PROCOMER promotes advanced manufacturing ecosystem in MD&M West fair to bring more investment to Costa Rica

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Feb 07, 2024, 17:28 ET

Twelve companies and three free zone parks are participating.
PROCOMER will hold meetings with existing and potential investors to promote the country's value proposition.
In 2023, exports from the medical device sector reached $7.624 million, 28% more than in 2022.

ANAHEIM, Calif., Feb. 7, 2024 /PRNewswire/ -- By participating in the MD&M West 2024 fair, the largest medical device fair in the United States, the Trade and Investment Promotion Agency of Costa Rica (PROCOMER) seeks to position the Costa Rican ecosystem of advanced manufacturing companies and the country's value proposition in view of new investments.

During the event, and in line with the institution's strategy for attracting foreign direct investment, PROCOMER will hold meetings with companies already established in Costa Rica and with new investment prospects to promote the country as an ideal investment destination and seek reinvestment – in the case of already established companies. Some of the companies with which contact will be made during the fair are INARI Medical, Intricon, and Solesis, among others.

"As a national agency for attracting foreign direct investment, we believe it is a priority to participate in the MD&M West fair, as it is a valuable opportunity to continue strengthening Costa Rica's value proposition to investors in a sector that is already established in our country and in a market that represents the main source of investment that we receive. This event also allows us to position the solid ecosystem that we have built around the medical device sector, which represents a competitive advantage in our objective to attract more investment and reinvestment for all regions of our country, and continue promoting the export of medical devices from Costa Rica to the world," confirmed Laura López, General Manager of PROCOMER.

In addition to attracting new investments to Costa Rica, the national delegation – the largest since Costa Rica has been participating in MD&M West in the last five years – comprises representatives from the companies ATL Technology, AVNA Formely OKAY Industries, CRx Life Sciences, Gauss Engineering Solutions, Grupo Vargas, International Precision Molds, Microtechnologies S.A., Precision & Medical Components PRMC Ltda, School of Medical Devices, Soltek, Ving, and Zollner Electronics. In addition, free zone parks Evolution Free Zone, La Lima Free Zone & Business Park and Costa Rica Green Valley are participating.

The companies are promoting their manufacturing capabilities of precision plastics and metal parts, plastic molding, clean room assembly services, packaging of materials and consulting; as well as the reasons why Costa Rica is an ideal destination for new investments for firms from the medical device sector.

"For CRx Life Sciences, participating in the MD&M West fair has represented the start of business with new international clients, the development of valuable relationships with local entrepreneurs and professionals from all over the world with a wide range of experience in the design and manufacture of medical devices. Thanks to PROCOMER's efforts, all of this has been possible, and it has enabled Costa Rican companies to offer their goods and services at the most important event of the sector globally and within our main trading partner: the USA. Additionally, all of the lessons that we bring back allow us to align ourselves with global trends and best practices to continue guiding the development of the sector in Costa Rica," mentioned David De Faria, Business Development Director of CRx Life Sciences.

Finally, Lester Zeledón, Business Development Director of AVNA added that "For ANVA, as a company 100% focused on offering solutions to the medical industry, MD&M West makes it possible to make our high precision manufacturing processes and technologies known, and plays a very important role in the development of the industry and in attracting more companies to Costa Rica. PROCOMER's work has been key for AVNA in participating not only in this event, but also in the growth of Costa Rica."

In 2023, exports from the medical and precision equipment sector (medical devices) reached $7.624 million, 28% more than in 2022. More than 65% of those exports go to the United States.

Medical devices holds the leading position for highest growth and most exported products in 2023. These products represent 42% of total exports of goods, while they grew by more than $1.7 million in the previous year.

SOURCE PROCOMER