n order to strengthen the entrepreneurship and innovation ecosystem and position Bogota and the region as a hub for innovation and development in the international arena, the Bogota Chamber of Commerce, its subsidiary Corferias and the District Secretariat of Economic Development have been working since 2009 on the creation of a Science, Technology and Innovation District in Bogota, a desire of the city for at least 15 years.

The initiative, which has advanced over the last two years in pre-feasibility studies, in establishing a governance model, in structuring services, in the incorporation of the Bogota Development Plan, in the Corferias Master Plan and in the entire feasibility phase of the project, is now being boosted by the formal involvement of the National and Departmental governments in the project.

Nicolás Uribe Rueda, president of the Bogota Chamber of Commerce, stated that "this initiative will contribute to consolidate Bogota Region as the capital of entrepreneurship and innovation in Latin America, providing opportunities for entrepreneurs and businessmen to access investment capital and services that will promote business around the DCTI. We celebrate the signing of this memorandum that formalizes the interest of all entities to promote and accelerate this mega-project that will boost the competitiveness of Bogota and the region".

This initiative complements the first District of Fairs, Events and Conventions in Latin America, of which Corferias, the Hilton Bogotá Corferias Hotel and Ágora Bogotá are part of.

With the Innovation District, the city and the region will consolidate the commitment to sophistication and diversification of its productive apparatus and will be strategically articulated with the productive commitment of the Land Management Plan.

Andrés López Valderrama, president of Corferias said that "From Corferias and as a BIC company we are convinced that we must be agents of change, generators of opportunities and progress through projects such as the District of Science, Technology and Innovation that will synergize with the District of Fairs, Events and Conventions as city bets that promote development, encourage investment and generate collective value by translating into economic, social and sustainable benefits for the country and the region".

Alfredo Bateman, Secretary of Economic Development of Bogota stated that "The city generates productivity because it is a "factory of ideas". The fact of bringing together in a single area the actors of the innovation and entrepreneurship ecosystem will generate important synergies that will make us more productive and competitive. Undoubtedly, this mega-project will put the city on the global map of innovation and high-impact entrepreneurship, boost the economy, generate jobs, and bring enormous benefits for residents in terms of urban revitalization and enjoyment of public space. This is the proof that the articulation between the public and private sectors generates benefits for all".

The project The Innovation District will also promote the development of human talent competencies and trigger the process of urban transformation to improve people's quality of life.

It will provide services such as a laboratory for minimum viable products; a center for understanding the environment; an entrepreneurship landing, articulation of the entrepreneurship and innovation ecosystem; a center for knowledge transfer and training; a data and information center; coworking and networking spaces; an auditorium and showrooms for the dissemination of initiatives in STI + i and services based on 5G technologies.

The 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, ACTI, and R&D+i, which will generate income from the provision of STI services. As of today, the project will have an information and customer service point at the entrance to the Corferias arch for those interested in learning more about the project and a new point for entrepreneurs with the services offered by the National and District Governments, the Bogota Chamber of Commerce and the C Emprende strategy that connects INNpulsa Colombia's programs.

Investments To make the Innovation District a reality, a total investment of close to $300,000 million is required, including $11,000 million for the feasibility studies provided by the Bogota Chamber of Commerce, Corferias and the District, plus $286,570 million for the acquisition of the land, the construction of the headquarters building and the first phase of the office building. Of the latter, 51% will be contributed by the CCB and its subsidiary Corferias, and 49% by the public sector partners, including MinCit, the Government of Cundinamarca and the District.

For this year, the master design of the Orange Development Areas Plan, comprehensive feasibility structuring, detailed studies and designs, social and property management are planned for this year.