CEOE International at the ACI Medellin forum: Why invest in Medellin and the Metropolitan Area?
Business and investment opportunities in Medellin and the Metropolitan Area were assessed for the Spanish companies with interests in the area.
Director General of CEOE International, Narciso Casado, spoke at the opening of the virtual forum: Why invest in Medellin and the Metropolitan Area?’, organised by the Spanish Confederation of Business Organisations-CEOE and the Medellin and the Metropolitan Area Agency for Cooperation and Investment, in collaboration with the ProColombia Spain office. Narciso Casado was joined at the opening session by the Director of ACI Medellin, Jonathan Ballesteros; the investment promotion manager for Europe of ProColombia, Gonzalo Vargas; the Director of the Metropolitan Area of Valle de Aburrá, Juan David Palacio; and Spain’s Economic and Commercial advisor in Colombia, Manuel Valle.
During the event, the potential of this region of Colombia and the main projects that make Medellín a competitive arena for business were set out. The attendees learnt first-hand about the tax incentives offered in local taxes, the special tax regulations and the benefits offered by the city as a Special District for Science, Technology and Innovation.
Moreover, two success stories of Spanish companies operating in Medellin were set out; they shared their experience, motivation and projections there. The event was multi-sectoral, prioritising the infrastructure and logistics, life sciences (health, biotechnology, etc.), manufacturing, agribusiness and industry 4.0 sectors; and it placed special emphasis on the technology, health and infrastructure sector.
Spain and Colombia: strategic allies
During his speech, the Director General of CEOE International, Narciso Casado, made a firm commitment to continue to maintain an excellent relationship between the CEOE and Colombia. This alliance, he said, is a great example of a public-private partnership, of good relations and of all the agents’ commitment to contributing to the best economic and social development of the countries.
“Both Colombia and Medellin are very close for us; we have been working intensively with them for years, and it is a market with great potential for our business interests,” he said. In this connection, he reported that, in 2021, Spain was the second-largest foreign investor in the country, after the United States, with 16.5% of the total investment, and the leading European investor in Colombia, with 29% of the total received from Europe. Moreover, there are more than 700 Spanish companies in Colombia, which create more than 50,000 direct jobs, according to the Central Bank of Colombia.
Medellin, a regional and global leader in innovation
Casado highlighted the development and progress of the city of Medellin, which has gone from being known as the industrial capital of Colombia in the 20th century to becoming a regional and global leader in innovation in recent years. Its transformation into an international investment hub has attracted Spanish companies in sectors including life sciences, technology, agriculture, infrastructure and Industry 4.0. “This situation has meant that, between 2009 and 2020, Spanish companies in the metropolitan area of Medellin invested a total of 213 million dollars,” he stressed.
According to Casado, the presence of Spanish companies is evidence of the Spanish business community’s confidence in the present and future of Colombia and Medellin, as well as their commitment and involvement in the development of Colombian society and the Colombian economy. “Our companies are exemplary as regards social responsibility and sustainability, by their execution of projects to support local communities and civil society,” he said.
In fact, Casado stressed, Spanish companies have a great opportunity to work in collaboration with the local business sector to make the most of Medellin’s commitment to being an innovation district, which will make it the epicentre of LATAM in everything concerning the fourth industrial revolution. This city is also a leader in energy matters, with the presence of public companies Medellin and ISA, as two of the country’s major operators, which are also leaders in the city’s energy transformation processes. “There is great potential for collaboration here, as well as in the automotive sector, in which Medellin is a hub of operations, with the largest assembly network in the country,” he said. Casado also added, in reference to the hubs, those concerning health services in the country and the region, which is a leader in transplants and specialist medical treatments, making it a key health destination.
Spain-Colombia Business Council
Finally, Casado highlighted the specific cooperation tools in which the CEOE is involved, such as the Spain-Colombia Business Council, which is coordinated by both ANDI and the CEOE, and whose mission is to promote greater business, investment and trade in goods and services between the two countries. “Business organisations play an essential role as the main interlocutor and promoter of social dialogue between the authorities and the business sector,” Casado concluded.
Business opportunities in Medellin and the Metropolitan Area
The other speakers who took part in the opening were committed to Medellin’s potential and the investment opportunities available to Spanish companies. In this connection, Spain’s Economic and Commercial advisor in Colombia, Manuel Valle, highlighted the fact that Spain is Colombia’s ninth-largest supplier and second-largest investor, although he insisted that it would be the first if commodities were excluded.
In turn, the director of ACI Medellin, Jonathan Ballesteros, and the investment promotion manager for Europe at ProColombia, Gonzalo Vargas, stressed that Colombia is a country undergoing constant growth, with a very solid business structure and with an industry and economy that are strongly committed to social and sustainable development. Finally, the Director of the Metropolitan Area of the Aburrá Valley, Juan David Palacio, reported on the 2020-2023 Sustainable Future Proposal, consisting of 27 programmes and 3 structural axes, which aims to move towards a smart metropolis in which comprehensive actions furthering sustainable development employ innovation and ICTs as strategic tools.
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