Business Costa Rica: 30 Multinational Firms Open in Costa Rica in 2008

Thirty multinational firms set up new offices in Costa Rica in 2008, bringing $428 million in investment, according to a report issued Monday by the Costa Rican Investment Board (CINDE).

27 firms opened up shop throughout Costa Rica last year, amounting to an 11% increase in revenue. Good as this may be, figures show more Costa Rica jobs were created in 2007: 6,352 to 6,291.

Over two-thirds, 21, of the new Costa Rica Businesses were in the service sector, and five in the medical device sector.

New North American businesses in the service sector include: Amazon, Lux Red, SP Data, City Business Service, Digital Arbor, Critical Mass, Aniden Interactive, Project Resources Group CR, Resources, Astra Zeneca and Experian. The medical group St. Jude and medical manufacturers Astrolab, Firestone Industrial and Products alsoset up in Costa Rica.

According to Social Security System (the Caja) records, 6,000 jobs were lost between July and November 2008 alone, including 4,800 in the industrial sector and 1,200 in construction.

It is unclear if the new jobs offered by the international companies will be filled by those recently unemployed. CINDE Director Gabriela Llobet said many companies on the list of Costa Rica newcomers belong to industry subsectors and require “highly specialized” personnel.

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