『Costa Rica Foreign Direct Investment Promotion: A Conversation with Pilar Madrigal of CINDE.』のカバーアート

Costa Rica Foreign Direct Investment Promotion: A Conversation with Pilar Madrigal of CINDE.

Costa Rica Foreign Direct Investment Promotion: A Conversation with Pilar Madrigal of CINDE.

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 Costa Rica Foreign Direct Investment Contact the Central American Group if you want to establish a manufacturing facility in Costa Rica. Pilar MadrigalDirector of Investment AdvisoryCINDEpmadrigal@cinde.org The Central American Group: Hello. Today, Pilar Madrigal is with us. She is the Director of Investment Advisory at CINDE, a Costa Rica foreign direct investment promotion agency based in San Jose. Pilar, could you please share information about CINDE, investment in Costa Rica, and your role there? How are you today? Thank you so very much. It’s an honor to be here with you. You are also well-known and recognized, and I’ve followed your trajectory in foreign direct investment. So, I’m pleased to be here with you. I’ve been in various roles with CINDE, a private nonprofit organization with a 40-year history of promoting Costa Rica foreign direct investment for the past 26 years, always focused on promotion, strategy, etc. CINDE in Costa Rica, as you know, has been a key player in attracting foreign direct investment, helping many companies set up operations and invest in Costa Rica through the years. The Central American Group: Costa Rica’s journey in attracting FDI has been fascinating, marked by significant changes in its economic model. Pilar, could you shed some light on the evolution of Costa Rica foreign direct investment promotion over the years? Pilar Madrigal: Yes. I see this in three periods. The beginning was between the ’60s and the ’80s. Costa Rica adopted an import substitution industrialization model like many other Latin American countries. It was aimed to reduce dependency on foreign goods and promote domestic production. The idea was to foster industrial growth for the country’s local companies and attract foreign companies exporting from Costa Rica. By the early ’80s, we faced an economic crisis in Costa Rica foreign direct investment promotion for different reasons. One of the sectors that was heavily affected was agricultural goods like coffee and bananas. At that point, we started implementing some economic reforms and considering positioning Costa Rica in global markets. That was created in the early ’80s, and we started focusing on exports for Costa Rica foreign direct investment promotion. It was then that a critical law was made. It’s called the Free Trade Zone law. The idea was to begin promoting exports by creating policies for domestic companies to export with incentives and to attract foreign-based companies and have them export. That was in between the ’80s and the ’90s. It combined local and new companies to promote exports and Costa Rica foreign direct investment. Now, as of the ’90s, from the ’90s to today, there has been a complete focus on, and it was a significant leap in positioning ourselves as a destination for Cost Rica foreign direct investment. We clearly defined some sectors at that time. The biggest and most well-known case is Intel. I think everybody knows that story. However, we started focusing on attracting high-tech companies in manufacturing and companies in the services industry, primarily in high-value services. Again, we went from an import substitution program to an export promotion of local and foreign companies. Then, in the last decades, we have been solely attracted by foreign direct investment. The Central American Group: You’ve gone through a period where you were trying to substitute imports. Many Latin American countries have tried that and gone through a period of doing that, and that isn’t the optimal way of engendering economic development. Recently, you’ve successfully attracted one industry to Costa Rica foreign direct investment. Can you tell us what that is? Pilar Madrigal: Yes. This is just for the definition of everybody who listens, and I’m sure everybody knows, but just for clarification. We see three main pillars of Costa Rica foreign direct investment or three types of FDI. One is resource-seeking FDI, which is when a company seeks to invest in a location because of its natural resources. That’s typically prevalent in the energy and mining or sometimes in the agri-food industry. That’s resource-seeking. They’re looking at what resources are available in that country. The second one is market seeking. That is a company seeking to invest due to the market size and the growth potential within that market size. There is a high correlation between FDI and the growth of GDP within a country and the size of the country. The third one is efficiency-seeking. That’s when a company is looking to invest in a location because of better production processes, efficiencies, lower costs, etc. We are at CINDE in Costa Rica, and that’s where we are focusing on efficiency-seeking. Why? We’re a small market. Market-seeking, it’s not something that companies are looking for. We don’t support mining, and there are not necessarily a lot of incentives for resources in this area of...
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