Sunday 19 September 2021

Costa Rica Casts Its Net Wider for Investment as Deficit Widens

Paying the bills

Latest

Athleta women’s brand opened its first store outside North America in Costa Rica

QCOSTARICA - Gap Inc.'s Athleta brand announced the opening...

Carlos Alvarado: Vaccine retention ‘delays global solution and increases risk of new virus variables’

QCOSTARICA - Costa Rica President Carlos Alvarado showed his...

Top 8 Ways To Make Money in 2021

There are many legal ways to make money in...

Otto Guevara compares Daniel Salas with a dictator for sanitary measures

QCOSTARICA - The vehicle restriction of odds and evens...

Today’s Vehicle Restriction September 19: “EVEN” ending plates CANNOT circulate

QCOSTARICA - For today, September 19, vehicles with EVEN...

What are we celebrating?

QCOSTARICA - From the gallows humor department is the...

Sala IV rejects covid patient’s claim for Caja to pay the cost of a private hospital

QCOSTARICA - A claim made by a family against...
Paying the bills

Share

Q24N via Washington Post (Bloomberg) — Costa Rica is looking to the vast reserves of the United Arab Emirates’s sovereign wealth funds to boost investment in the Central American nation, President Luis Guillermo Solis said, a year after failing to convince the Chinese to buy US$1 billion of its bonds.

Costa Rica Business

The wealth funds, as well as private investors in the UAE, could buy into a series of highway and railroad projects connecting the Caribbean to Pacific coasts and in the production of high-tech medical devices, as well as tourist facilities, Solis said in a telephone interview interview.

- Advertisement -

Talks over a US$1 billion bond sale to China stalled early last year, forcing the Central American nation to cast its net for foreign investment wider as it looks to drive growth, while curbing a burgeoning budget deficit. The Abu Dhabi Investment Authority manages almost US$800 billion, according to the Sovereign Wealth Fund Institute, about 14 times as much as Costa Rica’s gross domestic product.

“The democracy in Costa Rica, the strong adherence to the rule of law in a country that is pretty secure, all of this means that we have a very adequate environment to come and develop,” Solis said in a telephone interview. “We are ready for business.”

Costa Rica and the UAE signed an accord Monday to ease visa requirements for both nations, with Costa Rica opening a trade mission in Dubai and an embassy in Abu Dhabi in the coming months to help foster trade that Solis said is growing 25 percent a year.

The Central Bank forecasts economic growth of 4.1 percent this year and next lead by banking and the service industries. Foreign direct investment is growing at a pace of 9 percent a year, Solis said. The nation received a record 2.9 million tourists in 2016.

Still, unemployment rose in the third quarter last year to 9.7 percent and the government’s budget deficit is forecast to widen to 5.9 percent of GDP this year as it struggles to get Congress to raise taxes.

Article by originally appeared on Washingtonpost.com

- Advertisement -

- Advertisement -
Paying the bills
Q24N
Q24N is an aggregator of news for Latin America. Reports from Mexico to the tip of Chile and Caribbean are sourced for our readers to find all their Latin America news in one place.

Related Articles

We Haven’t Hit Bottom Yet

Jobs are in short supply in Costa Rica as a result...

Price of the dollar continues to rise, already hits ¢600 at banks

The price of the dollar exchange continues to rise and the...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.