Costa Rica reaches record number of investment projects in 2020

December 16, 2020December 21, 2020 News Room

– Costa Rica’s investment promotion agency CINDE reported 81 investment projects from 11 different countries during the pandemic.

– The country’s multinationals created 19,806 new jobs, an increase of 18% over the previous year.

– Costa Rica consolidates its position as a strategic ally for Nearshoring: Intel and Microvention are two recent examples of this position.

SAN JOSÉ, Costa Rica , Dec. 16, 2020 / PRNewswire / – CINDE, Costa Rica’s investment promotion agency , reported a record 81 projects confirmed in 2020, of which 26 are new companies that have chosen Costa Rica for their operations, as well as 55 investment projects that have diversified current operations in the country with new processes or new business lines as well as expansions.

Of the 26 new entries, 14 of them were of non-traditional origin and represented 11 different countries such as Japan, Denmark, France , Germany, India, UK and Bosnia and Herzegovina .

These include the German company ADMEDES, one of the world’s leading contract manufacturers of self-expanding nitinol (nickel and titanium) components used in the medical device industry. The company has chosen Cartago, Costa Rica , as its third geographic operation, which will be added to its two centers in Germany and one in the United States.

Intel is another example with a $ 350 million investment in Costa Rica to reorganize test and assembly operations, adding its other three divisions in the country, including its Megalab, its research and development center (R&D ) and its global service center, with a total of 2,000 additional people.

Eric Scharf , Chairman of the Board of Directors of CINDE, stressed that these results, in the midst of the pandemic, are a clear signal of Costa Rica’s response and resilience and an excellent coordinated effort between the government, businesses and their communities. employees to ensure business continuity.

“In just a few days, 98% of the country’s service companies, which number more than 70,000 people, were working 100% from home, and the manufacturing companies identified all of the critical on-site jobs that continued to operate under sanitary protocols. the strictest, giving priority to the well-being of people. The assurance of this commercial continuity, in addition to a clear rule of law and openness to trade, demonstrated the confidence of multinationals in Costa Rica as a strategic ally for the “ new nearshoring ”, added Mr. Scharf.

On this line, Jorge Sequeira , Director General of CINDE, added: “Over the years, Costa Rica has been the site of nearshoring par excellence. This year, the pandemic has reaffirmed Costa Rica’s position . We have had several expansion projects in the manufacturing sector, motivated by a strategy of optimizing the offer. The results we achieved in 2020 reflect a high level of multinational trust in our country, where we have been able to demonstrate responsiveness, resilience and corporate reinvention, but more importantly, demonstrate the capacity of our people ”.

People and prosperity. In 2020, multinationals generated a total of 19,806 new jobs, an increase of 18.4% over 2019. The net job gains were 14,709, which represented an increase of 45% from 2019. compared to the previous year.

The more than 330 multinationals attracted by CINDE generated a cumulative amount of 134,026 jobs, which represents an increase of 12% compared to 2019.

Employment in multinationals supported by CINDE has experienced sustained growth in recent years, with 54% of them increasing their payroll during 2020.

CINDE, in collaboration with multinationals, actively promotes gender equality in the labor market. This year, 49% of the net new jobs created were filled by women.

Planet. “ Costa Rica’s commitment to sustainability is our flagship for developing the right conditions for multinational companies looking to invest with determination,” explains Jorge Sequeira . “Under the ‘People, Planet, Prosperity’ pillars, we are strengthening opportunities for all responsible companies that need a strategic partner to achieve new business standards and that need their sustainability goals to be met. an impact on the triple bottom line. ”

Growing organizations from the personal care and wellness, food technology and biomaterials sectors include more than 25 members of RE100, an international initiative that brings together more than 100 influential companies committed to an energy 100 % renewable.

The results of CINDE reinforce Costa Rica’s contribution and its respect for the Global Sustainable Development Goals (SDGs) established by the United Nations. As Costa Rica’s investment promotion agency , CINDE reports on its impact results against 4 main Sustainable Development Goals (SDGs): decent work, gender equality, industry, innovation and infrastructure, and social education. quality.