Wednesday 22 September 2021

Costa Rica Signs OECD Investment Agreement

Paying the bills


Carlos Alvarado denounces violations of the Daniel Ortega regime to the UN

QCOSTARICA - In New York, Costa Rica President Carlos...

High Number of European Tourists Traveling to Costa Rica in Spite of the Pandemic

QCOSTARICA - A total of 21,969 tourists from European...

Costa Rica second last in economic recovery in the region

QCOSTARICA - The Central American region experiences very different...

TOP-5 real estate communities for a family life

Despite the fact that COVID-19 is slowing down the...

Today’s Vehicle Restriction September 22: Plates ending in “5 & 6” CANNOT circulate

QCOSTARICA - For today, Wednesday, September 22, vehicles with...

Group charged migrants US$22K to get them to the United States.

QCOSTARICA - A Costa Rican-Panamanian criminal structure charged migrants...

Laura Chinchilla calls to avoid a dynastic dictatorship in Nicaragua

QCOSTARICA - Former President of Costa Rica, Laura Chinchilla,...
Paying the bills


By Phillip Morton, Investors – Costa Rica signed the Organization for Economic Cooperation and Development (OECD) Declaration on International Investment and Multinational Enterprises on September 30, 2013, an OECD press release revealed.

SEP9OECDThe Central American country thus became the 45th country to adhere to an OECD international investment instrument, designed to help the country attract more and better foreign investment and promote responsible business conduct.

Welcoming Costa Rica’s signing of the Declaration, OECD Secretary-General Angel Gurría said at a signing ceremony in Paris: “Costa Rica’s ability to attract foreign investment has helped transform its economy to make it more diversified and knowledge-intensive. Signing the OECD Declaration is another important step that will deepen its international integration and benefit growth and development.”

- Advertisement -

As an adherent to the Declaration, Costa Rica commits to providing national treatment to foreign investors and promoting responsible business conduct. In turn, other governments commit to treating Costa Rican investors abroad fairly and encouraging their multinational enterprises operating there to contribute to economic, social and environmental progress.

The OECD Investment Policy Review of Costa Rica, released on September 30, says that the country’s inflows of foreign direct investment (FDI) have increased at an impressive pace, growing on average 13 percent per year over the past decade. Manufacturing activities make up a large part and the share of flows into the services sector has also jumped in recent years, boosted by the opening of the telecommunications market, from only 8 percent of total inflows in 2002 to 40 percent in 2012.

According to the OECD FDI Regulatory Restrictiveness Index, Costa Rica’s legal regime for foreign investment is more open than the average for the 57 OECD and non-OECD countries reviewed.

The report 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 modernize procedures for doing business and cut red tape to facilitate domestic and foreign investment.
  •     Reinforce partnerships between the government, universities, R&D centers 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.

- Advertisement -
Paying the bills
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

[BLOG] Costa Rican Electric Company – General Maintenance Procedures

During my fifteen plus years of living in Costa Rica, I...

Heliport, Money and Weapons in Costa Rica

Following reports by residents of Las Asturias de Pococí about flyovers...

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.