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Medellin announces economic reactivation plan with benefits for foreign investment

June 2, 2021 (Investorideas.com 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.

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