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CINDE and Group of Leading Companies will Seek Foreign Investment in One of the Most Important Fairs for the Medical Device Industry

CINDE and Group of Leading Companies will Seek Foreign Investment in One of the Most Important Fairs for the Medical Device Industry

  • MD&M West 2024 brings together more than 1,500 companies and 14,000 executives with links to the industry.
  • Partnering with CINDE to promote Costa Rica’s competitive advantages as a nearshoring destination are BAC (Costa Rica’s largest private bank), Baker Tilly (one of the world’s top 9 business firms), and InnovaPark (the most innovative class A industrial real estate development in the Coyol area, backed by Grupo Cuestamoras).
  • Costa Rica is the second largest Latin American exporter of medical devices, hosting 14 of the world’s top 30 original equipment manufacturers. 
San Jose, Costa Rica. February 5th. CINDE, BAC, Baker Tilly, and InnovaPark are ready to highlight Costa Rica’s value proposition before life science investors at North America’s most important trade fair: MD&M West 2024.

Scheduled for February 6-8 at the Anaheim Convention Center in California, the fair is expected to attract more than 14,000 executives eager to acquire new knowledge, talk about this year’s anticipated solutions, and take control of industry trends while forging deals and gestating foreign direct investment.

“As a country, we have had the opportunity to build for more than 28 years what is today one of the domestic economy’s major sectors: the life sciences industry. Costa Rica recorded exports for US $7,624 million in 2023, unequivocally demonstrating that we have expertise in all the standards and processes this industry requires,” affirmed Marianela Urgellés, managing director of CINDE.

She added, “We are presenting ourselves at MD&M 2024 so that companies might consider their operations in our country as key partners for their success. Costa Rica’s proposition is based on already trained talent, a complete production ecosystem, and access to 3.5 billion people in the global market thanks to our platform of trade agreements and a robust network of key suppliers.”

With CINDE, whose investment advisors have more than 42 years of experience, will be BAC (Costa Rica’s largest private bank), Baker Tilly (one of the world’s top nine business firms), and Innovapark (the most innovative class A industrial real estate development in the Coyol area, backed by Grupo Cuestamoras) to attend a robust agenda of meetings with potential investors, explore reinvestment by installed companies, and tour the fair to generate production linkages with companies in the life sciences industry.

CINDE’s data shows that Costa Rica is host to more than 90 multinational life science firms that carry out the entire process of production, sterilization, and direct shipping to global markets. This has made Costa Rica a strong competitor in the attraction of foreign investment by facilitating the optimization of company operations through access to a solid ecosystem of first-rate suppliers.

Partners who Promote Costa Rica’s Competitive Advantages as a Nearshoring Destination

CINDE’s participation together with these partnering companies seeks to demonstrate the robust ecosystem that permits end-to-end development of multinational firms in Costa Rica by providing them with a wide array of suppliers of raw materials and key services and processes for their installation and growth.

As an infrastructure ally, InnovaPark Logistics & Free Zone is positioned as the most innovative solution for life science, smart manufacturing, and logistics firms seeking a destination near their final markets and in a sustainable environment.

“Costa Rica’s country proposition is based on the proven success accumulated by more than 90 global companies during almost four decades. Because of our location in an area with the country’s most complete and consolidated medical device ecosystem, and with a master plan that covers 245,000 square meters of industrial space, InnovaPark is the safest choice for setting up new operations in Costa Rica and sustaining their growth,” mentioned Mario Pacheco, InnovaPark’s commercial director.

Another key ally for the promotion of investment in Costa Rica is its banking sector, so CINDE’s participation in this fair will have the support of the country’s largest private bank and one of the region’s largest financial conglomerates.

For Laura Moreno, Vice President of Corporate Relations at BAC, the financial entity’s footprint is the product of a solid payment method strategy reflected in prudent growth accompanied by innovative solutions for companies and customers. “We believe in the power of synergies and expect with our participation to contribute to a much more integrated vision than what Costa Rica offers, thereby strengthening the offer. BAC leads the region’s financial institutions with its superior technological innovation and robust digital platform, which together with our customer service and integrated treasury offering explain the landmark steps taken to earn the trust of more than 350 multinational companies in our work.”

For its part, Baker Tilly Costa Rica, a member of the Baker Tilly International network with corporate clients in all industries, will join as the partner that provides excellent integrated solutions in auditing, tax, BPS Business, Process Solutions, sustainability, legal, human resource, corporate finance, digital transformation, GRC Consulting, and Human Consulting services
for medical device companies that see potential for setting up or growing in Costa Rica.

“This joint participation allows us to demonstrate the formality and expertise of the ecosystem’s players for doing business with the companies in this sector. We seek to help multinational companies with all the tools needed for setting up and developing in Costa Rica. Moreover, our international network lets us deliver integrated services and solutions from a global perspective with a single methodology and work structure,” noted Carlos Gómez of Baker Tilly Costa Rica.

The life sciences sector in Costa Rica has seen amazing growth, going from 5 to 16 subsectors over the last 20 years. Precision and medical equipment exports, meanwhile, have maintained a promising annual growth of 15% since 2010.

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CINDE is Costa Rica’s expert foreign investment agency. Declared of public interest, over its 42 years, the non-profit agency has helped attract some 430 multinational companies and create some 181,000 direct jobs in this country. CINDE’s services include analysis and assistance to investors during their decision-making and setup processes, as well as support in their reinvestment and growth strategies.