QUATERNARY SECTOR IN COLOMBIA: CHARACTERISTICS AND EXAMPLES - ECONOMY - 2024

The quaternary sector in Colombia is the segment of the Colombian economy that is based on the knowledge applicable to some business activity, which generally involves the provision of services.

For example, the quaternary sector could include the collection and distribution of information technology, research and development, vocational education, business consulting, and strategic financial services.

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Within this sector there is no production or realization of consumer goods or capital goods. In the quaternary sector, activities that provide a certain service in general to the community, companies and people are presented.

Many may not have realized the impressive economic progress that Colombia has made in recent decades. After a short and harsh recession, the nation has been able to grow year after year and transition away from its old agricultural roots.

The unemployment rate in Colombia has remained below 10%. With a growing workforce, close to 25 million, there appears to be a progressive amount of work to be done.

characteristics

Like most developed countries, Colombia has a dominant tertiary and quaternary sector. However, industry continues to play an important role in the national economy.

The service sector dominates Colombia's GDP, contributing 58% of GDP in 2007, and given global trends, it will likely continue to dominate.

Although it does not produce goods by itself, this sector is characterized, together with the tertiary sector, as being essential for the full development of the economy, since it focuses on the consumption and distribution of goods, on the assistance of personal services such like education and public services.

This sector is characterized by its heterogeneity. Almost 65% of the Colombian workforce is in the service industry, with another 20% in the manufacturing industry and 15% in agriculture.

Within the quaternary sector in Colombia are activities such as telecommunications, transportation, medicine, education, tourism, government, financial and administrative sectors. Also included are all activities directly related to leisure, arts and culture.

Financial services

The banking sector is headed by the Banco de la República, which functions as the central bank.

There are some 1,700 financial services companies, of which 37 are established banks, 30 are investment companies, nearly 70 securities and bond brokers, and 17 long-term and development financial institutions.

Information technologies

Information technologies are important, as Colombia has the fastest growing information technology industry in the world.

In 2014, the Colombian government launched a national campaign to promote the IT and electronics sectors, as well as investing in Colombia's own companies.

Although innovation remains low on a global scale, the government sees great potential in the high-tech industry and is investing heavily in education and innovation centers across the country.

Thanks to this, Colombia could become a major global manufacturer of electronic products and play an important role in the global high-tech industry in the near future.

Communications

Among the economic activities related to communication services are fixed and mobile telephone network companies, as well as Internet service.

It also includes companies that are dedicated to the media, such as radio, press, television and new virtual screens.

As for companies in the television area, the DirecTV signal provides satellite television.

In addition, within this group are companies and entities related to publishing and advertising.

Arts

Since the early 2010s, the Colombian government has shown interest in exporting Colombian pop culture to the world, which includes video games, music, movies, television shows, fashion, cosmetics, and food, as a way to diversify and change its economy..

In the Hispanic world, Colombia is only behind Mexico in cultural exports of $ 750 million annually.

Air Transport

In the early 2000s, an average of 72% of passengers transported by air went to domestic destinations, while 28% traveled internationally.

Bogotá's El Dorado International Airport is the largest airport in Latin America in terms of cargo traffic (33 worldwide), second in terms of traffic movements (45 worldwide) and third in terms of passengers, being the 50th among the busiest airports in the world.

Examples of companies

Corficolombiana

It is a Colombian company that is dedicated to financial solutions. His clients are some of the largest companies in Colombia.

Its main mission is to provide the capital necessary to promote the creation, growth, reorganization, merger and expansion of any type of business.

It is based in Bogotá. It was founded in 1959, being the first Colombian financial institution. It has had a history of great growth, currently offering an extensive repertoire of financial services to its clients.

It mainly provides three specialized services: financial intermediation, credit and investments. It provides its clients with financing, advice, investment, performance optimization and security.

Software Producer (PSL)

It is a Colombian provider of software services that serves the markets of the United States, Europe and Latin America.

It is also the first software company in Latin America to obtain CMMI 5 status. Furthermore, it is the first in the Spanish-speaking world to receive the Software Process Achievement Award, awarded by the IEEE Computer Society and the Engineering Institute. of Carnegie Mellon Software.

In 2018, PSL was selected to be part of the 100 Global Outsourcing list by the International Association of Outsourcing Professionals.

It is located in Medellín, Colombia, with offices in Mexico and the US It is one of the largest local software developers.

Avianca

Acronym for "Airways of the American Continent." It is a Colombian airline that has been the national airline and flag of Colombia since December 5, 1919, when it was initially registered under the name SCADTA.

It is based in Bogotá, with its main hub at El Dorado International Airport. It is the flagship of a group of eight Latin American airlines, whose operations are combined to function as a single airline. For this they use a shared code system.

Avianca is the largest airline in Colombia and the second largest in Latin America, after Latam of Chile. Avianca and its subsidiaries have the most extensive network of destinations in Latin America.

Themes of interest

Economic sectors in Colombia.

Colombia's economic problems.

Main economic activities of Colombia.

References

1. Business Dictionary (2019). Quaternary sector. Taken from: businessdictionary.com.
2. Live And Invest Over Seas (2019). The Economy In Colombia. Taken from: liveandinvestoverseas.com.
3. Inter Nations (2019). Working in Colombia. Taken from: internations.org.
4. Wikipedia, the free encyclopedia (2019). Economy of Colombia. Taken from: en.wikipedia.org.
5. Wikipedia, the free encyclopedia (2019). List of companies of Colombia. Taken from: en.wikipedia.org.
6. Wikipedia, the free encyclopedia (2019). Corficolombiana. Taken from: en.wikipedia.org.
7. Wikipedia, the free encyclopedia (2019). Software Producer. Taken from: en.wikipedia.org.
8. Wikipedia, the free encyclopedia (2019). Avianca. Taken from: en.wikipedia.org.