The Invest Guatemala team recently visited Costa Rica to learn about the country’s successful practices in attracting and retaining foreign investment. During their visit, the Invest Guatemala delegation met with representatives from the Costa Rican Investment Promotion Agency (CINDE) and the Foreign Trade Promotion Agency (Procomer) to learn about their strategies and practices for attracting foreign investment.
CINDE, established in 1982, is a private, non-profit organization that promotes Costa Rica as an investment destination. It’s primary focus is on attracting high-tech companies and promoting foreign direct investment in the country. The Invest Guatemala delegation was impressed with CINDE’s innovative approach to promoting investment in the country, including their use of digital marketing, social media, and public relations.
Procomer is a public institution responsible for promoting and developing foreign trade in Costa Rica since 1996. It was proven to be successful in developing trade agreements with countries around the world and promoting Costa Rican exports. Along with the Foreign Trade Ministry, Cinde and Procomer are the three entities in charge of managing all matters related to Foreign Direct Investment (FDI).
The Invest Guatemala team toured two industrial parks in Costa Rica, Coyol and America Free Zone, in addition to meeting with CINDE and Procomer, to learn about new trends and best practices. Industrial parks are an important tool for attracting foreign investment because they provide the infrastructure required for companies to establish operations in a nation, such as roads, electricity, water, and other utilities.
Industrial parks like the ones in Costa Rica, with their modern infrastructure, well-maintained facilities, and access to a highly skilled workforce, are something Guatemala should start implementing to boost FDI in the country. The close collaboration between the government and private sector in the development and management of industrial parks is also significant, as it demonstrates that when the entire country works toward creating better mechanisms of country promotion, development is unavoidable.