The Republic of China is to conduct a feasibility study for the construction of a Special Economic Zone (SEZ) in the country.
A press release from the Ministry of Foreign Affairs of Costa Rica reads:
COMEX and the China Development Bank have signed agreement to initiate a feasibility study.
On Thursday the President of the Republic, Laura Chinchilla, witnessed the signing of a Framework Agreement between the Ministry of Foreign Trade of Costa Rica and the China Development Bank to prepare a study to analyze the feasibility of developing a Special Economic Zone (SEZ) in our country.
By 2015, the country must eliminate those benefits granted to companies operating under the Free Zone regime.
The country committed to do so at the World Trade Organization, and could face lawsuits by other countries if it does not comply.
The privileges granted to these companies include paying neither income tax nor municipal obligations.
“Mario Róger Hernández, Economy vice minister, said last week that the government will hold talks with businessmen to land an agreement before the 2015 deadline”.