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Medellin Antioquia Colombia Business
Medellin Colombia Business
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Medellín is the second most important economic center of Colombia. The Aburrá Valley contributes 15% of the nation’s gross domestic product, turning it into one of the country’s most productive regions. Its gross domestic product per capita (with PPA) is US $3,794 higher than any other city in the country. In addition, the corporate density is 25 companies per 1,000 persons, putting it in second place in Colombia.
Medellín is a transparent city. The city has experienced serious transformations and its security, governance and trust in the local State is high.
·AAA Rating by Duff and Phelps (business rater).
·The country’s most efficient city in fiscal terms, according to the National Planning Department.
·The most advanced city in accounting cleanup, according to the Colombian Comptroller General.
Medellín is a safe city. Today’s violence figures are lower than those displayed by other Latin American capitals and many relevant cities worldwide.
Medellín is educated. Top quality education is the tool for social transformation and the path taken to build a fair and participative city for the XXI century. Forty per cent of the citys budget is invested in education and the results can already be seen. The city has the highest percentage of primary public education of the country and is a pioneer in research. A well educated population creates a strong labor pool of available talent, seeking careers in many fields.
Medellín has competitive public utilities. Empresas Públicas de Medellín, is a leader in Latin America and the only public utilities company that supplies the following integrated services: electric power, water and sewer, gas and telecommunications, with coverage close to 100%. In 2010 and 2011, EEPPM was awarded recognition by the Regional Energetic Integration Commission - CIER a special recognition for providing “the highest index in the area of quality as far as power supply”.
Medellín has an efficient integrated transportation system. Coupling traditional transportation with the Metro de Medellín, the cable system Metrocable (in operation since 2004 and a second line that began construction in October 2006) (now 6 completed) and feeding routes (Metroplus) meeting the demand of internal mobility. Roads are well designed and well maintained affording Medellin an excellent transportation infrastructure. In addition, Medellin enjoys outstanding Air Freight, ground transportation and shipping services
Medellín has the largest cluster. With a competitive platform targeted to international markets based on four economic sectors: textile - garment manufacturing; energy; construction; and, business tourism; Medellin is emerging as a major provider in the health sector and health tourism mainly in transplants, cardiovascular treatment, knee, hip and joint replacement and cosmetic and reconstructive surgery. The strategies of the city’s administration promote business associations and the creation of new companies in these clusters.
Medellín has strategic alliances with important economies. Said alliances provide privileged access to many Colombian goods and services and more specifically those of Medellín and the region of Antioquia. In fact, through different integration agreements, Colombia has access to a wider market of over 1 billion consumers abroad (CAN; the recent Free Trade Agreement with the U.S.A. which is undergoing revision and approval of both country’s Congresses, the effectiveness of the European SGP and the agenda of future negotiations including Central America (Salvador, Honduras and Guatemala), European Union and Canada, which began this past June 5.
Medellín has clearly defined investment opportunities. The city has specific investment opportunities in the clusters defined as priorities for Medellín: garment manufacturing, construction, and energy. In addition, the sector of business tourism acts as the backbone to strengthen the city’s platform as a business and investment center.
Medellín has an investor’s service and support Bureau. Medellin works to provide investors detailed information and support to invest in the city. The challenge is to attract and retain local and foreign investments in the region through the International Business Office of the International Cooperation Agency of Medellín. (For more information, please contact Ms. Paula Andrea Trujillo, International Business Chief, at +574 381 1000 or at email@example.com .
Colombia's economy has experienced positive growth over the past three years despite a continuing armed conflict. The economy continues to improve in part because of austere government budgets, focused efforts to reduce public debt levels, an export oriented growth strategy, an improved security situation in the country, and high commodity prices. Ongoing economic problems facing President Santos range from reforming the pension system to reducing high unemployment, and to achieving congressional passage of a fiscal transfers reform; furthermore, new exploration is needed to offset declining oil production. However, the government's economic policy, democratic security strategy, and the signing of a free trade agreement with the US have engendered a growing sense of confidence in the economy, particularly within the business sector.
Medellin Chamber of Commerce (Camara De Comercio)
A Primer on exporting TO Colombia.
Medellin has all the right infrastructure for a successful business climate;
Good roads and air/ground transportation, good education system, available educated labor pool, excellent utilities, business friendly government, tax incentives for new businesses, and reasonable cost for commercial office/warehouse space. But, you will find doing business here to be wrought with difficulties and challenges so do your homework before diving into the fray. Many foreigners have opened businesses and lost everything in short order.
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