Third Quarter 2023: CINDE Announces 28 New Multinationals Confirm Arrival to Costa Rica

News provided by

Sep 29, 2023, 10:38 ET

The companies that have chosen to set up new operations in this country are from the United States, Finland, Switzerland, Peru, and South Korea.
Nine of the companies will be setting up outside the greater metropolitan area, some of the selected regions being Orotina, Turrialba, Puntarenas, Grecia, Puerto Viejo de Sarapiquí, Bagaces, and Nicoya.

SAN JOSE, Costa Rica, Sept. 29, 2023 /PRNewswire/ -- The Costa Rican Investment Promotion Agency (CINDE), a private investment advisory agent, has reported that 28 new service, manufacturing, and tourism infrastructure companies have confirmed their decision to set up in Costa Rica as of the third quarter of 2023.

Of the 28 new companies that have given the thumbs-up to Costa Rica, seven are in corporate services, ten in digital technologies, three in life sciences, and four in tourism infrastructure. The companies come from the United States, the primary source of investments, and from non-traditional provenances such as Finland, Switzerland, South Korea, and Peru.

"The number of confirmed companies as of the third quarter of 2023 shows CINDE's excellent pace in meeting its goal of attracted projects for this year (74% of its target of 38 companies). These projects are the result of our diversification of investment sources and maintenance, at the same time, of our close ties with a key market such as the United States," said Marianela Urgellés, CINDE's managing director.

Eric Scharf, president of CINDE's board of directors, noted that "it is great news that nine of the companies have decided to set up in communities outside the greater metropolitan area such as Orotina, Turrialba, Puntarenas, Grecia, Puerto Viejo de Sarapiquí, Bagaces, and Nicoya. This represents 32% of all confirmed companies, for now, that have received CINDE's help in their decision-making process. The possibility of more companies deciding to set up in these regions will increase to the extent that the country is able to address business climate conditions and human talent formation through public policy."

The new companies helped by CINDE include the following: Databricks, OnProcess Technology, Service First, Zimworx, Active Campaign, Boss Tech, Cigniti Technologies Inc., Headstorm, Hitachi Solutions, Johnson & Johnson -J&J- (Medtech), Sysdig, Transunion, Intricon, and Zuora Inc.

The companies are at various setup and public announcement stages, while several have already initiated recruitment of their first teams. Six of the announced companies to date are already looking to hire their first 550 employees in upcoming months.

CINDE Investment Climate Director Vanessa Gibson emphasized the need for continuous formation of human talent to meet company needs, while people find positions, in turn, in these quality jobs. "We at CINDE are closely monitoring the supply and demand relationship of the positions as well as employment behavior. Attention should increasingly be paid to this, and we hope pertinent actions will be taken promptly to improve the preparation of human resources in Costa Rica. Our country is playing in a rapidly shifting global context that is imposing strong additional challenges on all the nations with which we compete for investment."

About CINDE
CINDE is Costa Rica's private foreign investment advisory 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 decision-making and setup, as well as help with their reinvestment and growth processes.

SOURCE CINDE