Business Sector States Costa Rica Economic Boom but Needs Infrastructure Reform

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    Last week the business sector in Costa Rica highlighted the economic growth of Costa Rica in 2012, but urged the Government to reform in order allow greater private power generation companies to reduce their cost.

    The Costa Rican Union of Chambers and Associations of Private Enterprise (UCCAEP), said that the Costa Rican economy has had good growth this year projected at around 4.5%.

    Continuing, the government should promote reforms in 2013 to reduce the amount of red tape and expand power generation and infrastructure projects, especially roads.

    On energy, it is necessary to approve the General Electricity Law which aims to increase private participation in the generation and supply of energy.

    Employers fear increases of up to 30% in rates next year because of delays in the construction of hydroelectric projects of state-owned Instituto Costarricense de Electricidad (ICE) and deficit rainfall in the dam, which would require more expensive generation fuels.

    According to the businessman, private participation would favor consumers with competitive prices and allow the country to cover the projected demand growth for the coming years.

    It is necessary to double power generation over the next twelve years if Costa Rica has an annual economic growth of 6% (of GDP) and for that you require about 7,500 million dollars of investment.

    The business sector also called for a revival in public works construction especially highway access in the northern regions of the country, as well ports and airports on the Central Pacific.

    The UCCAEP today filed a quarterly survey that measures the perception and confidence in the sector in the country’s economy, with a majority stating improving conditions raising confidence in general.

    The study notes that the Business Perception Index, which measures the opinion of respondents on the recently concluded quarter (July to September) stood at 5.3, and the Business Confidence Index, which measures expectations for the next quarter reached 6.3.

    The survey was conducted from 1 October to 15 presidents, general managers of 505 companies or financial, has a margin of error of 5.6% and a confidence level of 95%, according to the data sheet.

    The Costa Rica News (TCRN)
    San Jose Costa Rica

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