More specifically, this diversification comes from the new president’s push for a stronger Orange Economy, a sector focused on creativity and innovation.
But what exactly is Orange Economy?
How will it change the course for investing in Colombia?
And why is the Colombian president making such a big deal about it?
Most importantly, how does Colombia’s Orange Economy make YOUR business more attractive in the Latin American market?
In this article, we’ll give you all the juicy answers to these questions and more. Keep reading to learn why Orange Economy is all the buzz to invest in Colombia!
What is the Orange Economy?
Colombia’s Orange Economy, defined by Iván Duque’s free book The Orange Economy: An Infinite Possibility, promotes all goods and services that are based on intellectual property, creativity, and the arts. Duque divides these goods and services into three main categories:
- Traditional works of intellectual property (i.e, art, books, films, radio, newspapers)
- Works that are based on experience (i.e, theater, dance, fashion, design, and even food)
- Digital and multimedia works (i.e, video games, software, advertising, new media, etc.)
In simpler terms, Orange Economy is a push towards Colombia’s cultural and creative industries to diversify ways of investing in Colombia.
Orange industries examples include:
- Video games
- Movies and TV Shows
- Digital marketing
Why Colombia Benefits from an Orange Economy
Orange economy plans to guide Colombia away from its traditional fossil fuel dependency and push the country into the 21st century through changes in property rights and a push for the creative.
This is a good move for Colombia for two reasons:
- Intellectual property such as art and film makes up 6% of the world’s GDP
- A growth in “Orange” business provides economic protection from collapses in Colombia’s massive raw commodity industry like the 2014 Colombian oil price slump
“Innovation propelled by strong property rights protections can not only play a role in consolidating the fragile peace achieved a few years ago, but it could help Colombia grow economically by leaps and bounds over the next decade, becoming a model for the region.”– Lorenzo Montanari, International Property Rights Specialist
Furthermore, with a new focus on creative industries, the unique and colorful culture of Colombia can shine, even at an international level!
A Global Colombian Culture Wave
This can be seen through Colombia’s pursuit of soft power.
Similar to South Korea’s Korean Wave, defined as the general increase in popularity of the Korean culture through media coverage of celebrities and cultural icons, Colombia is also focusing on cultural icons like #Shakira or #Maluma to skyrocket its economy.
With the help of the aforementioned Orange Economy, this Colombian Wave will shine Colombian culture in a good light!
New Opportunities for Investing in Colombia Orange Economy
The opportunities to invest in Colombia fall on top of and around the digital umbrella of services, creating an infinite amount of verticals to dive into.
The push towards innovation can be seen through the passing of Law TIC– a sort of green light from the federal government that makes it easier for the digital economy in Colombia to thrive.
Law TIC was written to expand and modernize Information and Communication Technology.
As a result, there has been a growth in modern and digital industries like the Colombian Financial Technology sector that fosters exciting opportunities for investing in Colombia.
Due to Law TIC, the rise of Fintech in Colombia – a whopping $100 billion global industry – now shows a very promising future for digital banking and investment opportunities in the country.
Software as a Service (SaaS)
With this law change, Software as a Service (SaaS) have a promised land in Colombia.
Digital platforms combined with AI (artificial intelligence) technology could help the rise, management, and sustenance of Colombia’s creative industry itself.
Think along the lines of these digital opportunities in Colombia:
- Apps that improve the speed and agility of video editing and graphic design software
- Creative management applications for designers and creatives
- Services that sponsor social media marketing and content creation management like Hubspot
But wait… the fun doesn’t stop there!
As the Colombian economy increases its interest in the protection of intellectual property, a free market will flourish along with more competition, allowing for all kinds of digital ideas to grow in the region.
In fact, the Colombian Ministry of Communication and Transportation is so adamant about progressing their technology and communications sectors that they even created Apps.co, a program that encourages digital entrepreneurship towards software and application development.
This initiative is HUGE for the Colombian economy.
“O” Stands for Orange… And Opportunity!
With the new Orange Economy on its way to boost the Colombian economy, now is the perfect time to begin investing in Colombia through your digital and innovative projects.