The technology industry is currently accelerating economic growth and job development in the world. In Colombia, the Information and Communication Technologies (ICT) GDP grew 10% during the second quarter of 2021, compared to the same period in 2020. Following that route, Medellin has moved forward with its “Medellin Software Valley” strategy, with which it seeks to become the epicenter city of this industry in Latin America.
Along with this article you can download the full report of the ACI Medellin and Technology by PageGroup in English. [ Here ]
According to the study “Medellin, capital of IT development in Latin America” conducted by the Agency for Cooperation and Investment of Medellin – ACI Medellin and Technology by PageGroup – Business Unit specialized in recruiting profiles for technology companies – the software and Information Technology (IT) services sector represents 6% of the total amount of foreign investment and has generated more than 10,800 jobs in the city, from 98 investment projects.
IT development in Medellín
Medellin is the only Colombian city recognized as a Special District of Science, Technology and Innovation (C.T.I. District), it is also home to the first Center for the Fourth Industrial Revolution (C4RI) in Latin America and has the Ruta N Innovation and Business Center, which leads the economic transformation of the territory towards knowledge-based businesses. The city also has the most ambitious public policy for Science, Technology and Innovation in Colombia, investing 2.45% of its GDP in STI activities.
According to the Agency for Cooperation and Investment of Medellin – ACI Medellin and Technology by PageGroup, the software and IT services sector represents 6% of the total amount of foreign investment and has generated more than 10,800 jobs in Medellin.
According to the ACI Medellín and Technology by PageGroup study, the type of activities and operations that IT services companies develop in the city are mainly based on: software development and provision of associated services (86%), data processing (7%), Fintech (4%) and Edtech (3%). In addition, the main countries investing in these services are the United States (49%) and to a lesser extent Spain, Canada, Mexico, Uruguay and the United Kingdom.
Medellin has the most ambitious public policy for Science, Technology and Innovation in the country, investing 2.45% of its GDP in STI activities.
In this sense, the investment projects that are installed in Medellin are mainly for nearshoring, or outsourcing, providing support to the companies’ current clients, as well as the establishment of strategic alliances with local companies or the establishment of their own operations for the development of new solutions in the Latin American market. Consequently, the training of human talent in hybrid skills and work methodologies such as agile are essential for the development of this sector.