Wednesday 22 September 2021

Costa Rica Adheres to OECD During Visit by OECD Secretary-General

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Costa Rica adhered to OECD legal instruments on Internet governance and international business conduct, demonstrating its willingness to align its policies to best practices in these areas and work together with the Organization, during a public meeting in San José featuring President Laura Chinchilla and OECD Secretary-General Angel Gurría.

At the meeting, Costa Rica signed the Declaration of the Future of the Internet Economy and the Declaration on Propriety, Integrity and Transparency.

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Gurría welcomed Costa Rica’s adherence and drew attention to the country’s recent decision to sign the OECD’s Declaration on International Investment and Multinational Enterprises.

“Adhesion to these important legal instruments allows Costa Rica to join efforts to develop the digital economy and implement best practices for international business,” Mr. Gurría said. “These are also important steps toward strengthening its ties with the OECD.”

Gurría’s 16-17 October visit to San José underlined the OECD’s engagement with Costa Rica in a range of policy areas following the Ministerial decision of last May to intensify co-operation with this country.

Gurría drew specific attention during his public interventions to Costa Rica’s continuing efforts to improve its business environment. The decision  to become the 45th adherent to the OECD’s Declaration on International Investment and Multinational Enterprises last September is “further evidence of Costa Rica’s commitment to creating an attractive climate for investment.”

Gurría also discussed the Investment Policy Review of Costa Rica, which was undertaken to accompany the country’s adherence to the Declaration. The Review shows that Costa Rica’s inflows of foreign direct investment (FDI) have increased at a significant pace, growing on average 13% per year over the past decade. Manufacturing activities make up a large part, while the share of investment flows into the services sector has also jumped in recent years, boosted by the opening of the telecommunications market.

The Review makes a series of recommendations to address key challenges facing the country. These include:

  • Make better use of Public Private Partnerships (PPP) in transport and electricity, develop management expertise, and offer more opportunities for foreign investors to participate in PPP projects. This will help modernize the electricity sector, meet growing demand and ultimately reduce costs.
  • Streamline and modernise procedures for doing business and cut red tape to facilitate domestic and foreign investment.
  • Reinforce partnerships between the government, universities, R&D centres and the private sector to meet a growing gap between supply and demand in priority sectors, notably high-tech industries.
  • Continue its efforts to fight corruption in the public sector and foreign bribery as set out in the Guidelines for Multinational Enterprises, part of the Declaration.
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