The CEO of the multinational confirmed that the closure of the plant did not respond to reasons of global strategy but to the high operating costs in the country.
An article in Crhoy.com reports that in a presentation for employees of the company, the executive director of Intel, Brian Krzanich said that "the decision in Costa Rica was not part of plans to reduce the company's overall payroll but 'had more to do with the cost of this operation, the long-term operational cost of the plant. We spent several years working with the Government of Costa Rica, trying to reduce the overall cost of this operation.'"
The multinational has announced investments of $31 million to expand its plant in Cartago and open a new service center in Heredia.
From a press release by the Ministry of Foreign Trade:
With an investment of $31 million, the company Kimberly-Clark (KC) will strengthen its manufacturing operations and services in Costa Rica. The company will invest $27 million in its new plant in Coris, Cartago, plus an additional $ 4 million for a new Shared Service Centre located in Heredia and which will support its business network throughout Latin America.
The agreement between both nations to develop a Special Economic Zone will be completed in less than a year.
The project which the two countries plan to implement in the Central American nation will materialize in less than a year, benefiting sectors such as high-tech and manufacturing.
This was stated by the Costa Rican Minister of Foreign Trade, Anabel Gonzalez, who is on a visit to the Asian nation to promote FDI in Costa Rica, to boost tourism and find new avenues of cooperation with China, a country which according to Gonzalez , has trade reaching $6.2 billion.
With an investment of $10 million the German company Zollner Elektronik AG is to establish a manufacturing and support services plant.
From a press release by the Ministry of Foreign Trade in Costa Rica (COMEX):
Zollner Elektronik AG, one of 15 world leaders in electronics manufacturing services (EMS) and the number one in Germany, announced today the establishment of its modern manufacturing and technical support services plant in Costa Rica.
On 26th and 27th of November 500 Chinese businessmen will take part in business meetings with 300 representatives from Latin American companies seeking to generate new business.
According to Anabel Gonzalez, Minister of Foreign Trade, they expect the involvement of 300 employers in the region and they have been organizing business meetings for the summit in the form of plenary sessions, parallel meetings and roundtable discussions at high-level .
The visit by Chinese President Xi Jinping resulted in concrete facts that indicate the interest of Asian country for Central America, and consolidate Costa Rica as their bridgehead to the region.
Elfinancierocr.com has reported on the most relevant of these acts, the signing of a $400 million loan at a very low interest rate, to finance the expansion of a major road linking the capital of Costa Rica with the main port of the country.
Investments in port infrastructure, new free zones, condominium housing developments, and a new road promises more development in the area.
One of the projects planned to start in 2013 is the new Moin Container Terminal, by APM Terminals, whose construction will require three years and a workforce of 1,000 workers.
Also for 2013 is the expected start of construction of a "condominium building that was initially going to be 200 units, but due to the strong demand has been extended it to 292 units, explained Eduard Morgan, managing director of Calypso Developments, responsible for this development. "
Thomson Reuters, the world leader in intelligent information for businesses and professionals, has announced the opening of its new site in San Jose, Costa Rica.
A press release from the Ministry of Foreign Trade reads:
Thomson Reuters, the world leader in intelligent information for businesses and professionals, announced the opening of its new site in San Jose, Costa Rica.
Costa Rica will host the sixth China - Latin America and the Caribbean (LAC) Business Summit, to be held in October 2013.
The summit organized by the China Council for the Promotion of International Trade (CCPIT) and the Interamerican Development Bank (IDB) seeks to strengthen trade relations between the two regions.
"The Ministry of Foreign Trade said in a statement that the summit "’is the business forum with the greatest amount of trade and investment between Latin America and the Asian giant and attracts high-level representatives from government, business and the academic sector’ ", reported Prensalibre.com.
The governments of Costa Rica and India are negotiating an Economic Cooperation Agreement and an Agreement for the Promotion and Reciprocal Protection of Investments.
A statement by COMEX reads:
Visit to Delhi pays off
- Minister unveils opportunities for trade, investment and cooperation.
- Indian authorities examine proposed agreement for the promotion and reciprocal protection of investments.
Representatives from the government and private enterprise are looking to India for business opportunities and attracting investment.
From a press release from the Costa Rican Ministry of Foreign Trade (Comex):
A delegation led by the Minister of Foreign Trade, Anabel Gonzalez, will visit India next week, along with representatives from the Foreign Trade Promoter (PROCOMER) and the Coalition of Development Initiatives (CINDE).
General Microcircuits has opened its new plant in Costa Rica, which required an investment of $2 million.
The company, which produces electronic integrated circuit boards, sited its 1,300 m2 plant in the BES zone in Alajuela, where it employs 20 people.
From there, General Microcircuits exports its production weekly to Mooresville, North Carolina, where the product is distributed to the company’s customers
The medical device company Nitinol Devices & Components has announced it will expand its payroll and install a new plant.
NDC, which has been in the country for a year, plans to expand its payroll from 25 to 100 workers and build a second plant measuring 1,600 square meters in Coyol Alajuela.
The current NDC operation will be expanded around 900 m2 with the latest technology for making guide wires, both Nitinol based wires, as well as other materials. Among the processes to be are carried there are wire end sharpening, molding, extrusion of polymers in the wire, hydrophilic coating, packaging and labeling. The plant has a class 8 ISO clean room for processing and packaging.
The U.S. subsidiary of a Japanese manufacturer of devices for neurovascular interventions has announced it will open a plant in Costa Rica.
A press release states:
MicroVention, Inc., a leader in developing, manufacturing and marketing of devices for neurovascular interventions, announced today it will open its first plant outside the United States in the Free Zone Coyol of Alajuela in Costa Rica.
The Minister of Foreign Trade presented opportunities for trade and investment.
The Minister after providing general introduction of the country, highlighted what she called “the Costa Rican value proposal', focused on six main aspects: (1) track record, more than 200 multinational companies have chosen Costa Rica as their advanced manufacturing center (2) highly qualified human resources (3) strategic location (4) excellent business climate (5) quality infrastructure, which allows access to competitive international markets, which is in the process of modernization and strengthening, and (6) excellent quality of life.
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