Orange Economy refers to all those economic activities related to the cultural industry, art, and creativity. In a stricter definition: “It is the set of activities that, linked, allow ideas to be transformed into cultural goods and services, whose value is determined by their content of intellectual property.”
(“The orange economy. An infinite opportunity,” Felipe Buitrago Restrepo).
Activities that make up the sector:
Music, television, cinema, design, photography, jewelry, theater, radio, plastic arts, content generation, and cultural tourism.
Cultural and Creative Ecosystem in Medellín
Medellín has more than 1,690 companies related to Orange Economy and 99% are micro and small companies.
In 2017, this sector represented 1.5% of Antioquia’s GDP and 3.4% of the Colombian economy. Therefore, it has been prioritized as an area of opportunity by the Public Policy of Economic Development of the city.
Based on this, a great bet has been set in motion in the city to boost the cultural economy, the Perpetuo Socorro Creative District:
A 62 hectares estate located in Medellín’s center which is expected to become a hub for creativity and art and the base of operations of national and foreign companies related to this sector.
In accordance with this initiative, Medellín has designed a series of tax incentives and benefits for companies that develop creative activities within this district:
- Property tax exemption.
- Special rate in the signs & boards and industry & commerce taxes.
National legal framework
There is a legal framework in Colombia that covers and promotes the growth of the sector:
- Law of Cinema (Law 814).
- Law of Public Spectacles (Law 1493).
- Orange Law (Law 1834).
ACI Medellín’s Proactive work
The Agency for Cooperation and Investment of Medellín and the Metropolitan Area – ACI Medellín, joined the initiative to promote and boost Orange Economy in the city and the region. Therefore, it works on two fronts:
- The attraction of anchor companies for the development of a creative ecosystem in Medellín.
- Active search for investors that work in real estate development in 31.92 hectares of the Creative District.