Investment up 11% for Costa Rica in 2008

Thirty new companies were established in the services, manufacturing, and medical device sectors in Costa Rica, generating an investment of $428.6 million and creating 6,300 new jobs in 2008.

Gabriela Llobet, manager of the Costa Rican Investment Promotion Agency (CINDE), a group responsible for attracting investment to the country warned that 2009 poses ever-increasing challenges to Costa Rica, as other countries try to become more competitive during the global economic crisis.

Llobet said that the crisis will inevitably have an impact in Costa Rica, but there are still promising signs for 2009.

The year has already begun with the announcement of new investments from medical device companies St. Jude Medical and BeamOne. Both companies will open new plants in the Coyol Free Trade Zone, in the Alajuela province.

St. Jude Medical, a U.S.-based multinational firm, will use the new plant to expand its production of heart valves. The $40 million investment will generate 500 jobs once the plant is in operation.

BeamOne, also a U.S. firm, recently opened its electron beam sterilization plant here.

The digital production company avVenta also announced that it would invest $20 million on technology improvements and training for its 500 employees. The company expects to employ 2,000 people by next year.

The number of new companies formed in 2008 was 11 percent higher than the previous year, and many of these businesses are in new sub-sectors. This corresponds with CINDE’s goals of promoting new markets in Costa Rica, Llobet said.

To read the full story, with listings of the sectors showing the most growth, by Grettel Prendas (grettel.prendas@rimolamedios.com) of the The Central America Times just click here.