Costa Rica’s Economy Sees Record Foreign Investment Growth

In a significant development, Costa Rica has experienced a notable increase in foreign direct investment (FDI) flows, reaching a historic total of $4,321 million in 2024. This represents a 14% surge compared to the previous year, surpassing the target set in the National Development and Public Investment Plan by 37%. The country attracted 61 new projects, with 16 choosing to establish operations outside the Greater Metropolitan Area (GAM), resulting in an investment of $240 million in those regions. Notably, 22 of the 61 projects originated from countries other than the United States.

The Free Trade Zone regime witnessed remarkable growth outside the GAM, transitioning from a negative investment of $38.2 million to a positive $240 million. Additionally, exports of goods and services totaled $30.555 billion, reflecting an 8% increase.

Acting Minister of Foreign Trade, Indiana Trejos, highlighted Costa Rica’s economic momentum driven by trade and FDI, emphasizing the country’s status as the fastest-growing OECD nation for two consecutive years. Laura López, General Manager of PROCOMER, emphasized the success of the FDI attraction strategy, particularly in promoting investment beyond the GAM. Over $200 million flowed into these regions, supporting over 700,000 people through export-related employment and investment.

By investment regime, the Free Trade Zone remained the top destination for FDI, capturing 64.3% of the total. Tourism, definitive regime, real estate, financial services, and inward processing also attracted investments. Manufacturing led by sector with 67.4% of total FDI, followed by tourism, real estate, services, financial services, commerce, agriculture, and agribusiness.

The growth in the Free Trade Zone regime, especially outside the GAM, aligns with PROCOMER’s strategic priority to promote regional development. Noteworthy investments in manufacturing, tourism, and other sectors have contributed to the country’s economic growth. Goods exports were led by precision and medical equipment, while service exports saw a significant increase as well.

In conclusion, Costa Rica’s record foreign investment growth reflects the country’s commitment to economic development and attracting international projects. The success of the FDI attraction strategy and the focus on regional development have yielded positive results, contributing to the overall growth of the economy. Further engagement in these key sectors will continue to drive Costa Rica’s economic progress in the future.