More opportunities for foreign investment

By IDeas trademarks & patents

Costa Rican President Carlos Alvarado met with Guatemalan President Alejandro Giammattei and advocated the need of turning Central America into a pole of attraction for foreign investments. “We conversed about the future relationships that our countries will maintain and the strategic importance of the region to boost commerce”, Alvarado stated on Twitter on October 30, 2019.

According to the United Kingdom’s Department for International Trade, Costa Rica’s investment climate has been favourable for many years. “Foreign direct investment is high and has been a significant contributor to Costa Rica’s economic growth. Despite challenges to the country’s competitiveness, including rising operating costs, a complicated legal environment, bureaucratic red tape, and infrastructure deficiencies, Costa Rican government actions to address this issue have moved Costa Rica up in the ease of doing business ranking considerably”, the Department for International Trade said on a 2019 report.

Areas such as life sciences, global services, manufacturing, food processing and aeronautics are currently on continuous growth throughout the country. United States Bureau of Western Hemisphere Affairs has valued Costa Rica as “an excellent trade partner” with “excellent investment climate”, helped by the U.S.-Central America-Dominican Republic Free Trade Agreement (CAFTA-DR), which aims to facilitate trade and investment and further regional integration by eliminating tariffs, opening markets, reducing barriers to services, and promoting transparency.