Last Tuesday, President Oscar Arias Sánchez; the Minister of foreign trade, Marco Vinicio Ruiz and the Minister of finance, Jenny Phillips signed the Act to reform the system of Free Trade Zones. Minister Marco Vinicio Ruiz described the legislative discussion preceding the adoption of the reform as “serious and balanced”. The Costa Rican Congress unanimously approved the Act on December 17, the Reformation to the law of the regime of Free Trade Zones, which promotes the attraction of investments, stimulates the productive chains with national companies and encourages the installation of investments outside of the Great Metropolitan Area. For the President, with the signing of this law reform, the country will attract more foreign investment, and will remain an optimal target for companies to be installed. The representative of the private sector, Mr. Jorge Brenes, indicated that the adoption of this law reaffirms the confidence in the existence of a will and a commitment to Costa Rica´s competitiveness; it will enable the country to comply with the commitments made in the agreement on subsidies and measures countervailing of the world of Trade Organization (WTO), which obliges to remove incentives linked to exports.”With this reform legal certainty will be given to a key sector in the Costa Rican development and will facilitate Costa Rica´s economic recovery.
It seems that Costa Rica wants to continue attracting more foreign investment, as this sector currently employs 24,000 people in jobs that range from manufacturing to high tech devices creation. Should Costa Rica continue on this path, it will surely join nations as Chile and Singapore as examples of how great decisions along with great people and planning can deliver outstanding results.
See you next blog!!
