Costa Rica's OECD membership strengthens productive sustainability

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Costa Rican President Carlos Alvarado signed a law approved by Congress which recognizes Costa Rica's OECD Accession Agreement and the OECD Convention.

That is a key milestone for the country's integration as the 38th member of the Organisation for Economic Co-operation and Development (OECD) that was founded in 1961 and, in May 2020, invited Costa Rica to join the group.

Although a few more steps are needed to become an official member, Costa Rica celebrates the presidential signing as the successful outcome of a series of evaluations by 22 OECD committees. With its membership, Costa Rica will be part of a group that conglomerates 80% of the world's gross domestic product (GDP) and 60% of international trade.

One of the sectors that unquestionably benefits from this is foreign direct investment (FDI), an effort led the Costa Rican Investment Promotion Agency – CINDE. According to CINDE, this membership will strengthen and benefit the 3Ps of the country's value proposition: people, planet, and prosperity.

Why do companies continue to grow and invest in Costa Rica? Among the many reasons, Costa Rica's human talent leads the response. Not by chance, the World Economic Forum ranked Costa Rica number one in human capital in Latin America, as well as in digital skills of its population.

The Costa Rican DNA is highly valued in the labor market, a result of the efforts of the country's educational system, which was analyzed in depth by the OECD.

The OECD Reviews of National Policies for Education: Education in Costa Rica, highlighted that education has been "an engine for the country's development and has been crucial in building one of the most stable democracies, most skilled-based labor markets, and highest levels of well-being in Latin America."

The review considers that Costa Rica is at a turning point in its promoting of development, so its OECD membership will reinforce a key country goal: educate more Costa Rican human talent in line with the needs of the knowledge economy.

With this, the country can continue to generate ever-more knowledge intensive processes, as it has done in the services sector, in which Costa Rican exports double the average of OECD member countries.