US Secretary of Commerce: “Investing in Costa Rica is Good for the United States”

    The United States once again gave a vote of support to Costa Rica to position itself as a key destination for technology companies

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    “Investing in Costa Rica is good for the United States,” said Secretary of Commerce Gina Raimondo.The politician participated in the launch of the national roadmap to promote this industry.

    In her message, she noted his country’s interest in the joint push. She even promised to “work to help them implement it successfully.”“There cannot be a better time for Costa Rica to have this plan,” summarizing when detailing the current context.

    Something more resilient and secure

    The basic pillar of the strategy promoted by Costa Rica is to take advantage of the new tactics of the United States to return the technology industry to the continent.This element was taken up by Raimondo when detailing that currently the production of the devices is almost monopolized by China. Saying,  “This is neither resilient nor safe”.

    The North American administration launched the so-called “CHIPS Act.” This grants million-dollar subsidies so that companies settle closer.“It is not only economic security but also national security,” the leader stated later.

    Adjustments to take advantage of the opportunity

    According to projections from the North American representation, the semiconductor sector would be doubling within a period of between 5 and 10 years.The challenge will then be to see how that opportunity is taken advantage of as part of the CHIPS Act, funds had already been confirmed for Costa Rica to train the necessary workforce.“This is the first of what is yet to come”.

    In this regard, the visitor stressed the urgency of having this human resource ready, an area where training will be essential.“It is not only doctoral talent but also technical talent,” she explained.

    What does Costa Rica propose?

    The plan launched this past Thursday by Costa Rica is presented as a “roadmap” to attract investments arising from US policy.The Minister of Foreign Trade, Manuel Tovar, detailed the main components:

    • Training of human talent: training at various levels and promotion of bilingualism.
    • Incentives 2.0: update of the free zone model, including new international tax rules and focus on research
    • Attraction of investments: missions are carried out in various latitudes, but focused on the technology part
    • Regulatory improvement: promise of streamlining immigration, health and intellectual property issues.

    According to Tovar, it is expected to begin receiving new investments in the near future, understanding that these are corporate decisions.To this he added the expectation of being able to take these firms to destinations outside the Metropolitan Area.

    Resonance Costa Rica
    At Resonance, we aspire to live in harmony with the natural world as a reflection of our gratitude for life. Visit and subscribe at Resonance Costa Rica Youtube Channel
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