Costa Rica Achieved 48 New Foreign Direct Investment Projects in 2018
• Within those projects, Costa Rica attracted investments from USA, Canada, Denmark, Luxembourg, Belgium and Ireland.
San Jose, Costa Rica. Monday, December 17, 2018. The Costa Rican Investment Promotion Agency (CINDE) and the Ministry of Foreign Trade (COMEX) announces the generation of 12,691 new jobs for Costa Ricans in 2018. These were created through the 48 new investment projects developed during the year, including new multinational companies arriving in Costa Rica, in addition to the already established companies that reported growth in service, digital technology, life sciences and advanced and light manufacturing sectors.
Employment figures validated by the Costa Rican Social Security Administration (CCSS Spanish acronym) exceed numbers for 2015 and 2016 (11,935 and 12,307 new jobs, respectively). These figures for jobs generated come close to the 2017 record for gross jobs generated equal to 13,754.
Moreover, net employment (refers to total employment minus persons moving from multinational companies to other sectors of the economy during the year) reached 7,868, which means 820 additional new jobs and 10.42% growth compared to 2017.
“We are very satisfied with these excellent figures on total jobs generated. Not to mention, the growth in net jobs generated and the fact that these jobs represent 41% of total formal employment attained by this sector in 2018. Another aspect of enormous value with a positive impact, is that 57% of new jobs this year are held by women, which is further evidence of the contribution of multinationals and CINDE to attaining gender equity in Costa Rica”, said Jorge Sequeira, General Director of CINDE.
According to CCSS data, 64% of multinational companies in the FDI sector brought in by CINDE grew in 2018, 4% maintain their payroll and 32% reported some decrease. These numbers demonstrate that these firms are setting down roots in Costa Rica.
Positioning: In 2018 there were 48 new investment projects. Of these, 20 are new companies and 28 are new investment areas or projects by leading installed companies.
Diversification: Seven of the 20 new companies (35% of the total) come from new markets in which Costa Rica has undertaken positioning efforts to capture investment.
“A central focus of the Costa Rican FDI strategy has been the diversification of market from which to capture projects and which offer an interesting niche for leading companies in strategic sectors of the country. Efforts have been made in this regard in the European and Latin American markets, as reflected in the attainment of these projects originating specifically from Canada, Mexico, Denmark Luxembourg, Belgium and Ireland”, Sequeira pointed out.
Recent Arrivals in Costa Rica: Among the new firms that decided for Costa Rica is the Danish, medical devices company, COLOPLAST, a leader in the ostomy and continence care sector.
The arrival of PRIMORIS was announced today. This Belgium-based company invested US$1 million to establish an advanced laboratory in Costa Rica for the chemical and physical analysis of food integrity.
Dhayra Machado, General Manager of PRIMORIS Costa Rica commented “for us, Costa Rica will be a hub that will become the center for our company’s operations in the Americas. In addition, we will be implementing the use of equipment with the latest technology, because we have very well-trained staff. This in turn permits us to produce new analyses, currently not available in the country, expanding the service offer for the rest of the continent and the world.
Re-Investment: Some of the most important re-investment in 2018 includes the inauguration of the fourth stage of the GSK Shared Services Center, these operations will add 700 employees by the end of 2019. Also, in 2018, Hewlett Packard Enterprise (HPE) reinvested US$11 million in its new building to house its finance Center, supply chain, research and development and global operational support and infrastructure for the United States, Asia, Africa and Europe. HPE announced that it will hire 120 persons to join their current team of 1,085 employees in Costa Rica.
CINDE is a private, non-profit organization declared of public interest. For 37 years it has been committed to the sustainable development and social progress of Costa Rica through attracting Foreign Direct Investment by manufacturing, services and digital technology industries with high added value that generate quality jobs, opportunities for all population groups, knowledge transfer and production chains with local companies.
CINDE further collaborates to strengthen the Costa Rican business climate to encourage the growth of value activities in the country, improve the preparation of Costa Rican talent, generate employment and greater opportunities for the population in the different Costa Rican communities.
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