Costa Rica will Seek Investment and Opportunities in One of the Largest Fairs in the Life Sciences Industry

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Feb 01, 2024, 08:26 ET

Hosting more than 14 of the world's top 30 original equipment manufacturers, Costa Rica is the second largest Latin American exporter of medical devices.
CINDE will be accompanied by BAC (Costa Rica's largest private bank), Baker Tilly (one of the world's top nine business firms), and InnovaPark (a real estate developer with more than 25 years of experience in the construction of class A buildings and clean rooms) during the three days of fair activities in California.
The event brings together more than 1,500 companies and 14,000 executives with links to the industry.

SAN JOSE, Costa Rica, Feb. 1, 2024 /PRNewswire/ -- In the upcoming days of February 6-8, Costa Rica will have a chance to shine with its value proposition and display its full potential to companies and investors in the life sciences sector in the year's most important business fair in North America.

Set to open in the Anaheim Convention Center in California, MD&M 2024 is expected to attract more than 14,000 executives eager to acquire new knowledge, talk about the year's anticipated solutions, and take control of industry trends while forging deals and gestating foreign direct investment.

Courtesy: Edwards is one of the Life Sciences companies established in Costa Rica

CINDE's investment advisors, with more than 42 years of experience, will be accompanied by BAC (Costa Rica's largest private bank), Baker Tilly (one of the world's top nine best business firms), and InnovaPark (a real estate developer with more than 25 years of experience in the construction of class A buildings and clean rooms) in attending a robust agenda of meetings with potential investors, exploring reinvestment in installed companies, and touring the fair to generate production linkages with companies in the life sciences industry.

In addition to its international recognition as a leader in sustainability and tourism, Costa Rica is one of the most competitive locations for life sciences in the Americas.

More than 90 multinational life science firms carry out the entire process of production, sterilization, and direct shipping to global markets from this Central American country. This has made Costa Rica a strong competitor for attracting foreign investment, helping companies optimize their operations by providing access to a solid ecosystem of high-quality suppliers.

"As a country, we have had the opportunity to build for more than 28 years what is today one of the domestic economy's major sectors: the life sciences industry. Our country recorded exports for US $7,624 million in 2023, unequivocally demonstrating that we have expertise in all the standards and processes this sector entails. We are presenting ourselves to companies so that they might consider their operations in our country as key partners for their success. Costa Rica's proposition is based on already trained talent, a complete production ecosystem, and access to 3.5 billion people in the global market thanks to our platform of trade agreements and a robust network of key suppliers," said Marianela Urgellés, managing director of CINDE.

Partners who Promote Costa Rica's Competitive Advantages as a Nearshoring Destination

For life sciences firms, a robust ecosystem that permits end-to-end development is essential. Costa Rica has been able to develop a wide array of suppliers of raw materials and key services and processes for their development.

As an infrastructure ally, InnovaPark Logistics & Free Zone is positioned as the most innovative solution for life science, smart manufacturing, and logistics firms seeking a destination that has a sustainable environment and is near their target markets.

"Costa Rica's country proposition is based on the proven success accumulated by more than 90 global companies during almost four decades. Because of our location in an area with the country's most complete and consolidated medical device ecosystem, and with a master plan that covers 2.6 million square feet, InnovaPark is the safest choice for setting up new operations in Costa Rica and sustaining their growth," commented Mario Pacheco, InnovaPark's commercial director.

Another key ally for promotion of investment in Costa Rica is its banking sector, so CINDE's participation in this fair will have the support of the country's largest private bank and one of the region's largest financial conglomerates.

For Laura Moreno, Vice President of Corporate Relations at BAC, the financial entity's footprint is the product of a solid payment method strategy reflected in prudent growth accompanied by innovative solutions for companies and customers. "We believe in the power of synergies and expect with our participation to contribute to a much more integrated vision than what Costa Rica offers, thereby strengthening the offer. BAC leads the region's financial institutions with its superior technological innovation and robust digital platform, which together with our customer service and integrated treasury offering explain the landmark steps taken to earn the trust in our work of more than 350 multinational companies."

For its part, Baker Tilly Costa Rica, a member of the Baker Tilly International network with corporate clients in all industries, will join as the partner that provides excellent integrated solutions in auditing, tax, BPS Business, Process Solution, sustainability, legal, human resource, corporate finance, digital transformation, GRC Consulting, and Human Consulting services for medical device companies that see a potential for setting up or growing in Costa Rica.

"This joint participation gives us the opportunity to demonstrate the formality and expertise of the ecosystem's players for doing business with the companies in this sector. We seek to help multinational companies with all the tools needed for setting up and developing in Costa Rica. Moreover, our international network lets us deliver integrated services and solutions from a global perspective with a single methodology and work structure," added Carlos Gómez Partner in Baker Tilly Costa Rica.

The life sciences sector in Costa Rica has seen amazing growth, going from 5 to 16 subsectors over the last 20 years. Precision and medical equipment exports, meanwhile, have maintained a promising annual growth of 15% since 2010.

Learn more about Costa Rica's country proposition with CINDE and its allies in Meeting Room 304C during MD&M 2024. For more information, visit www.investcostarica.com.

About CINDE

CINDE is Costa Rica's expert foreign investment agency. Declared of public interest, over its 41 years the non-profit agency has helped attract some 430 multinational companies and create some 181,000 direct jobs in this country. CINDE's services include analysis and assistance to investors during their decision-making and setup processes, as well as help with their reinvestment and growth strategies.

SOURCE CINDE