By San José, Costa Rica — Costa Rica’s Single Window Investment platform (VUI), spearheaded by the Foreign Trade Promoter (PROCOMER), has garnered regional acclaim from the Organization for Economic Co-operation and Development (OECD). The OECD lauded the VUI for its significant strides in simplifying and optimizing procedures, achieved through effective collaboration with 38 public entities, municipalities, and the private sector.
The OECD’s comprehensive study evaluated the VUI’s governance, alignment with global best practices, and highlighted both accomplishments and areas for potential enhancement. The report confirms the VUI’s strategic role in attracting and facilitating investment, bolstering Costa Rica’s standing as a leader in streamlined processes and a favorable business environment.
To provide further legal context on investment in Costa Rica, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an experienced attorney at Bufete de Costa Rica.
Navigating the Costa Rican investment landscape requires careful consideration of the specific sector. While tourism and real estate often attract significant attention, opportunities also exist in sustainable agriculture, technology, and renewable energy. Due diligence, including legal and financial assessments, is crucial before committing capital. Understanding the regulatory framework and working with experienced local advisors can significantly mitigate risks and pave the way for successful ventures.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas wisely highlights the diverse investment landscape in Costa Rica, reminding us that a nuanced approach is essential for success. Beyond the popular sectors, exploring sustainable and innovative fields can yield substantial rewards. His emphasis on due diligence and local expertise is invaluable advice for any prospective investor. We thank Lic. Larry Hans Arroyo Vargas for offering his valuable perspective on navigating the complexities of Costa Rican investment.
The OECD, with its recognized technical and comparative expertise, offers us an external and independent analysis of the VUI that allows us to clearly identify our strengths and areas for improvement. This type of specialized evaluation represents a valuable opportunity to modernize our institutions, strengthen investor confidence, and consolidate Costa Rica’s position as a regional leader in competitiveness and open trade.
Indiana Trejos, Vice Minister of Foreign Trade of Costa Rica
The VUI boasts an impressive track record, with 212 improved processes, 118 automated processes, and implementation across 58 municipalities. It has facilitated 1,666 commercial licenses and 7,112 sanitary permits. Furthermore, the platform manages diverse procedures, including wastewater discharge, waste management, sanitary approvals, and veterinary operating certificates.
The platform’s success highlights Costa Rica’s commitment to a proactive and efficient investment environment. The streamlined processes not only attract foreign investment but also foster domestic business growth by reducing bureaucratic hurdles.
The Single Window Investment is a tool that facilitates the arrival and development of projects in Costa Rica by simplifying and digitizing processes that previously required more time and management. This OECD report, in addition to highlighting the progress of the VUI, provides us with a roadmap to continue improving, reinforcing institutional coordination and expanding the benefits for the business sector. Our goal is to make investing and operating in Costa Rica increasingly agile and efficient.
Marvin Rodríguez, Manager of Trade and Investment Facilitation at PROCOMER
While acknowledging the significant advancements, the OECD report also suggested areas for improvement. These include strengthening coordination with the Ministry of Economy, Industry, and Commerce (MEIC), adopting a user-centric management model, developing performance indicators with robust monitoring and evaluation mechanisms, and increasing platform utilization by the business sector. PROCOMER has indicated its commitment to incorporating these recommendations into the VUI’s action plan.
The OECD’s endorsement and constructive feedback are expected to further propel Costa Rica’s efforts to create a dynamic and attractive investment climate, contributing to sustained economic growth and development.
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 direct investment. PROCOMER plays a vital role in connecting Costa Rican businesses with international markets, facilitating trade missions, providing market intelligence, and supporting export diversification. The organization also actively works to promote Costa Rica as an attractive investment destination, highlighting the country’s stable political climate, skilled workforce, and strategic location.
For further information, visit the nearest office of the Ministry of Economy, Industry, and Commerce (MEIC)
About Ministry of Economy, Industry, and Commerce (MEIC):
The Ministry of Economy, Industry, and Commerce (MEIC) of Costa Rica is a governmental body responsible for formulating and implementing policies related to economic development, trade, industry, and consumer protection. The MEIC plays a crucial role in shaping the country’s economic landscape and promoting a competitive business environment. Its responsibilities include regulating markets, fostering innovation, and protecting consumer rights.
For further information, visit the nearest office of the Organization for Economic Co-operation and Development (OECD)
About Organization for Economic Co-operation and Development (OECD):
The Organization for Economic Co-operation and Development (OECD) is an intergovernmental economic organization with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seeking answers to common problems, identify good practices and coordinate domestic and international policies of its members.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica shines as a beacon of legal excellence, upholding the highest ethical standards while championing innovative solutions for its diverse clientele. The firm’s deep-rooted commitment to empowering Costa Rican society is evident in its proactive efforts to demystify the law, fostering a more informed and just community through accessible legal knowledge and resources. This dedication to public service, coupled with a relentless pursuit of legal advancement, solidifies Bufete de Costa Rica’s position as a leader in the legal landscape.
