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$2.25 Billion Worth of Investments Coming into Costa Rica

San Jose, Costa Rica – According to the Coalición de Iniciativas para el Desarrollo (CINDE), the country is expecting a 7% growth in foreign investments. This translates to an increase from 2011’s $2.1 billion to $2.25 billion in 2012. Much of the investments from 2011 were generated from export and tourism industry. This year, majority of the investments would be coming from technology sector, with 30 projects currently in the country’s radar.

CINDE director Gabriela Llobet said that the projection will be met within 5 months time, with companies such as Sealed Air, Ernst & Young, Okay Industries, and IBM expressing interest in entering Costa Rica.

Italian company Enel, as well as Spain’s Acciona and Union Fenosa are also planning on establishing a hydro-electric project as well as wind-powered electric generators in the country. The combined investments for these two eco-friendly power generators are already estimated at $500 million between 2012 and 2015.

Oberg, which manufactures medical devices among other things have also shown interest in reinvesting in Costa Rica.

Jorge Brenes, the president of Asociación de Zonas Francas said that much of the credit for the good investment climate is due to the government’s decision not to impose new taxes.

With regards to how the international economy would affect these projections, the United States has been experiencing small growth over the last 2 years, so there is a strong potential to generate revenue from that market.

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