Despite the Pandemic, Foreign Private Investment

Written by Tamarindo News

In just two and a half months of this year, 12 transnational companies announced new and millionaire investments in Costa Rica. These are firms that will also generate dozens of jobs in different areas. Among them: advanced manufacturing, finance, health sciences, sales and customer service.

The companies arrive in a country shaken by a huge economic crisis, which has been exacerbated by the Pandemic. A crisis that has left 467,539 people without jobs. But also with a claim from the national private sector to the Executive Power, considering that the conditions for economic reactivation do not exist. This was made clear this week by the Costa Rican Union of Chambers and Associations of the Private Business Sector (Uccaep).

Impact of the private sector contribution

Despite this panorama, Costa Rica continues to receive new investment. Jorge Sequeira, general director of Cinde – agencies specialized in attracting investment to the country – commented that his client reported “record figures in investment projects as well as generation of formal employment” in the private sector at the end of 2020. He explained that almost 20,000 formal jobs were created last year, while 81 investment projects between new companies and reinvestments were confirmed.

“These numbers are really positive if we consider the context of the Pandemic we are going through. And it reaffirms the potential that we have as a country to continue attracting investment and generate employment from it, as long as the country’s competitive conditions are maintained,” said Sequeira

Tico Free Zones

Carlos Wong, head of Coyol Free Zone and president of the Association of Free Zones Companies (Azofras), agreed with Sequeira that one of the country’s pillars in attracting investment is legal security, political stability and the hand of highly qualified work.

Regarding its represented, this free zone currently houses 31 companies in the Life Sciences sector (out of a little more than 70 in Costa Rica). Additionally, three more announced their arrival on this site.

“Coyol is a platform for Costa Rica to remain very competitive in attracting Life Sciences companies based on human talent. But it also has a position very close to the airport, infrastructure conditions and a complement of suppliers,” said Wong.

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