Medellín, officially the Municipality of Medellín, is the second-largest city in Colombia, after Bogotá, and the capital of the department of Antioquia. It is located in the Aburrá Valley, a central region of the Andes Mountains in South America. The metropolitan area of Medellín is the second-largest urban agglomeration in Colombia in terms of population and economy, and includes nine other cities.
Medellín is one of Colombia's economic centers. Its economy is led by a powerful group of people from the private sector known as the Grupo Empresarial Antioqueño (Antioquian Enterprises Group). It is represented by David Bojanini, head of Grupo Suramericana (a banking, asset management and insurance conglomerate); Carlos Ignacio Gallego of Grupo Nutresa (food industry); José Alberto Velez of Cementos Argos (a multinational cement company); and Carlos Raúl Yepes, head of Bancolombia. This group has an aggregate market capitalisation of approximately US $17 billion and employs more than 80,000 Colombians.
This group also participates in other sectors of the city industry and is an active trader in the Colombian stock exchange. Medellín serves as headquarters for many national and multinational companies.
Medellín's main economic products are steel, textiles, confections, food and beverage, agriculture (from its rural area), public services, chemical products, pharmaceuticals, refined oil, and flowers. Fashion is a major part of the economy and culture of the city. Medellín hosts Latin America's biggest fashion show, Colombiamoda.
Aerolínea de Antioquia has its headquarters on the grounds of Enrique Olaya Herrera Airport in Medellín.[ West Caribbean Airways had its headquarters on the grounds of Olaya Herrera Airport. ACES Colombia was headquartered in the city. VivaColombia, the only low-cost Colombian airline, has its hub at Rionegro's Airport.
The Metropolitan Area of Medellín contributes 67% of the total GDP of the Department of Antioquia and 11% of the economy of Colombia. Antioquia is the second-greatest economic region of Colombia. By 2005, Antioquia's GDP was more than US$14,700,000,000 and the top exporting province in Colombia. The Aburrá Valley is the top economy in the province, and its GDP was $7,800 million. Medellín is the second-largest economic region in Colombia.
Medellín created the first Colombian business cluster. The city is the top exporting region of the country, with 1,750 export businesses based in Medellín. The Cluster was created with the support of the Chamber of Commerce of Medellín and the City Administration for an actual total of 21,000 companies that share 40% of total exports, 25% of the regional GDP, and 40% of Metro Area employment. The main economic activities of the Medellín Cluster (MC) are in electricity generation, textile, fashion design, construction, tourism and business. One goal of the Medellín Cluster is to include health services, an important sector in the local economy. Ruta N is a non-profit in Medellín which helps foreign companies set up office in Medellín.
Medellín is rated Gamma + by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Gamma level cities are cities that link smaller economic regions into the world economy.
Medellín is rated D+ by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. D+ cities are strong regional hub cities. Medellín was ranked #51 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Medellín has a population of over 2,508,452 people. Medellín also forms part of the wider Medellín metropolitan area which has a population of over 3,731,447 people.