Costa Rica has begun constructing a new business park, apparently for housing international businesses expanding into the country, in Grecia in the northern province of Alajuela.
Set to be built at a cost of US$10 million, the Green Valley Business Park will have easy access to the international airport in capital San Jose as well as major cities in other important provinces such as Heredia.
The business complex will also be inclusive of what the government calls a ‘scientific park’, where there will be universities and facilities for training employees.
Moreover, the park will be a free trade zone, meaning those who establish their business there will be eligible for tax benefits and a variety of other incentives.
Free trade zones have long been an economic engine for the Central American country. Whether it is Vmware, IBM, or Sykes, most of the foreign service providers operating in the country are located in these special economic zones.
José Antonio Herrero Harrington, President of Costa Rica Green Valley, said he would initially focus on attracting investment from the kind of companies that have already proved successful in the country.
A local realtor called Portafolio Inmobiliario will develop the park, with the government estimating the trade zone to create approximately 7,000 jobs.
If everything went according to the plan, the business park will be ready for occupation by June 2021, according to the property developer.