Bogota was named as a city that “stands out for its strong reduction in transaction costs for the creation and locating of new businesses.”
The study, entitled “Urban Investment Attractiveness Index,” ranked 48 Latin American cities by their “investment climate,” described by the report as “the principal economic and environmental variables for businesses that end up being interested as investors looking to locate their operations in a new market,” at both a local and national level in 2009.
Other factors taken into account in the study included global reputation, gross domestic product, city population, financial potential, the presence of multinational corporations, urban comfort, and expected growth in 2010.
Coming out ahead of Bogota in the rankings were Sao Paulo, Brazil, at number one, followed by Mexico City, Mexico; Santiago, Chile; Rio de Janiero, Brazil; and Buenos Aires, Argentina.
Rounding out the top ten after Bogota were Panama City, Panama; Monterrey, Mexico; Lima, Peru; and Brasilia, Brazil.
Cities located near the bottom of the list included the three largest cities in neighboring Venezuela: Caracas, Maracaibo, and Valencia.
The study was commissioned by the Center for Competitive Strategic Thought at the Universidad de Rosario and the consultants at the Business Intelligence Firm.