Today Costa Rica signed the OECD Declaration on International Investment and Multinational Enterprises according to the international organization in a statement.
This OECD Declaration is intended to help countries attract more and better foreign investment and promote responsible business conduct, said the Organization for Economic Cooperation and Development (OECD).
According to the OECD review of investment policies of Costa Rica, inflows of foreign direct investment (FDI) in the country “has increased at an astonishing rate” and recorded an average annual growth of 13% in the last decade.
The statement emphasizes also that manufacturing activities represent a significant part of this growth, while the service sector the proportion of FDI inflows also increased in recent years, thanks to “the opening of the telecommunications market “which grew from 8% of total inflows in 2002 to 40% in 2012.
The Regulatory Constraint Index of FDI from OECD also reveals that the legal regime for foreign investors in Costa Rica “is more open than the average” of the 57 OECD and non-OECD countries examined.
At the signing ceremony held in Paris, the secretary general of the OECD, Angel Gurria, said that Costa Rica is “a new and important step that will strengthen its international integration and result in growth and development.”
Gurria held further that the country’s ability to attract foreign investment and has contributed “to transform its economy and make it more diversified and knowledge-based.”
Among the recommendations to address major challenges facing Costa Rica, the organization suggests you “better use of Public Private Partnerships (PPPs) in transport and electricity”, to develop management expertise and offer ” greater opportunities for foreign investors to participate in projects of public-private partnership “.
In addition, Costa Rica would “streamline and modernize” the procedures for doing business and cut red tape to facilitate investment, and “strengthen partnerships between government, universities, R & D and private sector” to address the mismatch every widening gap between supply and demand in priority sectors, particularly in high-tech industries.
The OECD considers it desirable that Costa Rica “continue its efforts in the fight against corruption in the public sector and transnational corruption”, something which otherwise set the Guidelines for Multinational Enterprises Declaration.
As a signatory, Costa Rica is committed to ensuring equal treatment to foreign and domestic investors and to encourage responsible business conduct.
The Costa Rica News
San Jose Costa Rica
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