Nearshoring to Costa Rica: A great opportunity for U.S. Multinational Enterprises.

Magnalex Abogados | View firm profile

As companies revise their localization strategies due to the social and economic landscape produced by the COVID-19 pandemic, nearshoring to Costa Rica rises as an opportunity to adapt and at the same time to benefit of the Foreign Direct Investment platform available in the country.

Political stability, strategic geographical location, high human development, open and stable economy and environmental sustainability are part of the value that Costa Rica offers that has led to attract and retain investment in specific areas such as smart manufacturing, knowledge-intensive services and health and wellbeing.

The United States is Costa Rica’s main trading partner. During 2019, $1,912.2 million were registered in investments from the United States, a figure 20.5% higher than received in 2018. This investment was mainly destined to the industrial sector (70 %), services (13%), commerce (9%), real estate (6%), and tourism (3%).

Costa Rica has several in-force trade agreements, including the Central American Free Trade Agreement CAFTA-DR with the United States, Nicaragua, Honduras, El Salvador, Guatemala, and Dominican Republic since 2009, which constitutes one of the main instruments of the country’s trade policy.

One of Costa Rica’s most remarkable efforts to build better policies was the accession process to be part of the Organization for Economic Co-operation and Development (OECD), which successfully drove the country to obtain an invitation to join as the 38th member, proving Costa Rica’s commitment to increase its competitiveness, which will benefit investors.

If you would like more information on investing in Costa Rica, please contact Magnalex Abogados, Víctor José Mora

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