Productive Structure and Territorial Development: Evidence from Smart Specialization in Chiquinquirá

This study examines the productive specialization of Chiquinquirá, Boyacá (Colombia), as a strategy to foster its economic development. The central issue lies in the fact that, although certain economic activities exhibit some degree of efficiency, they face productivity constraints that prevent them from evolving into sustainable competitive advantages and from generating higher levels of territorial well-being. The findings indicate that the municipality is relatively abundant in labor, and therefore its productive vocation is oriented toward labor-intensive sectors, particularly those related to tourism. However, these sectors display low levels of efficiency, leading to a development proposal based on the implementation of a tourism cluster initiative under a smart specialization approach. This strategy is intended to articulate key actors and resources to overcome market failures, enhance productivity through innovation and human capital formation, and ultimately transform local capabilities into sustainable competitiveness and improved community well-being.