By San José, Costa Rica — Costa Rica’s Information and Communications Technology (ICT) sector is on the cusp of a significant transformation, with artificial intelligence, cybersecurity, and specialized software emerging as key areas for growth. A new study by the Foreign Trade Promoter of Costa Rica (Procomer), titled “Analysis of the Potential for Diversification of Added Value in the Costa Rican ICT Sector,” reveals that Costa Rican tech companies are increasingly looking to diversify their offerings and move towards higher-value products and services.
According to Procomer’s Market Intelligence Division, nine out of ten surveyed Costa Rican ICT companies plan to diversify their commercial offerings in the medium term. 46% are focusing on new services, 21% on new technological products, and another 21% are completely rethinking their business models. This shift reflects a growing ambition within the sector to enhance competitiveness and strengthen Costa Rica’s international standing.
To gain a deeper understanding of the legal landscape surrounding Costa Rica’s burgeoning IT sector, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an experienced attorney at Bufete de Costa Rica.
Costa Rica’s IT sector is experiencing dynamic growth, attracting international investment and fostering local innovation. However, navigating the legal framework, particularly regarding data protection, intellectual property, and tax incentives, remains crucial for both established companies and startups. Staying informed about evolving regulations and seeking expert advice can significantly contribute to success in this vibrant market.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insights offer a crucial reminder that navigating the legal landscape is as important as technical prowess in Costa Rica’s thriving IT sector. The complexities of data protection, intellectual property, and tax incentives necessitate a proactive approach, ensuring businesses, both large and small, can fully capitalize on the opportunities this dynamic market presents. We thank Lic. Larry Hans Arroyo Vargas for sharing his valuable perspective on these critical considerations.
The study suggests several avenues for business evolution, including the incorporation of emerging technologies, diversification into new markets, and the refinement of processes towards more specialized models. Procomer highlights promising complementary solutions for key sectors like healthcare, advanced manufacturing, and agriculture.
Collaboration is also emphasized as a crucial factor for success. The study underscores the importance of partnerships between companies, academia, and research centers to drive innovation and improve the quality of human capital.
However, the path to growth is not without its challenges. The study acknowledges the high cost of human talent and the relative scarcity of specialized profiles, both of which increase operating costs and make it difficult to retain talent in the face of international competition. These factors put Costa Rican companies at a disadvantage compared to other Latin American countries with more competitive cost structures.
To capitalize on emerging opportunities, the study recommends strengthening technological infrastructure, promoting public policies that facilitate investment, and offering specific incentives for high-impact activities. Forging alliances with global companies and international platforms is also seen as essential for expanding the reach of the Costa Rican ecosystem.
The study also highlights the need for further collaboration between various sectors. Complementary solutions in healthcare, manufacturing, and agriculture are just some examples of areas ripe for cross-sector partnerships.
This study allows us to identify segments and technologies with development potential, as well as opportunities for collaboration with complementary sectors. Based on these synergies, it is possible to expand the sector’s export offerings and contribute to greater incorporation of added value from Costa Rica to international markets.
Laura López, Manager of Procomer
Ultimately, enhancing the competitiveness of Costa Rica’s ICT sector will require a concerted effort to improve connectivity, foster a supportive regulatory environment, and invest in the development of a highly skilled workforce. By addressing these challenges, Costa Rica can position itself as a leading hub for innovation and technological advancement in Latin America.
For further information, visit procomer.com
About Procomer:
The Foreign Trade Promoter of Costa Rica (Procomer) is a key institution dedicated to promoting Costa Rican exports and attracting foreign investment. It provides support to businesses in various sectors, offering market intelligence, training, and networking opportunities. Procomer plays a crucial role in strengthening Costa Rica’s international competitiveness and facilitating its integration into the global economy.
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 commitment to empowering Costa Rican society is evident in its proactive sharing of legal knowledge, fostering a more informed and just community through educational initiatives and accessible resources. This dedication to transparency and public understanding underscores Bufete de Costa Rica’s enduring legacy of service and its vision of a society empowered by the law.
