Colombia prepares to become one of the Top 3 most innovative countries of Latin America

Countries such as Ireland, Germany, the United States, and China, have demonstrated that investments in technology and innovation are the key to have a strong economic growth, among other reasons, because they contribute to increase the productivity and competitiveness of companies.  

In an attempt to increase financing for I+D+i, the National Development Plan Todos por un Nuevo País (All for a new country), promoted by the Colombian government, defined as a vision for 2025 that Colombia should become one of the three most innovative countries of Latin America, through investments in I+D+i of close to 1 percent of GDP. It is expected that the private sector contribute 50 percent of the funds. 

Currently, the Science, Technology, and Innovation System of Colombia is small compared to regional models: expenditures in I+D reach 0.2 percent of GDP, while in Brazil they reaches 1.2 percent and in the OECD countries 2.4 percent. 

In a collaborative space offered by CAF, Development Bank of Latin America, in support of the Private Competitiveness Council and of the innovation leaders in pioneer I+D+i companies in Colombia, 90 initiatives were generated, framed in five strategic areas: financing, human capital, intellectual property, coordination of actors, quality, and pertinence. 

These proposals were sent to the National Planning Department as an input for the CONPES, which defines the National Policy on Science, Technology, and Innovation 2015-2025. 

This experience strengthened the collaboration, alignment, and coordination between actors of the private sector. agents of knowledge, and government representatives, to start a dialogue and generate consensus on the working priorities for coming years on the main subjects, with the enablers to promote private investment in I+D+i.

Among the proposals that were generated, the following stand out: structuring new instruments to finance I+D+i; align incentives between companies and agents of knowledge to carry out I+D+i; and design indicators of returns on investments in I+D+i to generate incentives for employees.