The 6.5m-tall (21.3ft) bronze shows her swivelling her hips in the dance move which featured heavily in her popular Hips Don’t Lie video.
The artist shared photos of her parents in front of the statue on her Instagram account.
Shakira was among the names most searched on Google, according to figures released by the company.
Before the unveiling of the new statue, Shakira hit the news several times this year – most notably when she released a song about her former partner, ex-footballer Gerard Piqué, which broke YouTube records in Latin America.
And again when she settled a tax fraud case brought against her in Spain by paying a €7.5m (£6.5m) fine.
The unveiling of the statue on Tuesday was attended by Shakira’s parents, William Mebarak and Nidia Ripoll, as well as by the mayor of Barranquilla.
A plaque at the foot of the statue praises the artist for her “hips that do not lie, a unique talent, a voice that moves masses”.
It also refers to her charity work through a foundation she created called “Pies descalzos”, Spanish for “bare feet”, which promotes early childhood development.
Shakira thanked the sculptor, Yino Márquez, and his students for the “enormous artistic talent” they had demonstrated by creating the bronze.
The year 2023 was a successful one for the singer, who swept up three Latin Grammy awards, one of them with fellow Colombian artist Karol G.
