Published on Tuesday, November 26, 2024
By the A.M. Costa Rica staff and wire services

Costa Rica's Foreign Trade Promotion Agency (Procomer) has increased its efforts to attract Foreign Direct Investment (FDI) by participating in three international fairs.

During the week, officials from Procomer attended the Web Summit 2024 in Lisbon, Portugal, the MEDICA trade event in Düsseldorf, Germany, and SEMICON Europa in Munich, Germany.

According to the agency, these events were part of a strategy to promote Costa Rica as a suitable destination for investment in important sectors such as Information and Communication Technologies (ICT), tourism infrastructure, medical devices, and semiconductors.

During the fairs, networking events were held to highlight Costa Rica's business potential.  "These events are essential to our strategy of diversifying and positioning Costa Rica in the international market,"  said Mónica Umaña, Procomer's Investment Manager.

The MEDICA German Fair is one of the world's most significant life sciences events, with a particular emphasis on medical equipment, according to the agency's statement.  The Costa Rican representatives hold meetings with MedTech businesses.

Between January and September 2024, the life sciences industry had 13% growth, with exports exceeding $6 billion. Medical devices such as needles, catheters, and surgical tools fueled this expansion, with significant gains in export value, according to Procomer.

The Web Summit, hosted in Portugal, is one of the most prominent events in the digital industry, bringing together technological experts, entrepreneurs, and investors.  

Costa Rican representatives held meetings to promote the country as a competitive destination for investments in advanced technology and high-value-added services, emphasizing its infrastructure advantages and highly skilled workforce in fields such as artificial intelligence, telecommunications, and digital development.

Aside from tourism, the computer and business services sector has been a major driver of service export growth, accounting for 53% of total service exports in the first half of 2024, authorities noted.

The SEMICON show, also hosted in Germany, is one of the most important global events for advanced manufacturing and microelectronics. Costa Rican representatives meet with potential investors to recruit new enterprises in the semiconductor and electronics sectors.

Recently, Costa Rican exporters companies attended the Global Produce and Floral Show, an international trade fair in Atlanta, Georgia, to boost their exports to the United States.

In August 2024, Costa Rica's exports reached over $12.9 billion, according to the Ministry of Foreign Trade.

In 2023, Costa Rica's exports reached over $18.2 billion. The number represents a rise of more than $6 billion over 2022 when exports were about $12 billion.

To increase exports, in 2022, Costa Rica legalized medical cannabis and hemp production. However, recreational use, self-cultivation, and self-consumption of cannabis are still illegal.

The Costa Rican Foreign Trade Promoter (Procomer) is a state-owned investment and export promotion agency responsible for overseeing export promotion programs, attracting foreign direct investment and providing technical and financial support for exporters.

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