Friday 2 December 2022

Construction in China: Opportunities for Costa Rican firms

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2 December 2022 - At The Banks - BCCR

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Saturday, October 20th, 2012 – QNews Costa Rica | Source: Tico Times

Costa Rica is known worldwide as a tourist country. It has become one of the favorite destinations for hundreds of foreigners, not only to visit, but also as a place to live. This has created a new market that has caused the construction industry to grow incredibly fast during the last two decades. New architecture, engineering and construction firms have been born. Some have become so successful that they are currently competing in the international market.

However, these companies are challenged by international enterprises that also compete in the local market. Some examples of multinational foreign firms working in the construction industry in Costa Rica are Gensler Architects, Turner Construction and Emerson, among others. Most of these corporations operate in many other countries, providing them better opportunities to establish in bigger markets.

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We have been exploring how Costa Rican architectural, engineering and construction (AEC) firms could introduce themselves into China, to create new businesses. Nowadays, the People’s Republic of China is a huge open market, which offers vast opportunities for the construction industry. The Chinese market can catapult these companies to an international level and boost them into larger competition to achieve bigger goals.

Fortunately, Costa Rica has new policies directed at promoting globalization and removing barriers to big markets. Costa Rica and China’s Free Trade Agreement entered into force on Aug. 1, 2011, making China the second largest trading partner for Costa Rica.

Today, the People’s Republic of China has a population of more than 1.3 billion, and 9 percent gross domestic product, maintaining steady growth since 1978. China has become the world’s largest foreign direct investment receiver from 2006, according to the World Bank.

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