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President of Costa Rica Concludes U.S. Foreign Direct Investment Mission

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SOURCE Costa Rican Investment Promotion Agency

Results in technology company expansions and major media coverage

NEW YORK, June 13, 2014 /PRNewswire/ -- President of Costa Rica, Luis Guillermo Solís, along with the Minister of Foreign Trade, Alexander Mora; and the President and Director General of the Costa Rican Investment Promotion Agency (CINDE), Jose Rossi and Gabriela Llobet, concluded a week-long mission to the U.S. to promote trade and foreign direct investment in Costa Rica.

During the mission, the President and his delegation met with targeted executives from major U.S. companies and top-tier media in key markets such as Silicon Valley, California; Washington D.C. and New York, New York.

The mission officially launched in Silicon Valley with prospective company meetings, which resulted in two major expansion announcements by California-based technology companies: Intel and VMware. 

Intel released plans to expand its Costa Rica operations with a new, one-of-a-kind 'mega-lab,' which will immediately add 100 new positions, for an expected total of 350 employees by the end of 2014.

The mega-lab marks the first time that Intel has decided to consolidate its laboratories in a single location, making the operation the first of its kind. Costa Rica is already home to Intel's Development and Engineering Center and the Global Shared Services Center. With the new mega-lab, Intel will have 1,500 employees in Costa Rica. 

VMware also announced to add 400 Costa Rican employees to its existing operations in the country by 2015.

"Intel's and VMware's decisions confirm Costa Rica's strength in high tech industries," remarked President Solis. "Our country is becoming globally recognized for our expertise in high tech manufacturing, global business services and medical devices."

The San Jose mission concluded with an exclusive speaking engagement with the Commonwealth Club and World Affairs Council, where the President addressed an audience of 350+ business attendees.

In New York, the President hosted an exclusive luncheon of 100 executives and investors from prospective companies, which included testimonials to Costa Rica's business climate by executives from Proctor & Gamble and MicroTechnologies. The event was preceded by press briefings with high profile media outlets based in the New York area.

The President also conducted in-depth interviews with coveted print and broadcast media outlets in both San Jose and New York such as Bloomberg, Reuters, Wall Street Journal, Fortune, CNN en Espanol and CNNMoney.com to promote the benefits of investing in Costa Rica.

The mission also included a day of meetings in Washington D.C., where the President took the opportunity to meet with leading business groups in the city, including the Business Council of Latin America (CEAL) and the Council of the Americas. There, he reaffirmed his message of strong support for attracting more investment to the country due to its importance in the generation of employment, to the possibility of accelerating productivity chains and to the improvement of the prospects for economic growth and the generation and better distribution of wealth.

"During this productive foreign direct investment promotion and attraction tour, it is reconfirmed to the world that Costa Rica has a proven track record as a country with economic promise and a talented and creative workforce," said Solis. "Costa Rica has a long tradition of democracy, institutional stability and a government committed to enhancing the competitiveness of the country. With 250 high tech multinational companies, Costa Rica views international trade and investment as a vital part of its economy. This mission solidifies that U.S. companies trust, support and recognize Costa Rica as one of the best locations to invest."

About The Costa Rican Investment Promotion Agency (CINDE)

The Costa Rican Investment Promotion Agency (CINDE) is a private, nonprofit and apolitical organization. During its 30 years, CINDE has attracted more than 250 high tech multinational companies to Costa Rica, including worldwide leaders such as: Intel, Procter and Gamble, Hospira, Baxter, St. Jude Medical, Western Union and many others.

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