Costa Rica has now joined the Organization for Economic Cooperation and Development (OECD) as its 38th member, making it one of the most attractive markets for foreign investment in the region.
Costa Rica is the fourth Latin American country to join the Paris-based organization, which accounts for 80% of the world’s gross domestic product (GDP) and 60% of international trade. The other OECD members in the region are Colombia, Chile, and Mexico.
Costa Rica says it is “at a turning point” in promoting development. The country’s key goal will be to educate more human talent in line with the needs of the knowledge economy.
It went on to say that companies investing in Costa Rica will have “legal certainty” on their side.
Jorge Sequeira, managing director of the country investment promotion agency, CINDE, has confirmed that the OECD membership will safeguard the free trade zone regime, adding that “the incentives granted under these standards are fully in line with the highest international best practices and requirements.”
Costa Rica is not a poor country. It is an upper-middle-income nation, one rank below high-income nations, according to the World Bank.
The Covid-19 pandemic dealt a heavy blow to Costa Rica’s tourism economy, forcing it to borrow a loan from the IMF. The Central American country is currently vaccinating its people at a considerable speed, hoping to get the economy back on track.