Economy of Medellin

conglomerate); Carlos Piedrahita of Nutresa group (food industry); José Alberto Velez of Cementos Argos (a multinational cement company); and Jorge Londoño, head of Bancolombia, NYSE (cib), (Colombia's largest bank). This group has an aggregate market capitalization of approximately US $17 billion dollars, 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.

The main economic products are steel, textiles, confections, food and beverage, agriculture (from its rural area), public services, chemical products and pharmaceuticals, refined oil, and flowers. Fashion is a major part of the economy and culture of the city. Medellín is known as the Milan of Latin America and hosts Latin America's biggest fashion show, Colombiamoda.

Aerolínea de Antioquia has its headquarters on the grounds of Enrique Olaya Herrera Airport in Medellín. When it existed, the airline 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.

Gross domestic product

According to Proexport Colombia, the gross domestic product (GDP) can be studied in two areas: Medellín as the Metropolitan Area of Medellín and Medellín itself. As a Metro Area, it contributes 67% of the total GDP of the Department of Antioquia. The city of Medellín alone contributes 55% of the GDP of the department. Antioquia itself is the second greatest economic region of Colombia. By 2005, Antioquia's GDP was more than USD