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HomeNewsCosta Rica Unveils Strategy to Become Global Semiconductor Hub

Costa Rica Unveils Strategy to Become Global Semiconductor Hub

On Thursday, Costa Rica unveiled its plan to emerge as a global semiconductor hub. The strategy revolves around talent development, incentives, investment attraction, and regulatory enhancements. Semiconductors play pivotal roles in various burgeoning sectors such as automotive, medical devices, manufacturing equipment, and information and communication technologies.

The nation presented its strategy to representatives from international semiconductor associations, financial entities, multinational corporations, academia, and a delegation from the United States led by Secretary of Commerce, Gina Raimondo.

Raimondo applauded Costa Rica’s plan, underscoring that “investing in Costa Rica benefits the U.S.” Costa Rica, alongside Panama, holds significance for the United States in this domain, deemed “a crucial partner” in maintaining the current pace of semiconductor supply chain transformation.

The country aims to enhance existing incentives and introduce new ones to foster research and development, concurrently bolstering its international image as an appealing semiconductor investment destination.

“Costa Rica possesses the requisite conditions to establish itself as a dependable and secure regional investment hub for this sector, thereby helping alleviate vulnerabilities in the global supply chain,” remarked Foreign Trade Minister Manuel Tovar.

Rodrigo Chaves stressed Costa Rica’s aspiration to present itself globally as “a secure, dependable destination with the necessary attributes to expand its involvement in this industry,” potentially attracting more foreign direct investment.

Costa Rica will also focus on enhancing efficiency, transparency, and competitiveness to facilitate investment inflows in this sector.

In July 2023, Costa Rica achieved a significant milestone by becoming the first nation designated as a strategic ally of the United States under the CHIPS and Science Act. This marks a historic juncture resulting from the strategic partnership with the United States. “Today, semiconductors drive global innovation.

It fills me with pride to know that Costa Rican expertise finds expression in numerous technological marvels. I am even more gratified that our nation’s talent and potential can play a pivotal role in fortifying the industry within our region,” emphasized Chaves

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