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New Costa Rica Fair to Attract Foreign Investment
By Explore Costa Rica.com staff
Feb 12, 2010, 06:38

New Costa Rica Fair to Attract Foreign Investment

Foreign direct investment is a key contributor to the Costa Rican economy. Foreign Trade Promotion Office (PROCOMER) officials want to attract more foreign companies to invest in Costa Rica.

To that end, PROCOMER will sponsor the “Costa Rica Investment World,” an international investment promotion fair on April 14 and 15 at the Hotel Ramada Plaza Herradura in San Jose. The fair will be the first of its kind in Central America.

“This is the first of this type of event to be held in our region,” said Emmanuel Hess, general manager of PROCOMER. “It should boost investment in Costa Rica and, above all, it will assist us to promote the revised free-trade zone laws in the country. The new policies have given us the opportunity to promote the remote areas of the country.”

In December, the Legislative Assembly approved a reform of the free-trade zone law to begin to provide incentives and lower tax rates to companies that operate outside of the Central Valley, such as Puntarenas, Guanacaste, Limon and Southern Costa Rica. In response to the restructuring of the law, PROCOMER intends to promote incentives to companies interested in Costa Rica.

According to the promotions office, more than 100 foreign investors, 70 local suppliers and 23 multinational companies have committed to attend the Costa Rica event.

“All the big multinational companies will be present at Costa Rica Investment World,” said Albán Sánchez, director of PROCOMER's Provee Program.

Sánchez said that Intel, Boston Scientific, Hewlett-Packard, Bridgestone and a host of other multinational companies with Costa Rican operations will be present at the fair.

To promote Costa Rica as an investment destination, PROCOMER will emphasize the advantages of doing business in Costa Rica. These include Costa Rica's push for environmental sustainability, national efforts geared towards carbon neutrality, a stable political climate and the lush landscape.

“We hope that in the two days that the companies are here, they will learn the benefits of investing here and the strengths of Costa Rica's business community has established,” said Carola Medina, investment executive for PROCOMER. “We hope that foreign investors will realize why they should choose to invest in Costa Rica ahead of other destinations.”

In 2009, the Costa Rican Investment Promotion Agency (CINDE) announced that 29 foreign companies entered or enhanced operations in Costa Rica, accounting for more than $304 million in investment and creating 5,729 jobs.  

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