Wireless technologies are increasingly relevant in different activities and lines of the economy, as well as in the daily life of people and companies. The advent of fifth generation networks (5G) implies a promising synergy with the Internet of Things (IoT), allowing for more automations in production processes and an increase in the efficiency of information transmission, managing to improve the efficiency in decision-making through tools such as big data and artificial intelligence. This article presents a description of the 5G implementation process in Colombia, as well as a revision of opportunities when combining with IoT in featured sectors of the departmental development plans, such as agriculture, tourism, health, the environment, and industry. Results shows that the startup of 5G in Colombia has been a slow process, but there are comparisons with similar procedures in other developed countries. Additionally, we present examples of 5G and IoT applications which can be promoted in Colombia, aimed at improving the quality of life of their habitants and promoting economic development.