The ‘Orange Economy’ gives hope to Colombia’s capital

The president of Bogota’s Chamber of Commerce argues for creative and cultural economic activities to make the city competitive worldwide.

The city of Bogota, particularly in recent years, has become a regional focal point for cultural activity. Music and art festivals, as well as activities related to literature in Bogota have little parallels elsewhere in the continent, however, there has been little made to see how it affects the city’s economy. This is where the ‘orange economy’ comes into the fold, these are economic activities that relate to culture, such as audiovisual productions, videogame design, music and fashion.

Grouping cultural economic activities under this term makes it easier for them to be accounted for, and makes it easier for the media to talk about them.

What’s interesting is that Bogota has become a de facto focal point for all of Colombia´s orange economy, and its activity has intensified in recent years. Bogota now accounts for 92% of the country’s creative services, 90% of audiovisual production houses, 73% of digital content creators and 55% of videogame developers in the country.

Monica de Grieff, the president of Bogota’s chamber of commerce, highlighted the importance of the orange economy for both the city and the country in a recent interview with Dinero magazine, a local economic publication.

In the interview she revealed that the orange economy contributed 1.57% to the Colombian GDP in the year 2012, and that the number is likely to grow considerably as the chamber of commerce continues to incentivize these activities, estimates show that this year, the orange economy may contribute up to 3.5% to the nation’s GDP.

Furthermore, a recent bill proposed by senator Ivan Duque appropriately named ´ley naranja´ or ‘orange law’ is looking to give out incentives and facilitate credits for individuals looking to participate in cultural economic activities. If the bill were to pass, there would be no doubting that the value of the national orange economy would rise significantly.

Local and national governments are also looking to make the orange economy a new sizeable employment provider. In the Americas, 16% of workers are employed by the orange economy, so there’s reason to believe that it could drastically shift the job market as it grows.

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