Medellin announces economic reactivation plan with benefits for foreign investment

June 2, 2021 ( Newswire) With the intention of reactivating the economy and propitiate the arrival of investors to Medellin, Mayor Daniel Quintero announced a series of benefits for companies that believe and install their operations in the city.

“We will have tax reductions for those who help reactivate the city’s economy. We want to encourage technology-based companies to locate in Medellin,” said the local leader.

To achieve this goal, the Mayor’s Office of Medellin will present a project to the city’s Council so that the technology-based companies established in the city, including those created last year, have a five-year benefit in the payment of the Industry and Commerce tax. In the first two years, they will have a 100% discount, in the third year, an 80% discount, in the fourth a 60% discount and in the fifth year, a 40% discount.

To impulse the Orange Economy, Quintero added that, companies located in Orange Development Areas (San Ignacio, District 13, Prado and Perpetuo Socorro) will have benefits in the payment of their Industry and Commerce obligations. In the first year, they will have a 100% discount, during the second year, an 80% discount, in the third year, the discount will be of 60%, in the fourth of 40% and in the fifth of 20%.

The proposal also includes foreign companies that set up and create jobs in Medellin. These will receive tax benefits for five years, with a discount of 100% in the first year, 80% in the second, 60% in the third, 40% in the fourth and 20% in the fifth.

The Mayor highlighted that “In the midst of the pandemic, we have been working to connect Medellin with the world, through the new direct air routes from New York, Orlando, Cancun, Mexico City and Santiago de Chile”.

This pact for the social and economic recovery of the city will have an investment that exceeds 3 billion pesos, which are expected to be used in making the most out of Medellin’s potential as a formative, innovative, avant-garde, tourist and entrepreneurial territory.

It’s expected that around mid-June, the Council of Medellin will clear the path to be able to proceed with the proposals made towards reactivating the city’s economy.

More Info: Newswire

This news is published on the Newswire – a global digital news source for investors and business leaders

Disclaimer/Disclosure: is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.

More disclaimer info: Learn more about publishing your news release and our other news services on the newswire and

Global investors must adhere to regulations of each country. Please read privacy policy:

Follow Us on StockTwits

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News


Following the minerals

September 17, 2021 ( Newswire) “Nature abhors a vacuum” is a familiar maxim in science. ...