Citi Financial Group is expanding operations at its shared service center in the country, where it caters for operations of the corporation at a global level.
In 2013, $1.16 billion was invested by foreigners in real estate in Costa Rica, a record according to information from the Costa Rican Coalition for Development Initiatives (Cinde).
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.
Foreign direct investment in the country rose by 15%, while in the free zones where businesses are exempt from income tax, the growth rate was 53%.
During the first half of 2013 free zones received $360 million while in the same period of 2012 the figure was $235 million, which is an increase of 53%.
The transnational has announced the expansion of its service center in Calle Blancos which will go from occupying 3,000 m² to 7,000 m².
"With this, the total area occupied by the company in Costa Rica at the end of 2013 will be around 23,000 m². Amazon has three service centers in Costa Rica," explained the company.
In the last year the country has built about 120 thousand square meters of new class A and AB office spaces, and recorded an availability rate of 11.9%.
In recent years, Costa Rica has become one of the major markets for offices in Latin America, ranking eighth in creation of supply in this sector, according to a study by the US real estate firm Jones Lang LaSalle (JLL).
The English company has officially announced the installation of a center for information technology and software development for the financial industry.
The company did not specify the amount of the investment, but said it intends to hire 300 people.
With an investment of $4 million, the U.S. medical device supplier will open its first plant in Latin America and its fifth worldwide.
Navtar, a division of the corporation Tekni-Plex, Inc., is to locate the new plant in Zone Z in Cartago, the space will measure 1000 square meters, with the possibility of expanding its size to 3,700 square meters next year.
In Costa Rica the industrial zone of Coyol has become the new center of attraction for investments, even though it lacks adequate road and water infrastructure.
A good example of the growth in the area is by Grupo Condal, which plans to invest $14 million in this region with the construction of a logistics park measuring 15,000 square meters. In addition, the multinational Walmart last May opened its largest distribution center in Central America (57,776 m²) with an investment of $70 million.
Although the country has all the potential for attracting foreign retired people to be residents, the government effort begun three years ago has not had any continuity.
"There has never been a public institution interested in following through on the effort," laments Massimo Manzi, director of Promed.
From 3 to 5 December, the next Latin America Outsourcing Services Conference by the International Association of Outsourcing Professionals will be held in Costa Rica
From a press release by the Costa Rican Coalition for Development Initiatives (CINDE):
The Costa Rican Coalition for Development Initiatives (CINDE) publicly announces that Costa Rica will host the next Latin America Outsourcing Services Conference by the International Association of Outsourcing Professionals (IAPO). The selection of Costa Rica is a result of the development of the services sector and the recent addition of the country as a member of the IAOP, an organization that brings together more than 120,000 associates around the world and is co-organizing this event along with CINDE, a conference which is considered the most important in the Latin American region for outsourcing services.
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