Executive Promotes Financial Technologies to Reactivate Economy
24 julio 2020

On July 22, the Ministry of Commerce, through the National Learning Service (SENA) and the “Colombia Productiva” Program, launched a call for investors to finance new technologies for the private sector during the post-pandemic period of economic reactivation. The idea is to encourage investment in projects which incorporate technologies such as the Internet of Things, Artificial Intelligence, Blockchain, Big Data or Logistics 4.0, to increase the added value of products, improve productivity and help adapt to market changes. The terms of the proposal may be consulted here. Applications must be submitted before September 11, 2020.

The Government has stated that this call will help companies to tackle current economic difficulties by incorporating new technologies in processes, products or services. USD 6,624,372 will be disbursed to co-finance some 120 projects aimed at enhancing productivity and business competitiveness. Large companies will receive 50% in co-financing, while small and medium-sized enterprises will receive up to 90%. For both types of companies, each project will be entitled to receive contributions of up to USD 55,200.

Two types of projects will be eligible for participation in the proposal: those aiming to improve supplies, by developing new products or services or enhancing the sophistication of existing ones. Secondly, those designed to improve administrative, production or marketing processes. Beneficiaries may use the resources to pay for materials, technical staff, technological services and equipment leasing, among others.