VOICES FROM THE SECTOR: ECONOMY
What can be done to increase the competitiveness of Costa Rican products globally?
Unfortunately, Costa Rica has become an expensive producer. In 2017, CADEXCO presented the Competitiveness plan for the Export Sector 2018-2022 to President Carlos Alvarado, aimed at doubling exports. We proposed 18 points, stressing that if the government works with the Chamber of Foreign Trade, Costa Rica can boost growth rate from 7% to up to 14%. One of those points is infrastructure, the lack of which makes logistics extremely expensive. We need better infrastructure, such as the expansion of highways 27 and 32 and the Limón-Moín Port.
What support mechanisms does CADEXCO provide to exporters?
We discuss different issues relating to various ministries; for example, we met with Central Bank President Rodrigo Cubero to discuss the exchange rate policy. The free zones affect the export sector, and CADEXCO takes the lead in explaining and promoting its permanence for the legal security of investors and the country. We are aware of all the variables that affect the sector and we seek solutions through open dialogue with the government.
What are the three main markets for Costa Rican exports?
Our key markets are the US, Central America, and Europe. At present, CADEXCO is looking at Asia, especially China, and is planning to get more out of its FTA with Korea and its relationship with Japan.
What initiatives can the municipality of San José take to attract foreign investment?
The municipality has been promoting a clear project defined toward urban renovation, featuring a series of efforts to enhance public space and infrastructure. Such efforts to modernize the city boost its business environment. We work to reduce the number of days required to register a commercial patent, open a business, or obtain a construction permit. Another project concerns the electric tramway, which will be a boost to the city. A third scheme is the technological city T24, a megaproject that proposes to create a corridor of high-tech companies located on a street called Transversal 24. The driver of that project is TEC City, set to house national and foreign companies, a university, and a research hub. Notably, Microsoft has shifted its principal Latin American address to Transversal 24, Cisco is keen to locate there, and many other enterprises are watching the project with keen interest.
What are the plans to create a friendlier space for companies and people?
The municipality has completed two decades of work on public spaces, revitalizing San José's public spaces and business economy. We recently added a 13-km cycle path. We are also developing a master plan for the urban renovation of San José's four central districts.
What has helped you to continue growing your market share?
We have to reach out to both national clients who require professional and trained services with a firm that complies with global standards, as well as regional and global companies. To reach global companies, we must have a global network, which Grant Thorton has. We are able to appeal to the global market while providing a customized service to local clients.
Why should a client choose Grant Thornton?
We always send someone with experience to clients; we prefer to have people who cost more but provide a higher-quality service. Another reason is that we have achieved a broad knowledge of the market, which is extremely important for us as we can provide a better service in each region. Grant Thornton has been focused on having a trained staff for its clients and a thorough knowledge of where the company stands in order to provide excellent advice.
What are your CSR programs?
We have three public and two private universities from which we receive interns who we put to work with our experienced people. We also receive university groups that come to experience the day-to-day activities so that they can see their academic knowledge being implemented in real life.
VOICES FROM THE SECTOR: ECONOMY
TABLE OF CONTENTS
Interview
Eduardo Ferrer Mac-Gregor Poisot , President & Chief Judge, Interamerican Court of Human Rights (IACHR)
Costa Rica is the go-to country for international institutions looking to set up base in the Americas because of its vocation for peace and commitment to human rights, democracy, and environmental sustainability.
read articleInterview
Pedro Beirute Prada, CEO, Export Promotion Agency of Costa Rica (PROCOMER)
Costa Rica has FTAs with countries that represent two-thirds of global GDP. Throwing mega infrastructure projects and bigger roles for PROCOMER into the mix is strengthening its case as a base for exporters and manufacturers.
read articleInterview
Tomas Soley , Superintendent, General Insurance Superintendence (SUGESE)
The success of the insurance sector can largely be credited to SUGESE, which has put the market's focus back on the consumer by educating the market that lower consumer confidence leads to slower development.
read articleFocus: Decarbonization 2050
Decarbonization at its Core
Already a leader in the fight against climate change and in the promotion of clean energy sources, Costa Rica is further strengthening its efforts toward becoming carbon neutral by 2021 and goes further by aiming for the decarbonization of its economy in the present century.
read article