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ICT and CINDE sign agreement to promote direct foreign investment for tourism infrastructure

ICT and CINDE sign agreement to promote direct foreign investment for tourism infrastructure

- Cooperation agreement will have a 5-year duration.
- ICT and CINDE will pool efforts to attract investment.

SAN JOSÉ, Costa Rica, February 27, 2019 -- The Instituto Costarricense de Turismo (ICT – 'Costa Rican Tourism Institute') will be implementing a new strategy over the next five years in its pursuit and promotion of foreign investment projects in the tourism sector, with respect to the authenticity, values and cultural traditions of national communities. To achieve this goal, the ICT signed an agreement with the Coalición Costarricense de Iniciativas de Desarrollo (CINDE – 'Costa Rican Investment Promotion Agency), an entity that has been specializing in attracting direct foreign investment in Costa Rica for the past 37 years.

"We will be supporting actual projects of the orange economy, those creative industries that support the culture as an engine driving development," said Minister of Tourism, María Amalia Revelo. "An efficient and coordinated effort is needed to promote Costa Rica as a fitting destination for foreign tourism investment, and CINDE, the world's number one investment promoter according to the International Trade Centre (ITC), has the experience and strategic allies to help us reach our goals," she noted.

CINDE’s Managing Director, Jorge Sequeira, commented: "This agreement will enable CINDE to promote the arrival of projects in tourism infrastructure that will have a direct impact on creating jobs all over the country. We are making all of our technical experience in investor relations available to ICT, so that we can collaborate to increase the positive impact of the very important work performed by our institutions. We are also pleased to be supporting a sector whose generation of revenues through tourism accounted for 6.3% of GDP in 2016, and which also created thousands of jobs in zones outside the Greater Metropolitan Area of San José (GAM – Gran Area Metropolitana de San José), as well as thousands of linkages."
Direct foreign investment in tourism includes hotels, entertainment, corporate, thematic or athletic properties, and port or airport infrastructure to support the tourism sector. Each one of the inter-institutional projects will be executed individually.

"For several decades, tourism activity has been characterized as one of the sectors of the economy with the greatest dynamism. Thanks to this agreement, the ICT will now have the support of the best qualified agency of foreign investment promotion in the world to promote tourism infrastructure projects. I am certain that this alliance will generate a great many benefits for all Costa Ricans that will translate into welfare for the country and employment opportunities throughout the national territory. Today we are celebrating this agreement between the foreign trade sector and the tourism sector, where we will work as allies seeking to re-activate our economy," said Foreign Trade Minister, Dyalá Jiménez.

As part of the agreement, the ICT undertakes to inform CINDE about its plans and work programs, so opportunities for synergies can be identified. Moreover, the parties will share knowledge, specific skills and experiences involving investment promotion and attraction.

The Institute will also adopt measures geared towards prioritizing its incorporation into the 'Single Window Investment' project (VUI – Ventanilla Única de Inversión) which manages PROCOMER to expedite procedures and facilitate processes to implement foreign investment projects.

CINDE will formulate plans and strategies to attract foreign direct investment (IED - Inversión Extranjera Directa) in the tourism infrastructure sector, and will endeavor to open up new sources of investment, which is a goal for the tourism infrastructure sector. Furthermore, it will develop an integrated system for IED promotion and support in promotional materials, to achieve an efficient management to promote foreign investment in tourism.

The Costa Rican Coalition of Development Initiatives (CINDE) is a private, non-profit organization that for more than 35 years has been committed to the development and sustainable social progress of Costa Rica by attracting direct foreign investment in manufacturing and services industries of high added value that create quality employment, knowledge transfer and productive linkages. CINDE also collaborates in strengthening the Costa Rican business climate to foster the growth of activities of value for the country, improvement in the preparation of local talent, creation of jobs and greater opportunities for the population in the country's various communities.

For more press information
Carlos Morales