President Guillermo Solís is gearing up to move more investors into Costa Rica, and the economy is showing several signs of recovery after Intel shipped out in April of 2014.
The month of April was a difficult one in Costa Rica as several large firms including Intel laid off thousands of workers and headed to other projects abroad. Other larger firms that left Costa Rica about th same time included Bank of America and the Costa Rica based phone service CustomerSpeak which was closed due to not paying insurance to La Caja. Customer Speak was based in the Mall San Pedro, and was raided by La Fuerza Publica when insurance claims were filed against it.
The problems of not so long ago are beginning to dissipate as Costa Rica is looking forward to an accelerated period of economic growth stymied by stronger world economy. Public works projects are likely to spur development in several sectors, and President Solís has also been on a four city tour and campaign in the United States to bring more investments to the country.
Costa Rica established itself as a stable economic hub with a highly educated lower cost workforce in the 80s and 90s, and was applauded by several economists for this and its access to Asian, European and US markets. The stability brought several BPO (business process outsourcing) companies in, and some have lasted while others like Intel have gone. On President Solís ten day tour of the States, he spoke with some of the companies that have come to Costa Rica about expanding their programs in country.
Companies such as Dole Food Co. and Bridgestone have offices and factories in Costa Rica already, and now President Solís is looking to increase these businesses among others. The Costa Rica central bank President Olivier Castro has also cited various optimistic signs of the economy’s strengthening among which there is the rising of the Colon, the interest rate dropping and the aforementioned public works projects.
It would appear that the effect of companies such as Intel and Bank of America downsizing their global industries is now turning around in Costa Rica and the future is looking much better for the time being.