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Foreign Investment in Costa Rica: Evolution Free Trade Zone

Costa Rica continues to attract foreign investments and position itself as one of the countries where the Free Trade Zone Regime is a true success. The Evolution Free Zone began the construction of its infrastructure and buildings in Tacares de Grecia

According to its projections, it will create over 20,000 high-quality jobs in the next fifteen years. This will benefit residents of Alajuela, San Ramón, Grecia, Atenas, Naranjo, Palmares, Poás, Zarcero, and Valverde Vega, among other places in the Western area
of the country.

The initial estimated investment is approximately $200 million. CODE Development Group will spend US$50 million in the first phase. The group has broad experience in
the construction and management of Industrial Parks and Free Trade Zones.

“Vision, humanity, and ethics motivate this free zone that aims to attract High Technology, Advanced Manufacturing, Life Sciences, and Value-Added Services companies to the Western part of the province of Alajuela,” mentioned Evolution Free Trade Zone in a press release.

This industrial area will have world-class infrastructure and offer multinational companies the possibility of long-term investments to ensure their economic growth.

“Evolution is committed to being a free trade zone integrated into the community, with global standards that improve the quality of life and well-being of the people of the Western region of Alajuela,” explained Alvaro Carballo, President of Code Development Group.

Vision, humanity, and ethics are the core values behind this new project. With his ideals, it aims to attract High Technology, Advanced Manufacturing, Life Sciences, and Value-Added Services companies to Western Alajuela.

OKAY Industries is the first company to locate its offices in this Free Trade Zone. The business manufactures high-precision metal and plastic components used in different surgical procedures.

The Free Trade Zones regime plays a key dynamizing role in the country and provides job opportunities for a significant portion of the Costa Rican workforce. During 2021, this sector provided almost 188,000 jobs and represented 12% of Costa Rica’s Gross Domestic Product (GDP), with a total contribution of US$7.23 billion.

“We promised to remove obstacles and eliminate unnecessary procedures which not only affect the pockets of investors but also delay the development of communities, such as those in the west of Alajuela, full of talent and technology, eager to be tapped and to contribute with their knowledge to the country.

This is excellent news for a country that needs employment generation and is working towards its economic recovery. It will provide new opportunities for the communities of the Western region and foster its development.

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