CAPITAL INVESTORS
Though there are many opportunities to invest in Costa Rica, start-ups and entrepreneurial ventures are in short supply, hampering further development.

Our clients are mostly individuals, though we also assist corporations. We are specialized as asset managers for families and individuals and, because this is a business based on confidence, we are focused on building a close relationship with our clients. We have been in the market for 41 years, and our clients know our history and values. Our purpose is to advise and make the best decisions for our clients taking into consideration their objectives and needs. Mercado de Valores also has the capacity and experience to help protect foreign investors' interests in Costa Rica. We can provide an analysis of their needs and investments related to their sector of interest and help companies get established in the country. If they require financial advice they can count on us to understand and find the best alternatives.

In recent years, we have been growing 20% annually, and our core business includes intensive financial analysis, managing and advising our client portfolios, and managing investment funds. Our financial and economic analysis department is one of the firm's major strengths. We feed information to our clients, and that, along with our personalized advisory services, has become a key differentiator for Acobo. Our core business vertebrae are real estate investment funds and brokerage services. We also have a small fiduciary company that complements our clients' core business. Many of our clients are concerned with inheritance issues, and this fiduciary company manages those operations. The rest of the market has started to focus on real estate investment funds and has overlooked financial funds. Right now, we are doing something different; we have started to regionalize our fund. We see ourselves as a regional company, and by the second half of 2018, we will hopefully be trading in every Central American country.

Costa Rica does not have any natural resources that afford the start-up industry supplemental support from those revenues. This has forced Costa Rica to think big. However, the government is not focused on creating the conditions for start-ups, like it did for other economic aspects in the 1980s and 1990s. It also needs to maintain its focus on the future because this is done via innovation, which is through start-up entrepreneurs. The next government in 2018 will have the major challenge of going back to the drawing board to create the conditions for the next motor of growth for the country. It must develop a roadmap for the future as it relates to innovation. In addition, we must address the issue of supply in our universities and schools. The worst-case scenario is that Costa Rica remains in this nirvana of Pura Vida.

We have a stock market seat, and we offer the traditional range of investments in the liquidity markets. In 1990, we founded a funds management company and since then offered some traditional vanilla funds. In 2000, we set up an investment banking unit, which is where we see the biggest opportunities for development and creativity. In investment banking, we can be creative and develop our market and our future. In the long term, we will have new ventures in the securities segment. Aldesa has started a new company called Aldesa Securitization Company that will change the industry with new offerings. Companies will consider the possibility of issuing securities. Initially, we expect the market to grow USD100 million each year. Aldesa will also continue in the energy sector, as this is a great opportunity for us. We will develop and finance renewable energy for housing through a package of technological products in a new type of investment vehicle.

TABLE OF CONTENTS
Interview
Yamileth Astorga, President, Costa Rican Institute of Aqueducts and Sewers (AyA)
TBY talks to Yamileth Astorga, President of the Costa Rican Institute of Aqueducts and Sewers (AyA), on the challenges of providing high-quality potable water and working to prevent a water deficit.
read articleInterview
Luis Carlos Delgado Murillo, President, National Supervisory Council for the Financial System (CONASSIF)
TBY talks to Luis Carlos Delgado Murillo, President of the National Supervisory Council for the Financial System (CONASSIF), on the importance of collaboration between the private and public sectors and facilitating new business.
read articleInterview
Minor Rodríguez, General Manager, Coopesa
TBY talks to Minor Rodríguez, General Manager of Coopesa, on being the only self-managing cooperative in the world dedicated to heavy aircraft, the importance of communication, and maintaining a flat and democratic governance structure.
read articleReview
Reaching the Sky
The construction sector in Costa Rica has recovered significantly from a slump in 2016. However, the country has much to accomplish, especially in terms of ensuring new residential projects are inclusive for all income levels and fixing the infrastructure problem.
read articleInterview
Dr. Fernando Llorca Castro, Executive President, Caja Costarricense del Seguro Social
TBY talks to Dr. Fernando Llorca Castro, Executive President of Caja Costarricense del Seguro Social, on the importance of institutional longevity, joining the OECD, and bringing standardized services to every part of the country.
read articleFocus: Education Training
Get the Ball Rolling
One of the main factors that attracts investors to Costa Rica has been its skilled human capital. For this purpose, the government and academia are collaborating to improve programs and better align them to the requirements of several industries.
read articleReview: Education
Class Is In Session
High levels of public investment have made Costa Rica's education system one of the strongest in Latin America, and government leaders are working to improve teacher quality and ensure that the poorest Costa Ricans have access to quality secondary and tertiary schools.
read articleInterview
Marco Robert, General Manager, IMC Interamericana Medios de Comunicación
TBY talks to Marco Robert, General Manager of IMC Interamericana Medios de Comunicación, on the importance of articulating a clear philosophy, the industry's biggest weaknesses, and the ideal advertising setup.
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