collaboration between companies, academics and technology experts, fostering innovation and the development of new products and services, which is undoubtedly a catalyst for added value!
Section 3: Economic and Investment Benefits (Expanded)
World-class infrastructure in free trade zones near Bogota attracts foreign investment and promotes local development. Organizations established in these locations benefit from a significant reduction in operating costs, thanks to tax and customs incentives. This allows them to reinvest savings in expansion and development.
Collaboration between local and international companies stimulates the transfer of knowledge and technology to increase added value. This has a positive impact on the local business ecosystem, raising standards and opening up new opportunities for businesses and workers.
Section 4: success stories
The success stories in these free trade zones are varied and remarkable. For example, a technology company that established itself in one of these zones was able to significantly expand its global reach, taking advantage of the strategic location and logistical services available.
The world-class infrastructure in free trade zones near Bogota provides the ability to import components and export finished products in a more agile manner, resulting in accelerated growth and increasing your value added and the value you provide.
Another case is a manufacturing company that took advantage of tax incentives to invest in advanced machinery and training for its employees, thus improving productivity and product quality. These stories highlight how free trade zones not only benefit companies in terms of efficiency and costs, but also drive innovation and skills development.
Free trade zones on the outskirts of Bogota have become engines of economic growth and centers of innovation and development. The combination of modern infrastructure, comprehensive services, tax and customs benefits, and a business-friendly environment makes them an attractive destination for companies of all sizes and sectors. Looking ahead, these zones will continue to play a crucial role in strengthening the Colombian economy and integrating Colombia into the global economy.
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Network connectivity and access: the advantages of free trade zones near Bogota
Section 5: integration with the local community
The relationship with local communities is a fundamental pillar for free trade zones. These areas generate employment and offer training and skills development programs, contributing significantly to the well-being of nearby communities. Many free trade zones also participate in social investment projects, such as the construction of schools and health centers, reinforcing their commitment to the social and economic development of the region.
Section 6: innovation and technological development
The world-class infrastructure in free trade zones near Bogota means that they are quickly becoming centers of innovation and technological development. Collaboration between established companies and local universities led to the creation of startup incubators and R&D centers, driving technological advancement and innovation.
This environment fosters an ecosystem where new ideas and creative solutions thrive.
Section 7: future prospects
Looking to the future, world-class infrastructure in free trade zones near Bogota allows us to prepare and adapt to emerging trends and changes in the global market. Expansion and modernization plans are underway, with a focus on digitalization and automation. These zones are well positioned to attract high-tech industries and remain competitive in the global economic landscape.
For those interested in exploring opportunities in Latin America, the free trade zones near Bogota offer an ideal setting.
We invite entrepreneurs, investors and business leaders to consider the many advantages these zones offer. Whether to expand existing operations or to explore new markets, free trade zones outside of Bogota represent a unique opportunity for growth and success in the region.
You are just a click away from a personalized consultancy for your business with Zona Franca de Occidente.
In general I feel that we can replace saying free zones outside of Bogota, by naming ZFO and how from here they find those benefits, I read and feel that we promote them all in general and we do not focus on us.
