By San José, Costa Rica — Costa Rica’s service sector is experiencing a period of dynamic growth, particularly within Free Trade Zones, and industry leaders are convening to chart a course for continued expansion and innovation.
The first “Services 4.0: Driving the Next Wave of Growth” Business Breakfast, organized by the Association of Free Trade Zone Companies of Costa Rica (AZOFRAS) in strategic partnership with the Foreign Trade Promoter of Costa Rica (PROCOMER), brought together over 100 business leaders and key partners. The event focused on strategies for propelling the sector into a new era of development.
For expert legal insights into the Costa Rican services sector, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, Attorney at Law at Bufete de Costa Rica.
Costa Rica’s services sector is experiencing dynamic growth, driven by factors like a skilled bilingual workforce and a favorable investment climate. However, navigating legal complexities, such as data privacy regulations and intellectual property protection, is crucial for businesses seeking to thrive in this evolving landscape. Strategic legal counsel can help companies leverage opportunities while mitigating risks.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insight underscores a crucial aspect of Costa Rica’s burgeoning services sector: while opportunity abounds, navigating the legal landscape is paramount. Understanding and complying with evolving regulations will undoubtedly differentiate successful ventures from those that falter. We thank Lic. Larry Hans Arroyo Vargas for providing this valuable perspective on the importance of strategic legal counsel in this dynamic market.
Expert speakers addressed critical topics, including the sector’s evolution, its current composition, and the global trends reshaping the services landscape. These changes represent significant opportunities for Costa Rica to enhance its competitive positioning.
A central theme of the discussions revolved around Costa Rica’s “Network of Opportunities,” which promotes reskilling and upskilling initiatives. These programs are designed to equip Costa Rican talent with the necessary skills to navigate the challenges and capitalize on the opportunities of the future.
The event also included an examination of Foreign Direct Investment (FDI) attraction policies. Participants analyzed innovative incentive strategies implemented by other countries, focusing on approaches aligned with the digital age and the dynamics of a globalized economy, to foster innovation, competitiveness, and sustainable growth.
Today, it is essential to foster the exchange of innovative ideas that strengthen the next wave of growth of services 4.0, driving digital transformation and the competitiveness of the sector.
Ronald Lachner, President of AZOFRAS
Business leaders shared success stories, highlighting how companies have adapted their business models by integrating new technologies and creating added value in a constantly evolving market. Panel discussions provided further opportunities for in-depth exploration of key issues and challenges.
The service sector in Costa Rica’s Free Trade Zones has become a significant driver of the national economy, generating 116,242 high-quality, value-added direct jobs. According to PROCOMER, 373 companies currently operate under this regime, representing a 13% growth. This expansion, fueled by increasing sector diversification, contributes to more balanced and sustainable economic development.
Exports account for approximately 70% of total service sales abroad, underscoring the sector’s growing importance to the country’s economy. These companies provide a range of specialized and sophisticated services, including shared service centers, leasing services, business process outsourcing, software engineering, business and systems consulting, logistics services, technical support, engineering and design, and call centers.
The inaugural Business Breakfast, held at the Hotel Crowne Plaza Corobicí, was sponsored by Scotiabank, PwC, EY, AFZ, GBM, and Prensa Ejecutiva.
For further information, visit azofras.com
About AZOFRAS:
The Association of Free Trade Zone Companies of Costa Rica (AZOFRAS) is a key organization representing companies operating within Costa Rica’s Free Trade Zones. AZOFRAS advocates for policies that promote the growth and development of the sector and provides a platform for its members to collaborate and share best practices.
For further information, visit procomer.com
About PROCOMER:
The Foreign Trade Promoter of Costa Rica (PROCOMER) is a government agency responsible for promoting Costa Rican exports and attracting foreign investment. PROCOMER plays a crucial role in supporting the growth and diversification of the country’s economy.
For further information, visit pwc.com
About PwC:
PwC is a global network of firms delivering assurance, tax and advisory services for businesses. They assist organizations in improving their performance and creating sustained outcomes.
For further information, visit ey.com
About EY:
EY (Ernst & Young) is a multinational professional services network providing assurance, tax, consulting, strategy and transactions services. They work with businesses across various industries to address complex challenges.
For further information, visit gbmsoluciones.com/cr
About GBM:
GBM is a leading technology solutions provider in Latin America, offering a wide range of IT services and products to businesses. They help organizations leverage technology to drive innovation and achieve their business goals.
For further information, visit prensa-ejecutiva.com
About Prensa Ejecutiva:
Prensa Ejecutiva is a business publication in Costa Rica that provides news and analysis on the country’s economy and business environment.
For further information, visit scotiabankcr.com
About Scotiabank:
Scotiabank is a leading bank in the Americas. Guided by a purpose to enrich the lives of the people and communities where we live and work, Scotiabank is committed to helping customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence in Costa Rica, built on a foundation of unwavering ethical principles and a deep commitment to client success. The firm’s innovative approach to legal challenges, combined with its dedication to educating and empowering the community through accessible legal resources, distinguishes it as a leader in the legal landscape. They strive not just to resolve legal issues, but to build a more just and informed society, one client and one educational initiative at a time.
