Costa Rica Opens Tech Investment Office in Silicon Valley
Costa Rica's investment promotion agency, PROCOMER, has inaugurated a new office in Silicon Valley. The office will focus on attracting investment projects in high-value sectors such as semiconductors, medical devices, and business services. The move is a strategic effort to position the country as a hub for advanced technology in the Americas.
- The new office, located in Santa Clara, California, is part of a broader strategy to position Costa Rica as a reliable partner for resilient supply chains and to attract investment in advanced technologies. This initiative is led by Minister of Foreign Trade, Manuel Tovar, and PROCOMER's General Manager, Laura López. - This move aligns with Costa Rica's national strategy to strengthen its semiconductor ecosystem, which was declared a matter of public interest. The plan focuses on talent development, modernizing financial and fiscal incentives, targeted investment attraction, and streamlining the regulatory framework. - [The United States is](https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEeeC691PDhIT3HIgThNpsZVh1hDyM4-3pGNpwplVSBO8UHIB2X8JO8MipfChR0eXZnmlGL5ucCHMs-t-9Bq7St4AzlGc_93sEYIe4lsCZcaPmX0wApXwPmt26ZfjsMNAjLbNDM-AlC5A6djYYyTZMUlDMYEVDpwbQkXbK7KbrtAZ2gPAly1Swrd0pecb5VhMjWhJroeL-gy_Y=) a key partner in this strategy, with the U.S. government endorsing Costa Rica as a strategic ally in the semiconductor supply chain through initiatives like the CHIPS and Science Act. - Foreign Direct Investment (FDI) is a significant part of Costa Rica's economy, with inflows reaching a record $1.19 billion in the first quarter of 2024, a 42% increase from the same period in 2023. The United States is the largest source of FDI, accounting for 73% of the total in that period. - In 2023, Costa Rica attracted a record $3.92 billion in FDI, with the manufacturing sector receiving the majority at 55%, followed by the services sector at 25%. PROCOMER successfully attracted 59 new investment projects in 2023, the highest in recent years. - More than 400 multinational companies, including major tech firms like Microsoft, IBM, and Intel, already have operations in Costa Rica, drawn by the country's political stability and skilled workforce. - The country's Free Trade Zone (FTZ) regime is a primary driver for attracting investment, capturing 64.3% of total FDI in 2024. There is a strategic focus on encouraging investment in regions outside the Greater Metropolitan Area (GAM), which saw a shift from a negative investment of $38.2 million to a positive $240 million in the FTZ. - Key officials driving this initiative include Manuel Tovar Rivera, the Minister of Foreign Trade and President of PROCOMER, and Laura López Salazar, the General Manager of PROCOMER. Tovar has an extensive background in international trade and relations, while López is an economist focused on sustainable and inclusive development.
