São Paulo attracted by far the largest level of foreign direct investment (FDI) into the financial services sector in Latin America and the Caribbean in 2013, with a total of $1.81bn and six projects. The second placed city, Bogotá, attracted only one-third of that capital expenditure, with a total of $654.4m, and five projects. In terms of job creation, however, projects being developed in Colombia’s capital have a much higher impact than those in São Paulo. Projects being developed in Bogotá have generated what is expected to be an eventual 3224 jobs against the 267 in São Paulo.
The largest individual project in the region in 2013 was the creation of an innovation centre in Bogotá by Madrid-based lender BBVA, which required $520m in capital expenditure and is expected to create a total of 3000 new jobs, according to data from greenfield investment monitor fDi Markets.
