Photo News DEPUTY MINISTER OF COMMERCE 

Delegation visited established companies in the country such as Terumo and Panasonic, as well as new companies to present the advantages that Costa Rica offers in terms of attracting foreign direct investment.

During the tour, two memorandums of understanding were signed, opening more doors to promote Costa Rica as an investment destination.

October 9, 2023. Follow-up visits to companies already established in the country, meetings with companies that potentially may invest on national soil, appointments in search of cooperation for the development of our semiconductor industry, and meetings with trade and investment authorities filled the agenda of Indiana Trejos, Deputy Minister of Foreign Trade, during her recent tour of Asia.

Trejos returned to the country this weekend after a productive one-week visit to Japan and Singapore with the aim of strengthening political, commercial, and investment relations with each of these nations.

The Costa Rican delegation also held meetings as part of the country’s aspiration to initiate a process of accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This agreement includes 12 countries that together represent 17% of global trade, 13% of global GDP, and 6.8% of the world’s population. It covers topics such as the environment, regulatory coherence, anti-corruption efforts, gender inclusion, and support for small and medium-sized enterprises.

Joining the CPTPP would allow Costa Rica to have a powerful tool to consolidate deep integration with the Asia-Pacific, a highly dynamic region with which our country can complement its supply chains very well. Additionally, it is an agreement with innovative trade elements and the highest standards,” mentioned Trejos, who added that these visits are part of the efforts of the Ministry of Foreign Trade (COMEX) to strengthen trade relations and highlight our excellent value proposition as an aspiring member of the CPTPP.

The Deputy Minister emphasized the approach to the semiconductor industry and the memorandums of understanding signed in Japan and Singapore to promote strategic ties and the attraction of foreign direct investment to Costa Rica.

During her tour, Trejos was accompanied by Juan Pablo Jiménez, Director of Investment at the Ministry of Foreign Trade (COMEX); Carolina Sánchez, Director of Advanced Manufacturing at the Foreign Trade Promotion Agency (PROCOMER); Marianela Piedra, Special Envoy of COMEX for the Asia-Pacific region; and the ambassadors in Japan, Alexander Salas, and Singapore, Víctor Hugo Rojas, respectively.

The delegation visited companies with significant manufacturing operations in the country, such as Terumo (medical devices) and Panasonic (battery manufacturing), as well as new companies to explore opportunities and present the country as an attractive destination for foreign direct investment.

Memorandums of Understanding, Foundations for Future Work

The Deputy Minister signed a memorandum of understanding between PROCOMER and the Japan Institute for Overseas Investment (JOI), with the purpose of utilizing the institute’s platform to promote Costa Rica as an investment destination for Japanese companies.

One consideration in the document is that PROCOMER aims to provide Japanese investors with information about the country’s economy, investment opportunities, and related policies through seminars and meetings, to facilitate Japanese direct investment in Costa Rica.

In Singapore, the delegation held a business meeting with representatives of the Singapore Semiconductor Industry Association (SSIA) to present Costa Rica’s value proposition and the opportunities the country offers to its investors.

This Association, with which a memorandum of understanding was also signed, has over 200 members. The text provides for the exchange of information between the parties and mutual cooperation for training and promotion activities. Additionally, it opens doors for establishing contacts in the semiconductor sector.

The total trade in goods between Costa Rica and Japan recorded an average annual amount of US$560 million between 2013 and 2022, with an average annual growth of 4.6%. Exports showed an average annual growth of 29.5%. In 2022, total trade amounted to US$702 million, which represented 11.3% of the total trade between Costa Rica and Asia.

With Singapore, during the period 2012-2021, bilateral trade in goods showed a variable trend. While in 2013, the trade amounted to US$52 million, in 2022, it increased to US$163 million. The average annual trade growth rate was 13.5% during that period. Exports increased at an average annual rate of 10.5%, while imports grew at a rate of 15.1%.