The fashion industry continues growing at an unstoppable speed. Increasingly companies are betting on the fabric and clothing business in Latin America
According to Fashion United, the global apparel market is valued at 3 trillion dollars and accounts for 2% of the world's Gross Domestic Product (GDP).
In Colombia, the textile-clothing sector has more than a 100 year of experience. According to the National Administrative Department of Statistics (DANE) fashion business produces about 200.000 direct jobs and 600.000 indirect jobs in the South American country. This department is incorporated by 10.000 factories located in seven cities of the country. Medellin is at the epicenter with approximately 40% of the national production.
To have a clear idea, the fashion division includes: cotton crops, fabric production, garment making, footwear, leather goods, and marketing.
Procolombia, the enterprise in charge of promoting Colombian exports, international tourism, and foreign investment, confirm that exports account for approximately 30% of domestic production and that 24% of the country's manufacturing employment is generated by this sector.
The Delegate Minister of Business Development of Trade Industry and Tourism, Daniel Arango Ángel, called on entrepreneurs in fashion industry to take advantage of the opportunities offered by the eleven free trade agreements Colombia has signed with 50 countries and allow access to 1.500 million of consumers around the world.
Inexmoda is the company in charge of organizing Colombia Moda fair, the event that represents the opening of the fashion industry of Latin America. In the previous year, 13,555 buyers participated in the affair which 11,953 were nationals and 1,602 internationals.
However, Inexmoda's Executive President, Carlos Eduardo Botero Hoyos, exposed the manufacturers' concern about the recent increase in VAT from 16% to 19% which may have a negative impact on the dynamics of sales.
Colombiatex, Caliexposhow, and Bogotá Fashion Week are also big expos that represent a great monetary entrance to the economy of the country.
Globalization has made fashion a section that moves the economy of the world. Colombia is a country that promises a prosperous future for entrepreneurs in the sector, free trade agreements, and the government's politics help new companies makes this section a tempting investment point.
The positive image of Colombia abroad and the talent of local designers shining on the international scene make the country a fashion center of high quality and competitive prices.
LatinAmerican Post | Brenda Barbosa
Copy edited by Susana Cicchetto