The Costa Rican Tourism Institute (ICT) signed on Wednesday an agreement with the Costa Rican Coalition of Development Initiatives (Cinde), to bring direct foreign investment directed to tourism infrastructure. International financing includes hotels, entertainment, corporate, thematic or sports facilities, and port or airport infrastructure to support the tourism sector. Each of the inter-institutional projects will be executed individually.
CINDE is a private, non-profit organization that for 37 years has worked for the development and sustainable social progress of Costa Rica by attracting foreign investment in manufacturing industries.
According to a press release, the ICT committed to informing Cinde about its plans and work programs so that opportunities for synergies are identified. In addition, both parties will share knowledge, specific skills and experiences in terms of promotion and attraction of investments.
The Institute will also adopt measures aimed at prioritizing its incorporation into the Single Window of Investment (VUI) project managed by Procomer to streamline procedures and facilitate the installation processes of foreign investment projects.
“A coordinated and efficient effort is necessary to promote Costa Rica as a suitable destination for foreign tourist investment and CINDE, the world’s number one investment promoter according to the International Trade Center (ITC), has the experience and strategic allies to help us to reach our objectives”, mentioned the minister of tourism, María Amalia Revelo.
For his part, the Director General of CINDE, Jorge Sequeira said that he was pleased to support a sector whose generation of foreign currency for tourism accounted for 6.3% of Gross Domestic Product (GDP) in 2016, and also generates thousands of jobs in areas outside of GAM.