New Fair to Attract Foreign Investment Set for April
Foreign direct investment by international companies is one of the fundamental contributors to the Costa Rican economic makeup. With that in mind, Foreign Trade Promotion Office (PROCOMER) officials are trying to attract more foreign companies to invest here.
To that end, PROCOMER will sponsor the “Costa Rica Investment World,” an international investment promotion fair on April 14-15 at the Hotel Ramada Plaza Herradura in San José.
“This is the first of this type of event to be held in our region,” said Emmanuel Hess, general manager of PROCOMER. “It should boost investment in Costa Rica and, above all, it will assist us to promote the revised free-trade zone laws in the country. The new policies have given us the opportunity to promote the remote areas of the country.”
In December, the Legislative Assembly approved a reform of the free-trade zone law to begin to provide incentives and lower tax rates to companies that establish operations in areas outside of the Central Valley, such as Puntarenas, Guanacaste, Limón and the southern part of the country. In response to the restructuring of the law, PROCOMER intends to promote the incentives to companies interested in establishing operations in Costa Rica.
According to the promotions office, more than 100 foreign investors, 70 local suppliers and 23 multinational companies have committed to attend the event.
“All the big multinational companies such as Intel, Boston Scientific, Hewlett-Packard and Bridgestone will be present at Costa Rica Investment World,” said Albán Sánchez, director of PROCOMER’s Provee Program.
To promote Costa Rica as a destination for investment, PROCOMER will emphasize the advantages of creating operations in the country. These pluses include the country’s push for environmental sustainability, national efforts geared towards carbon neutrality, a stable political climate and the lush landscape, referred to as a “natural paradise”.
“We hope that in the two days that the companies are here, they will learn the benefits of investing here and the strengths of the business community the country has established,” said Carola Medina, investment executive for PROCOMER. “We hope that foreign investors will realize why they should choose to invest in Costa Rica ahead of other destinations.”
In 2009, the Costa Rican Investment Promotion Agency (CINDE) announced that 29 foreign companies entered or enhanced operations in the country, accounted for more than $304 million in investment and created more 5,729 jobs.
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