A Vibrant and Thriving City!
Medellín stands out as one of Colombia's leading financial, industrial, commercial and service centers.
- The official currency in Colombia is the Colombian Peso (COP), which has denominations of $2,000 bills; $5,000, $10,000, $20,000, $50,000 and $100,000. As for coins, there are those of $50, $100; $200, $500 and $1,000.
- The exchange rate of the Colombian peso (COP) against the U.S. dollar (USD) is very volatile, so it is suggested to regularly consult the app we have shared on this same page.
- On average, exchange houses buy the dollar with a spread of between 4% and 8% below the official rate.
- It is suggested to carry out money transactions only in shopping malls or chain department stores and through obviously formal entities.
- Always try to pay for your purchases and services in Colombian Pesos. If you use dollars, the exchange rate applied will be very inconvenient for you.
- Never buy or sell dollars to private individuals on the streets.
Other facts about Medellín's economy:
- In 2023, the unemployment rate closed at 8.4%, lower than the national average (10.2%).
- Medellín contributes more than 7% of the national GDP and has an annual GDP per capita of approximately US$20,000.
- At least half of the country’s largest companies are headquartered in this city.
- The minimum wage in Colombia, applicable to Medellín, is equivalent to USD 325 per month (2024).
Average prices of some grocery products (2024):
- 600 ml bottle of water – $1,270 (USD 0,32)
- 600 ml bottle of Coca-Cola – $4,080 (USD 1,02)
- Snickers Chocolate Bar 21.5 g. – $3,650 (USD 0,91)
- Pringles Potatoes Original Flavor 124 g. – $13,900 (USD 3,5)
- Colgate Mint Toothpaste 150ml – $12,000 (USD 3,00)
- Green Apple (unit) – $2,600 (USD 0,65)
- White rice bag of 500 gr – $2.140 (USD 0,54)
Why is Medellín an important regional development hub?
- Center for innovation and technology: Medellín has been recognized as an innovation hub, thanks to public policies focused on education, technology, and entrepreneurship. The Software Valley is an emblematic project that seeks to position the city as a leader in technology and innovation in Latin America.
- Economic diversification: Traditionally known for its textile industry, Medellín has diversified its economy into sectors such as information technology, renewable energy, healthcare, and financial services, reducing its dependence on traditional industries.
- Tourism and international events: Medellín attracts a growing number of tourists thanks to its cultural offerings, festivals such as the Feria de las Flores, and international events, which has boosted the service, hospitality and entertainment sector.
- Investment in education and research: Institutions such as the University of Antioquia and Explora Park encourage research and development, while Ruta N supports technological innovation and entrepreneurship, attracting national and international investment.
- Transport infrastructure: Investment in transport infrastructure, including the Medellín Metro, overhead cable systems and bike lanes, has improved urban mobility, fostering economic development and social integration.
- Social inclusion policies: Social and urban development programs have transformed previously marginalized areas, improving the quality of life and creating economic opportunities for vulnerable populations.
- Financial sector growth: Medellín is home to major financial institutions, including Grupo Bancolombia, reflecting the dynamism and strength of the financial sector in the city.
- Sustainable development: The city has implemented policies aimed at sustainable development, including renewable energy initiatives and green urban development projects, such as the Green Corridor, which seek to improve air quality and promote sustainable urban development.
- Entrepreneurship boom: Medellín has been the cradle of numerous technology startups, benefiting from a robust entrepreneurship ecosystem, supported by accelerators, incubators, and networking events that foster innovation.
- International recognition: Medellín has received several international recognitions for its urban and social transformation, including the Lee Kuan Yew World City Prize in 2016, highlighting its innovation in public policy and urban development.
- Empowering Medellín’s Tourism -
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