Eastern Antioquia, a captivating region in the heart of Colombia, boasts an array of competitive advantages that have earned it recognition on the international stage. From efficient transportation hubs to thriving trade zones and a robust economy, Eastern Antioquia has carved its niche as a rising star in South America. In this article, we will delve into the leading competitive advantages that make Eastern Antioquia an economic powerhouse.
Flight Connections to the World
At the heart of Eastern Antioquia's global connectivity lies the José María Córdova International Airport, strategically located in the San Nicolás Valley in Rionegro. This airport acts as a pivotal gateway for international trade, offering a plethora of logistics benefits. The airport serves as a launching point for international flights to destinations across the Americas and Europe, including the United States, Madrid, Curaçao, Panama, Venezuela, Ecuador, and Peru. This accessibility has transformed Eastern Antioquia into a vital hub for both passenger and freight transportation, with a particular emphasis on agricultural exports.
In recent years, JMC International Airport has seen a surge in its air operations, thanks to the collaboration of international airlines such as American Airlines, LAN, Taca, Insel Air, Avianca, and AeroRepública. These partnerships have bolstered Eastern Antioquia's status as a thriving international trade hub.
Moreover, the airport's strategic location has prompted developments in its vicinity, paving the way for urban development, road network expansion, and enhanced infrastructure. Eastern Antioquia is becoming a central axis for the region's transportation, firmly connecting it with Medellín and neighboring municipalities.
Free Trade Zone - Rionegro
The birth of the Rionegro Free Trade Zone in 1993 marked a turning point in Eastern Antioquia's economic landscape. Supported by prominent Colombian companies, including Suramericana de Seguros, Cementos Argos, and Leonisa, this free trade zone has attracted investments and contributed to the region's economic growth.
Promotora Nacional de Zonas Francas S.A. plays a crucial role in managing the operations within the Free Trade Zone. Its responsibilities range from overseeing industrial and commercial users to managing the movement of goods in and out of the zone. The objectives of the Rionegro Free Trade Zone are equally impressive, fostering competitiveness, promoting the production of goods for international markets, and generating employment opportunities.
The proximity of the Rionegro Free Trade Zone to José María Córdova International Airport further amplifies its attractiveness, providing businesses with exceptional infrastructure and services.
Strategic Location
The strategic location of Eastern Antioquia, accentuated by its proximity to José María Córdova International Airport and its comprehensive infrastructure, is a compelling advantage. The region offers training facilities, a robust safety system, qualified labor, banking services, cutting-edge technology, aqueduct and sewage plants, and competitive utilities for the industrial sector.
Benefits of the Free Trade Regime
The free trade regime in Eastern Antioquia offers notable taxation benefits, including a flat rate for corporate income taxes and VAT exemptions for sales within the country to industrial users. Customs benefits, such as extraterritoriality and exemptions on customs tariffs, further enhance the appeal of the region.
Aeropuerto José María Cordova. Foto: Santiago Marquez
Per Capita GDP Higher than National Average
Eastern Antioquia exhibits a per capita GDP that surpasses the national average, making it an attractive destination for businesses. This economic stability attracts companies and encourages entrepreneurship in the region, contributing to its continued growth.
Eastern Tunnel
The Eastern Tunnel, an engineering marvel and the longest tunnel in South America, has transformed connectivity within the region. It has revitalized the economy, reduced travel time to José María Córdova Airport, and attracted private investors to the area.
Important Road Connections amongst Municipalities
Well-maintained road networks play a vital role in Eastern Antioquia's competitiveness. The Medellín-Bogotá Highway and other roads in the region ensure seamless connectivity, benefiting industries, agriculture, and tourism. Devimed, a key operator in the region, manages the main access roads, facilitating transportation and promoting economic growth:
- Medellín-Bogotá Highway and Other Roads along the Altiplano and the Bosques Areas: Devimed's role in maintaining the main access roads in the region is essential. With a focus on design, construction, and operation, Devimed ensures efficient connectivity between the municipalities of Eastern Antioquia.
- Roads along the Embalses and Páramo Areas: Eastern Antioquia's commitment to road infrastructure extends to the Embalses and Páramo areas, ensuring that key municipalities are accessible via well-paved roads. Ongoing development projects aim to connect all towns within the region efficiently.
Exports Capabilities
Eastern Antioquia's robust economy is fueled by its export capabilities. The region hosts a substantial number of exporting companies, exporting goods to a multitude of countries across the globe. The United States, in particular, stands as the region's main commercial partner, showcasing the significant role that Eastern Antioquia plays in international trade.
- Exports per Municipality: A wide variety of goods are exported from Eastern Antioquia, with the region's exporting companies engaging in numerous international transactions. A broad range of industries contribute to the region's exports, with Rionegro, La Ceja, and El Carmen de Viboral leading the way.
- Exports per Destination Country: Eastern Antioquia's exports reach over a hundred countries, with the United States taking center stage as the region's primary trading partner. Other North and South American countries, as well as European destinations, also play pivotal roles in the region's export activities.
- Exports per Tariff Heading: Eastern Antioquia's product diversity shines through its exports, with a remarkable 640 different goods being shipped worldwide. The top ten export products underscore the region's rich tapestry of industries.
In conclusion, Eastern Antioquia's competitive advantages in transportation, trade zones, and exports make it a compelling destination for businesses and investors. This region continues to evolve, driven by its strategic location, innovative policies, and a commitment to economic growth. Eastern Antioquia's story is one of promise and prosperity, a testament to the endless opportunities this remarkable region has to offer.
