A series of business reforms headed by Costa Rican government have improved the nation’s overall competitiveness says a recent report.
Over the last five years, Costa Rica, Jamaica and Mexico have recorded the most business reforms in all Latin America and the Caribbean. Nevertheless, the World Bank’s Doing Business 2016: Measuring Regulatory Quality and Efficiency report names Costa Rica the world’s top improver, moving up an astonishing 21 positions from the previous year.
Among Costa Rica’s greatest achievements are improved protocols for paying taxes, getting credit and connecting to the electrical grid. In fact, despite local controversy surrounding the country’s electrical system, new businesses in Costa Rica are now able to get electricity in just 45 days — that’s less than several developed countries, including Sweden!
Other reports have revealed the same positive outlook for business in Costa Rica. While experts currently estimate about 4% increase to the economy during 2016, it’s Costa Rica’s stability and steady improvements that make the country so competitive.
On December 30th, the Board of the Central Bank of Costa Rica approved a new Macroeconomic Program for 2016-2017, demonstrating their faith in the continued growth of the nation’s economy.
How Did They Do It?
Costa Rica implemented a total of three major reforms last year that, according to the presidential office, “directly benefit the business environment.” Additional developments were brought forth by various subdivisions of the Costa Rican government.
For example, the Ministry of Economy, Industry and Commerce (MEIC) instrumented the defense of domestic production and consumption of milled rice. They also performed investigations in the areas of agriculture, oil, fishing and unfair trade practices.
Furthermore, private organizations such as the Costa Rican-American Chamber of Commerce (AmCham) pull together some of the greatest minds in business from Costa Rica and investing countries to promote smooth, healthy business practices within the country.
Some of AmCham’s 2015 accomplishments include working on the Fiscal Policy Committee so as to ensure new tax reforms do not compromise the interests of their members. AmCham’s International Center for Conciliation and Arbitration also put together an Infrastructure Forum which identified a project in San José – San Ramón as a “safe method for investments in infrastructure and roads.”