By Wendy Anders

This year saw 40 new investment projects in the multinational services, life sciences, advanced and light manufacturing, and food industry sectors, reported the Costa Rican Coalition for Development Initiatives (CINDE), in conjunction with the Ministry of Foreign Trade (COMEX) in a press conference yesterday.

The business leaders said that 94 percent of the foreign companies already established in Costa Rica in 2016 either expanded or maintained their level of operations in the country, demonstrating a very stable investment portfolio.

The new initiatives were responsible for creating 12,307 new formal jobs in 2016, said CINDE.

The net employment generated by foreign companies represents 16 percent of the total net formal employment generated by all sectors of the country in 2016, and 22 percent of the total net formal employment generated by the private sector.

“The contribution of multinational companies to the generation of job opportunities is very significant. We must continue to guarantee the country conditions so that it can maintain this dynamism,” said Jorge Sequeira, CINDE Director.

With regard to the generation of employment opportunities outside the Greater Metropolitan Great Area (GAMA), CINDE called on communities to develop their competitive conditions and to facilitate the arrival of investment projects. Two foreign companies in the food industry set up operations this year in the Caribbean and the North Pacific.

Foreign Trade Minister Alexander Mora said: “This data again highlights the importance of foreign direct investment as a strong driver of our economy and as a fundamental pillar to generate quality employment opportunities for Costa Ricans. Certainly we are surrounded by challenges arising from the global economic environment, and there are also internal areas in which we must continue working to strengthen our competitiveness; but we are motivated to continue working to achieve the goals we have set, to generate new opportunities for our inhabitants, and for the successful participation of Costa Rich in value chains that produce revenue for the country.”