PROCOMER: Costa Rica sees record investment flows and knows which data place it as an ideal destination to invest

• Record amount of $1,188.9 million is the highest number ever for a first quarter.
• Investment outside the Greater Metropolitan Area of Costa Rica saw an increase of US$64 million compared to the same period in the previous year.

SAN JOSÉ, Costa Rica, July 12, 2024 /PRNewswire/ -- Foreign direct investment (FDI) flows registered during the first quarter of 2024 increased by 42% compared to the same period in 2023, reaching the historical figure of US$1,188.9 million, a difference of US$349.7 million. These data, published by the Central Bank of Costa Rica (BCCR), indicate the highest level ever recorded in a first quarter in the country.

According to the Central Bank, FDI outside the Greater Metropolitan Area (GAM) also increased significantly, going from a negative figure ofUS$ -14.4 million in 2023, to US$49.6 million in 2024, reflecting an increase of US$64 million in investments executed in these areas of the country.

"These growth figures of 42% in FDI compared to the same period in the previous year and the highest ever recorded during a first quarter confirm that we have made the right decisions and reflect the excellent performance of PROCOMER as an official agency for the attraction and promotion of investments. We are on the right track with our goal of bringing more employment opportunities to the whole country, generating productive chains and knowledge transfer. We are also committed to honoring the trust of companies and continuing to optimize our value proposition to remain the number one choice when making their growth and expansion decisions," said Manuel Tovar, Minister of Foreign Trade of Costa Rica (COMEX).

When breaking down the data by regime, during the first quarter of 2024 FDI allocated 61.5% to free trade zones, 13.5% to companies in the definitive regime, 12.1% to tourism, 6.6% to the financial sector, 6% to the real estate sector and 0.2% to inward processing. Compared to the first quarter of 2023, the largest increase was recorded in regular companies, with an increase of US$58.5 million to US$160.6 million in 2024, a difference of US$102.1 million. Free trade zones also showed an increase of US$91.1 million.

By sector, in manufacturing FDI accounted for 49.4% of the total amount, the services sector - 16.1%, the tourism sector - 12.1%, trade - 7.3%, the financial sector - 6.6%, real estate - 6%, agriculture - 2.1%, and agroindustry - 0.3%. All sectors experienced significant increases compared to 2023, with 133% in tourism, 62% in services and 59% in trade.

"The results of the first quarter of 2024 in foreign direct investment flows are a clear indicator that our new investment attraction model is bearing fruit, especially outside the Greater Metropolitan Area. The significant increase in investments in these areas underscores the effectiveness of our strategy to promote regional development and diversify our sources of economic growth. We are committed to continue strengthening this momentum to ensure that Costa Rica continues to be an attractive destination for global investors," said Laura Lopez, General Manager of The Trade and Investment Promotion Agency of Costa Rica (PROCOMER) .

As for the origin of the investment, the United States maintained its position, representing 73% of the total received during the first quarter of 2024, followed by Colombia (4%), Mexico (4%), Switzerland (3%) and Brazil (3%).

In addition to the data published by the Central Bank of Costa Rica, the entity reported a downward adjustment in the total investment flows for 2023, establishing it at US$3,788.2 million, not the previously reported amount of US$3,921.4 million.

Contact:
Ofelia Fernández Valverde: [email protected] & Esteban Chaves Trejos: [email protected]

SOURCE PROCOMER