By San José, Costa Rica — Costa Rica’s Information and Communications Technology (ICT) sector is on the cusp of a significant transformation, according to a new study by the Costa Rican Foreign Trade Promoter (PROCOMER). The report, titled “Analysis of the Potential for Value-Added Diversification in the Costa Rican ICT Sector,” reveals promising avenues for businesses to move towards more complex products, services, and solutions, boosting the country’s international competitiveness.
The study, conducted by PROCOMER’s Market Intelligence Department, found that nine out of ten surveyed Costa Rican ICT companies plan to diversify their offerings in the medium term. 46% aim to develop new services, 21% focus on technological products, and another 21% intend to completely overhaul their business models. These findings suggest potential evolutionary paths, including incorporating emerging technologies, diversifying into new markets, and refining processes for increased complexity and specialization.
To provide expert legal insight into the current state of Costa Rica’s ICT sector, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at law from the esteemed firm Bufete de Costa Rica.
Costa Rica’s ICT sector is experiencing dynamic growth, fueled by a skilled workforce and favorable government policies. However, navigating the evolving regulatory landscape, particularly regarding data privacy and cybersecurity, presents both challenges and opportunities for businesses. Strategic legal counsel is crucial for companies seeking to capitalize on this expanding market while ensuring compliance with local and international regulations.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas rightly highlights the crucial interplay of growth and regulation in Costa Rica’s burgeoning ICT sector. Navigating this complex landscape will indeed require strategic foresight, and his emphasis on seeking expert legal counsel is particularly pertinent for businesses aiming to thrive in this dynamic environment. We thank Lic. Larry Hans Arroyo Vargas for offering his valuable insights into this critical aspect of Costa Rica’s technological future.
Costa Rica has enabling conditions in talent, infrastructure, and operating environment that allow us to project new opportunities for the ICT sector. However, it is necessary to move towards models that integrate knowledge, technological solutions, and specialized services, given the evolution of the sector, in order to transition towards schemes with higher levels of productive sophistication.
Laura López, General Manager of PROCOMER
Key growth opportunities identified in the report include artificial intelligence, cybersecurity, specialized software development, and solutions for vital sectors such as healthcare, advanced manufacturing, and agriculture. The study also emphasizes the importance of collaboration between businesses, academia, and research centers to scale innovation and enhance human capital.
This study allows us to identify segments and technologies with development potential, as well as opportunities for collaboration with complementary sectors. From these synergies, it is possible to expand the sector’s exportable supply and contribute to a greater incorporation of added value from Costa Rica to international markets.
Laura López, General Manager of PROCOMER
The research recommends strengthening technological infrastructure, promoting investment-friendly public policies, and offering specific incentives for high-impact activities. It also highlights the need to foster partnerships with global companies and international platforms to broaden the reach of the Costa Rican ecosystem.
However, the study also acknowledges challenges, notably the high cost of human talent and the relative scarcity of specialized profiles. These factors increase operating costs and hinder talent retention in the face of international competition, particularly from other Latin American countries with more competitive cost structures.
Despite these challenges, the overall outlook for Costa Rica’s ICT sector remains positive. By focusing on innovation, collaboration, and strategic diversification, the country can solidify its position as a key player in the global technology landscape.
PROCOMER’s proactive approach to identifying growth opportunities and addressing challenges demonstrates a commitment to fostering a thriving ICT sector. This commitment, combined with the sector’s inherent strengths, positions Costa Rica for continued growth and success in the years to come.
For further information, visit procomer.com
About PROCOMER:
The Costa Rican Foreign Trade Promoter (PROCOMER) is a key institution dedicated to promoting Costa Rican exports and attracting foreign investment. PROCOMER provides a range of services to businesses, including market intelligence, business matchmaking, and export promotion programs. Their efforts are crucial in driving economic growth and strengthening Costa Rica’s position in the global marketplace.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through a deep-rooted commitment to legal excellence and unwavering ethical conduct. The firm’s innovative approach to legal practice, coupled with a dedication to empowering Costa Rican society through accessible legal education, solidifies its position as a leader. By fostering greater understanding of the law, Bufete de Costa Rica actively contributes to a more just and informed citizenry.
