• Costa Rica Coffee Guide

Costa Rican ‘Economic Miracle’ Readies to Meet High Goals

July 2, 2010

The Chinchilla administration announced its financial goals for the next four years Monday, June 28, saying it is aiming for $9 billion in foreign investment and $17 billion in exports.

“Costa Rica has been one of the most successful countries in Latin America in terms of foreign investment,” said President Laura Chinchilla, calling her country an “economic miracle.”

Chinchilla said that for each million dollars of foreign investment, at least 17 direct jobs are created.

“We have to understand that a united platform in favor of foreign investment and production of exports gives us not only access to markets, but also better levels of competition and higher economic welfare,” she said.

Foreign investment has increased an average of 12 percent each year since 1990, but fell by 34 percent last year during the crisis. Former President Oscar Arias is credited with a 132 percent overall increase in foreign investment during his second four-year term, which ended this year.

Foreign Trade Minister Anabel Gonzaléz pointed to the telecommunications, tourism and energy sectors as some of the most promising target areas for investment.

Not only is Chinchilla looking to attract more money into Costa Rica, but she is also working to increase the country’s exports by 22 percent during her term. For each percentage-point increase in exports, she said, 7,500 jobs are created.

Chinchilla said her administration will focus on improving infrastructure, streamlining regulations and continuing to educate the labor force to meet the goals. She stressed that reaching these targets will be feasible largely due to the recently signed trade agreements with Europe, China and the United States.

–Chrissie Long

You may be interested

Vaccinated people don’t have to self-isolate after Covid contact
Costa Rica
16422 views
Costa Rica
16422 views

Vaccinated people don’t have to self-isolate after Covid contact

Alejandro Zúñiga - March 8, 2021

People who are fully vaccinated against Covid-19 won’t have to isolate if they are a close contact to someone who…

Starting in April, Manuel Antonio NP will be open on Mondays
Costa Rica
2180 views
Costa Rica
2180 views

Starting in April, Manuel Antonio NP will be open on Mondays

Alejandro Zúñiga - March 8, 2021

Costa Rica’s most popular national park is switching up its hours.  Starting April 1, Manuel Antonio National Park will remain…

Costa Rica unemployment disproportionately impacts women
Costa Rica
2551 views
Costa Rica
2551 views

Costa Rica unemployment disproportionately impacts women

Alejandro Zúñiga - March 8, 2021

Unemployment in Costa Rica is at 19.1%, but the job loss provoked by the pandemic has predominantly impacted women. According…