Costa Rica advances in direct foreign investment for tourism infrastructure

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Costa Rica advances in direct foreign investment for tourism infrastructure
Mon March 04, 2019

The Costa Rican Tourism Institute will implement a strategy over the next five years to promote foreign projects that respect the authenticity, values ​​and cultural traditions of the national communities

To meet this goal, the ICT signed an agreement on Thursday with the Costa Rican Coalition of Development Initiatives (CINDE), a specialized entity in attracting foreign direct investment from Costa Rica for 37 years.
"We will support projects of the orange economy, those creative industries that support culture as the engine of development," said the Minister of Tourism, María Amalia Revelo. "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, "he said.
The General Director of CINDE, Jorge Sequeira, commented: "This agreement will allow CINDE to promote the arrival of tourism infrastructure projects that will have a direct impact on the generation of employment throughout the country. We are making available and collaboration of the ICT, all our technical experience in the attention of investors, so that we can increase the positive impact of the important work that our two institutions perform. We are also pleased to support a sector whose generation of foreign currency for tourism represented 6.3% of GDP in 2016 and which also generates thousands of jobs in areas outside GAM, as well as thousands of linkages. "
Foreign direct investment in tourism 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.
"For several decades, tourism activity has been characterized by being one of the sectors of the economy with greater dynamism. Thanks to this agreement, the ICT will now have the support of the best qualified foreign investment promotion agency in the world to promote tourism infrastructure. I am sure that this alliance will generate many benefits for all Costa Ricans that will be translated into well-being for the country and job opportunities across the wide and broad national territory. Today we celebrate this agreement between the foreign trade sector and the tourism sector, where we will work as allies, seeking the reactivation of our economy, "said Minister of Foreign Trade, Dyalá Jiménez.
As part of the agreement, the ICT undertakes to inform CINDE about its work plans and programs, in order to identify opportunities for synergies. The parties will also 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 to the Single Window of Investment (VUI) project managed by PROCOMER to streamline procedures and facilitate the installation processes of foreign investment projects.
CINDE will formulate plans and strategies for attracting foreign direct investment (FDI) in the tourism infrastructure sector and will seek the opening of new destination destinations for investment in the tourist infrastructure sector. Likewise, develop an integrated system of promotion of FDI and support in promotional materials, to achieve an efficient management of promotion of foreign tourist investments.
CINDE is a private, non-profit organization that for 35 years has been committed to the development and sustainable social progress of Costa Rica by attracting direct foreign investment in manufacturing industries and high value-added services that generate quality jobs , knowledge transfer and productive chains. CINDE also collaborates in the strengthening of the Costa Rican business climate in order to encourage the growth of value-added activities for the country, the improvement of the preparation of local talent, the generation of employment and greater opportunities for its population in the different communities of the country.


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