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    Costa Rica Draws Record Investment on Technology, Communications

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    Jan. 16 (Bloomberg) — Foreign direct investment in Costa Rica rose 52 percent to a record $1.56 billion in the first nine months of 2011 on increased spending by technology and telecommunications companies.

    Investment in the Central American countryโ€™s free-trade zone, where U.S. corporations such as Intel Corp., International Business Machines Corp. and Hewlett-Packard Co. have manufacturing and service units, represented 27 percent of the investment, the central bank said in a report distributed today by the Foreign Trade Ministry.

    Spending on telecommunications accounted for 25 percent of foreign investment, the bank said. Costa Rica ended a 48-year state telecommunications monopoly last year, awarding licenses to Mexicoโ€™s America Movil SAB and Spainโ€™s Telefonica SA.

    Investment in the three quarters compares with $1.03 billion a year earlier and is more than the $1.45 billion record for a complete year set in 2010.

    The government of President Laura Chinchilla, who took office in February 2010, has set a target for foreign investment to total $9 billion during her four-year term.

    โ€œWe were able maximize our presence in international markets to attract record investment in high technology, such as in the services and advanced manufacturing sectors,โ€ Gabriela Llobet, director general of the Costa Rican Investment Board, said at a press conference at the Foreign Trade Ministry today.

    By Adam Williams

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