Launched a semiconductor roadmap to attract FDI
21 Mar 2024
On 21 March 2024, Costa Rica launched a strategic plan to establish the country as a hub in the regional semiconductor industry: "A roadmap for strengthening the semiconductor ecosystem in Costa Rica".
The plan includes four pillars aiming to attract FDI in the semiconductors industry:
Talent development: This includes the introduction of new technical and university programmes tailored for the semiconductor industry, promoting bilingualism, attracting specialized talent in high-demand areas, and enhancing local research, development, and innovation capabilities in the sector.
Modernizing incentives: The development of financial and fiscal incentives targeting research and development, aligned with new international fiscal standards (Base Erosion and Profit Shifting - BEPS), and strengthening existing incentives to boost competitiveness in attracting and retaining foreign direct investment. This includes incentives for promoting technology-based start-up companies.
Attracting investment: Positioning Costa Rica as a strategic and attractive destination for the establishment of semiconductor industry operations including through general communication campaign and targeted prospecting campaigns using databases and automated tools to identify potential semiconductor companies for engagement. This involves identifying and contacting strategic semiconductor industry suppliers to establish operations in Costa Rica and developing tailored facilitation services to provide support to investors before and after establishment.
Regulatory framework - Streamlining procedures and facilitating trade and investment: This involves streamlining chemical registration processes by simplifying procedures, reducing the time required for registration and promoting the digitalization of chemical product labeling. It also includes optimizing immigration processes for highly skilled workers as to reduce wait times and simplify procedures, strengthening the regulatory and institutional framework for intellectual property protection, and optimizing the country's trade flow by streamlining foreign trade procedures and modernizing port infrastructure.
Developed collaboratively with more than 20 governmental entities and key stakeholders, it seeks to position Costa Rica as a strategic investment destination within the semiconductor sector. The initiative includes the active participation of national agencies such as COMEX and PROCOMER, aiming to meet global industry demands. By capitalizing on its established industry presence, specialized talent pool, and extensive supplier network, Costa Rica aims to attract foreign direct investment and fortify the regional industry.
On the same day an Executive Decree was signed that declares semiconductor industry of public interest.
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Type:
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Promotion and facilitation (Investment facilitation , Investment incentives, Other)
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Industry:
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Manufacturing (Manufacture of computer, electronic and optical products, and electrical equipment)
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Sources:
