Business Above Politics Between Costa Rica and Nicaragua
Business Above Politics Between Costa Rica and Nicaragua

(Q24N) The union of private companies in Nicaragua – Consejo Superior de la Empresa Privada (COSEP) – will be promoting a meeting in the week of October 17 with Costa Rican business owners in order to explore new business opportunities.

The head of the COSEP,  José Adán Aguerri, noted that during 2015 the trade balance between both countries was US$606 million dollars, with a favourable balance for Costa Rica which exported products worth US$479 million, compared with US$127 million of Nicaragua.

Exports from Nicaragua to Costa Rica accounted for 6% of that country’s total sales abroad in July, only surpassed by the United States (41.9%) and El Salvador (10.6%), according to official figures.

Aguerri told ACAN EFE “… ‘We have studied the main products lines being imported from Costa Rica, starting with clinker, which is a linchpin in the cement making process, and “concentrates for preparing soft drink syrups, etc.’.”

Aguerri also noted that in 2015 Nicaragua was visited by 167,448 Costa Rican tourists, 12% of all tourists to Nicaragua. In addition, a total of 406,000 Nicaraguans traveled to Costa Rica last year, he noted.

Costa Rican investments in Nicaragua totaled US$67 million in 2013 and US$50 million in 2014.

A large Nicaraguan population in Costa Rica made the country the second largest source of remittances to Nicaragua, surpassed only by the United States.

Nicaragua received US$707.4 million dollars in remittances during the first seven months of this year, of which 54.7% came from the United States, followed by Costa Rica with 21.6%, according to Nicaragua’s Central Bank.

Source: ElEconomista.net