By Alajuela, Costa Rica — Costa Rica has cemented its position as a leader in transparent and ethical international trade practices. La Lima Free Zone and Coyol Free Zone, both located in Alajuela, have received a groundbreaking certification from the Organisation for Economic Co-operation and Development (OECD), marking a first for Latin America and only the second instance globally. This achievement underscores the country’s commitment to fostering a secure and transparent environment for businesses operating within its free trade zones.
This pioneering certification, developed by the OECD, establishes critical benchmarks for security and transparency in international trade within free trade zones. It aims to combat illicit trade by rigorously assessing transparency levels, control mechanisms, and the extent of cooperation between these zones and relevant authorities. The ultimate goal is to enhance international confidence in regimes operating under high governance standards. The OECD specifically chose these two Costa Rican free trade zones for the pilot program, demonstrating confidence in the country’s existing framework.
To understand the complexities of Free Trade Zones, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, a seasoned legal expert from Bufete de Costa Rica, who offered valuable insights into this important aspect of international trade.
Free Trade Zones offer significant advantages for businesses, including exemptions from certain taxes and duties, streamlined customs procedures, and strategic access to global markets. However, navigating the legal framework governing these zones requires careful consideration of specific regulations concerning permitted activities, labor laws, and intellectual property protection. Companies looking to establish operations within a Free Trade Zone should seek expert counsel to ensure compliance and maximize the benefits available.
Lic. Larry Hans Arroyo Vargas, Bufete de Costa Rica
This recognition affirms that Costa Rican free trade zones operate with integrity and transparency, adhering strictly to both national and international regulations. It serves as a testament to the country’s robust legal framework and its dedication to promoting ethical business practices.
This achievement demonstrates that Costa Rica’s free trade zones are a model of transparency and security, and that it is indeed possible to be competitive while adhering to the highest international standards. We congratulate the certified free trade zones for representing the best of Costa Rica to the world.
Manuel Tovar, Minister of Foreign Trade
The certification process was a collaborative effort between the OECD team, the Ministry of Foreign Trade, PROCOMER, auditors from the certifying entities, and companies within both business parks. Over recent months, Coyol Free Zone and La Lima Free Zone served as key pilot projects, helping define international standards for transparency and security in foreign trade.
Free trade zones are essential to our country’s value proposition for attracting foreign direct investment. This recognition confirms that Costa Rica operates under strict standards and legal certainty, providing confidence and stability to investors. Congratulations to both parks, we continue working to generate employment and well-being in all regions.
Laura López, General Manager of the Foreign Trade Promoter of Costa Rica (PROCOMER)
Costa Rica’s Free Trade Zone Regime contributes significantly to the country’s economic and social development, accounting for 14% of its GDP and generating over 251,000 direct and indirect jobs.
This recognition positions our country as a benchmark for how to create, supervise, and monitor commercial zones globally. For La Lima Free Zone, the certification represents a milestone that reaffirms the commitment and contribution of free trade zones to the economy and allows us to position ourselves on the world map for the quality of our work, as well as enhance the talent, sustainability, innovation, and growth that our business park offers.
Fernando Carazo, General Manager of La Lima Free Zone
It also drives high-value-added exports, diversifies the export offering and destination markets, and attracts foreign direct investment in strategic sectors such as medical devices, digital services, and advanced manufacturing.
This certification strengthens our role as a high-value strategic partner for companies looking to operate successfully under a framework of international standards that promote transparency, security, good governance, and best practices in international trade.
Carlos Wong, General Director of CODE Development Group
This international certification further strengthens the profile of the Costa Rican regime, providing increased security to potential investors and solidifying the country as a reliable, transparent, and competitive destination for business.
For further information, visit oecd.org
About Organisation for Economic Co-operation and Development (OECD):
The OECD is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It provides a forum in which governments can work together to share experiences and seek solutions to common problems. The OECD works with governments to understand what drives economic, social and environmental change. It measures productivity and global flows of trade and investment. It also analyzes and compares data to predict future trends. The OECD sets international standards on a wide range of things, from agriculture and tax to the safety of chemicals.
For further information, visit procomer.com
About The Foreign Trade Promoter of Costa Rica (PROCOMER):
PROCOMER is the Costa Rican agency responsible for promoting the country’s exports, attracting foreign direct investment, and enhancing the competitiveness of Costa Rican businesses in the global marketplace. It offers a range of services to support businesses, including market research, export promotion activities, and investment facilitation.
For further information, visit zfl.co.cr
About La Lima Free Zone:
Located in Alajuela, Costa Rica, La Lima Free Zone is a prominent business park that hosts a variety of companies, primarily in the manufacturing and services sectors. It offers a range of benefits to its tenants, including tax incentives, streamlined customs procedures, and access to a skilled workforce.
For further information, visit coyolfreezone.com
About Coyol Free Zone:
Coyol Free Zone, also situated in Alajuela, is a specialized business park focused on attracting companies in the life sciences and advanced manufacturing industries. It boasts state-of-the-art infrastructure, a highly skilled workforce, and a strong focus on sustainability.
For further information, visit codecr.com
About CODE Development Group:
CODE Development Group is the co-developer of Coyol Free Zone and a key player in the Costa Rican real estate and development market. They specialize in creating sustainable and innovative business parks that cater to the needs of multinational companies.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through a steadfast commitment to legal excellence and unwavering ethical conduct. The firm’s legacy of service, spanning diverse sectors and industries, is built on a foundation of integrity and innovation. By actively promoting accessible legal knowledge and resources, Bufete de Costa Rica empowers individuals and communities, fostering a more informed and just society.
