CINDE Announces: Costa Rica rated as the World's Top Investment Promotion Agency by ITC - United Nations

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Mar 23, 2022, 09:15 ET

CINDE - The Costa Rican Investment Promotion Agency earned a 95.27 score, the highest out of the 85 organizations reviewed globally by the UN International Trade Center (ITC) to date.
CINDE reached a perfect score in 182 of 225 indicators evaluated by ITC and stood out for offering investors a wide variety of free, customized, and timely services.
ITC highlighted CINDE's delivery on its value proposition towards Investment with Purpose to reach sustainable productivity, considering People, Planet, and Prosperity, which contribute to the country's SDG.

SAN JOSE, Costa Rica, March 23, 2022 /PRNewswire/ -- CINDE is once again recognized globally for its leadership in attracting foreign direct investment (FDI). Such recognition was given by the United Nations International Trade Center (ITC), which rated CINDE - The Costa Rican FDI promotion agency as the highest rated in the world for the fifth consecutive year.

According to the official ITC review report, "CINDE is now the investment promotion organization with the highest score since the parameter was created. It is number one of all the organizations or agencies we have reviewed. With a new score of 95.27, CINDE has raised the bar for all business support organizations and consolidated its position as one of the most respected and effective investment or trade organizations in the world."

ITC evaluated 225 indicators, 81% of which gained a perfect 100 score. ITC measured four performance areas - leadership and direction, resources and processes, products and service delivery, and measurement of results and impact - and gave Costa Rica the highest score of the 85 organizations reviewed to date.

Eric Scharf, President of the Board of Directors at CINDE stated that "the ITC recognition motivates us to continue making Costa Rica a sustainable and inclusive nation, highly connected with industry 4.0 and, more than anything else, reliable for investors. Over the last year Costa Rica captured 103 new FDI projects - that is 30% higher than 2020, which had also been a record year. Moreover, 41% of the new companies come from nontraditional destinations. This data reiterates the confidence that investors have in our country, in Costa Rica's talent, and in CINDE's work to help companies throughout their process of analysis, establishment, and expansion on national soil."

For his part, Jorge Sequeira, CINDE's Managing Director added, "being the number one investment promotion agency for the fifth consecutive year issues a clear signal to the world that we are a hub of people-centered solutions, and in CINDE's case, investor-centered solutions. We seek to customize our analytical approach towards business challenges to deliver true in-depth advisory. That relationship does not end with a project confirmation, rather, we see that milestone as the beginning of a common journey. As a result, over 70% of companies expanded their headcount in 2021"

He continued, "Costa Rica has been a proven partner for nearshoring for decades and the pandemic consolidated that stance. The crisis accelerated business digitalization and innovation, and we continue to deliver the highest-complexity processes such as RPA, Cybersecurity, Cloud Computing, AI, Software Development / Engineering, MedTech R&D, Biomaterials and more. Thus, we keep embedded in global value chains, hosting 9 of the world's top 20 MedTech companies, as well as 17 of the world's top digital leaders."

Crosscutting and customized services. CINDE's approach to investment attraction and promotion is anything but traditional, positioning Costa Rica as a strategic destination through robust digital strategies, use of machine learning, predictive analytics, enhanced investor experience portals, and virtual reality tours of free trade zones, to name some.

CINDE's extensive portfolio of completely free services range from investment advisory, site selection, assistance in setting up operations, thanks to a solid and proven network of over 80 vendors in more than 15 categories for all stages or deployment, including real estate options, legal advisory, guidance in productive linkages to identify local suppliers for enhanced efficiencies, and advisory for talent acquisition and retention. (Download the complete catalog here.)

As a private, non-profit, non-political organization, CINDE is proudly celebrating its 40^th anniversary. It works to provide a solid contribution to Costa Rica's and the world's development through 4 key Sustainable Development Goals for which the organization reports on: Quality Education, Gender Equality, Decent Work and Industry Development.

SOURCE CINDE