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CINDE Announces the Start of a Transition  in its General Management

CINDE Announces the Start of a Transition in its General Management

  • Jorge Sequeira Picado, the Managing Director of CINDE, formally announced that he will step away from the position he has held during his eight years of service to the institution.
  • For five consecutive years, the International Trade Center (ITC) has ranked the Costa Rican Investment Promotion Agency as the best in the world for the branch.

San José, Costa Rica, January 9, 2023: The Costa Rican Investment Promotion Agency (CINDE), the agency in charge of attracting foreign direct investment to Costa Rica, reports that Jorge Sequeira Picado, Managing Director for the organization, has informed his personal decision to leave his position at the close of March 2023.

“After analyzing this for more than a year, I have decided – and informed the CINDE Board of Directors and my team of lead professionals – that it is time to pass the baton and open an opportunity to new leaders, so that they may continue with the excellent work car
“CINDE is a bastion for the country's development, and it has been an honor to be part of such an important organization,” he added.

According to Eric Scharf, President of CINDE's Board of Directors, following the official announcement, the institution began a formal and transparent process of candidate analysis and selection for the next person to assume this position. The Board of Directors directly leads the selection process, which is carried out based on a professional profile that addresses the agency's area of expertise.

“We thank Jorge for the incredible leadership he has shown in his almost one decade with CINDE, during which he has directly contributed to modernizing the agency, improving CINDE’s quality standards, and positively impacting Costa Rica’s development. His period was distinguished by leading a high-performance team that works every day to collaborate on creating employment for Costa Ricans,” commented Scharf.

During the selection process for the next candidate to occupy the General Management role, one of CINDE’s current senior managers, Margarita Umaña, has been designated as the point person to aid in the transition. Ms. Umaña, who has a track record of more than 25 years in the foreign trade sector, will support the transfer of functions when Mr. Sequeira officially departs, and the selection process is finalized. Umaña and the rest of the management team will continue to lead the agency’s various areas of organizational action.


For more than 40 years, the Costa Rican Investment Promotion Agency (CINDE) has worked to attract foreign direct investment to the country. Throughout its history, CINDE has provided support to more than 400 multinational companies established in Costa Rica, in diverse industries including manufacturing, services, life sciences, and tourism infrastructure. A private, non-political organization declared of national interest, the agency has since 2017 – and now, for five consecutive years – been listed by the International Trade Center (ITC) as the best national investment attraction agency in the world.