Foreign Investment Projects in Costa Rica Doubled in the Past Year
A recent report by PROCOMER reveals a significant increase in foreign investment projects and export growth in Costa Rica for 2024.
The Promotora de Comercio Exterior (PROCOMER) presented its analysis of Exports and Investment for 2024 during a conference on April 1. According to the revealed data, the number of foreign investment projects in Costa Rica doubled, increasing from an average of 30 to 35 per year to a total of 61 completely new projects in sectors such as tourism, semiconductors, and free zones.
Of these projects, 16 are located outside the Gran Área Metropolitana (GAM).
This surge also affects the investment flow data recorded by the Central Bank of Costa Rica (BCCR), which reported a total of $4.3 billion in foreign direct investment for 2024, surpassing the $3.788 billion from the previous year, as indicated by the bank's General Manager, Laura López.
While the majority of these investments originate from the United States, other countries such as Belgium and Colombia are also involved.
Indiana Trejos, the interim Minister of Foreign Trade (Comex), emphasized the intention to strengthen trade ties with these partners in light of the announced tariff increases by U.S. President Donald Trump.
"Even though the U.S. is our main ally, we will engage with international agendas in Europe, Asia, and other emerging markets to enhance advanced manufacturing, semiconductors, and other sectors," Trejos noted.
In terms of export performance, service exports reached $10.072 billion in 2023, with a projected growth of 5.8% for 2024, totaling $10.661 billion.
The total amount of goods exported in 2023 was $18.244 billion, while in the previous year it was $19.894 billion, reflecting a 9% increase.
This growth translates into the attainment of over 150 destinations worldwide and more than 4,300 products being traded.
Among these, Costa Rica is recognized as the largest exporter of pineapple globally, as well as yuca to the United States and the European Union.
It ranks second in high technology exports in Latin America and third in banana exports worldwide.
The export sector constitutes approximately 32% of the country’s Gross Domestic Product (GDP) and generates about 700,000 jobs, according to PROCOMER data.
The organization indicated that Costa Rica ranks among the top three countries in the Organisation for Economic Co-operation and Development (OECD) for progress in this area.
PROCOMER was honored as the number one trade promoter in the world by the International Trade Centre (ITC), receiving awards for best data utilization and partnerships.
Of these projects, 16 are located outside the Gran Área Metropolitana (GAM).
This surge also affects the investment flow data recorded by the Central Bank of Costa Rica (BCCR), which reported a total of $4.3 billion in foreign direct investment for 2024, surpassing the $3.788 billion from the previous year, as indicated by the bank's General Manager, Laura López.
While the majority of these investments originate from the United States, other countries such as Belgium and Colombia are also involved.
Indiana Trejos, the interim Minister of Foreign Trade (Comex), emphasized the intention to strengthen trade ties with these partners in light of the announced tariff increases by U.S. President Donald Trump.
"Even though the U.S. is our main ally, we will engage with international agendas in Europe, Asia, and other emerging markets to enhance advanced manufacturing, semiconductors, and other sectors," Trejos noted.
In terms of export performance, service exports reached $10.072 billion in 2023, with a projected growth of 5.8% for 2024, totaling $10.661 billion.
The total amount of goods exported in 2023 was $18.244 billion, while in the previous year it was $19.894 billion, reflecting a 9% increase.
This growth translates into the attainment of over 150 destinations worldwide and more than 4,300 products being traded.
Among these, Costa Rica is recognized as the largest exporter of pineapple globally, as well as yuca to the United States and the European Union.
It ranks second in high technology exports in Latin America and third in banana exports worldwide.
The export sector constitutes approximately 32% of the country’s Gross Domestic Product (GDP) and generates about 700,000 jobs, according to PROCOMER data.
The organization indicated that Costa Rica ranks among the top three countries in the Organisation for Economic Co-operation and Development (OECD) for progress in this area.
PROCOMER was honored as the number one trade promoter in the world by the International Trade Centre (ITC), receiving awards for best data utilization and partnerships.
