No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeCosta RicaCosta Rica Plans to Boost Development Outside Metropolitan Area

Costa Rica Plans to Boost Development Outside Metropolitan Area

Costa Rica strives to enhance its competitiveness by creating new incentives to promote foreign direct investment throughout the country.

Therefore, President Rodrigo Chaves Robles signed nine decrees to regulate Law No. 10,234, on “Strengthening territorial competitiveness to promote the attraction of investments outside the Greater Metropolitan Area (GMA).”

Eleven new incentives were created to increase territorial competitiveness, speed up paperwork, and open the development of agroindustry, food, manufacturing, and tourism industries.

“Law 10234 results from years of coordinated efforts to eliminate gaps between regions within and outside the GMA. It will bring job opportunities to areas where they are much needed. With these regulations, Costa Rica has more instruments, so investors who wish to grow their operations in any of these places can,” said CINDE Managing Director Jorge Sequeira.

Indiana Trejos, Minister a.i. of Foreign Trade, emphasized that the Government prioritized this work, as it’s aware of the urgent need to settle the historical debt with the regions outside the GAM.

Three decrees were also signed reforming the rules for the one-stop investment window, simplifying investment throughout the country so that companies have a single place to process related paperwork.

“At CINDE, we have been working for several years on strategic projects with 20 cantons outside the GMA in the country’s six regions to create investment committees. We are confident that the results obtained during this period will now be potentiated,” added Sequeira.

In addition, President Chaves pointed out that together with trade, investment is a potent force for improving people’s quality of life and transforming it.

“We want this system to be multiplied throughout the country so families living in these areas can enjoy all these advantages. That is what these decrees are for, to motivate companies to invest and create these spaces for growth outside the GAM”, he affirmed.

According to CINDE, the Free Trade Zone regime has been “a successful model for driving development through job creation, production recovery, and production linkages,” as for “each $1 in tax incentives, for example, the country receives $2.43 in return.”

“We estimate that to date, the multinational companies attracted by CINDE are creating more than 5,300 jobs outside the GMA, with ten new company investments in 2022 in all sectors – life sciences, services, manufacturing, and tourism infrastructure,” Sequiera concluded.

Trending Now

Costa Rica Urged to Fix Broken Forestry Permit System

A new report by the Comptroller General's Office (CGR) revealed that poor management of the National System of Conservation Areas (SINAC) by the Ministry...

Costa Rica Hosts Global Research on Sharks and Pollution

Bahía Santa Elena is one of the best-preserved marine areas in the Costa Rica, renowned for its biological richness, scenic beauty, and ecological importance....

Costa Rica Battles Rising Cyberbanking Fraud and AI-Powered Scams

Cybercrime is a serious problem in Costa Rica. The number of victims is rapidly growing and so are the different techniques used by criminals...

The Day Costa Rica Stopped to Celebrate Claudia Poll’s Olympic Victory

In the decades I have lived here, there were two sporting events that were so big that the country came to a brief standstill....

Costa Rica Route 32 Remains Closed After Large Landslide Near Zurquí

Traffic came to a standstill yesterda afternoon on National Route 32 after a massive landslide forced the complete closure of one of the country’s...

Empty Stands and Passionate Fans Mark Women’s Copa América 2025

“I didn’t see Pelé, but I saw Marta,” read a sign held by a small but loyal group of fans who followed the ten...
spot_img
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Rocking Chait
Costa Rica Travel

Latest News from Costa Rica