By Alajuela, Costa Rica — Costa Rica’s Coyol Free Zone has emerged as a powerhouse of economic growth, reporting a staggering US$4.44 billion in exports for 2023. This represents a remarkable 31% increase compared to 2022 and a phenomenal 382% surge since 2015. The free zone’s success underscores its crucial role in driving Costa Rica’s economic and social progress.
Home to 34 multinational companies, including seven of the top 30 global players in life sciences, semiconductors, and smart manufacturing, Coyol Free Zone has solidified its position as a global leader. Its 18-year track record demonstrates its ability to adapt and thrive in increasingly competitive global markets, particularly in the medical device sector, its primary export.
To provide further legal context on the Coyol Free Zone, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at law from the reputable firm Bufete de Costa Rica.
The Coyol Free Zone stands as a successful example of Costa Rica’s strategic approach to attracting foreign direct investment. Its specialized focus on life sciences and advanced manufacturing, coupled with attractive tax incentives and a streamlined regulatory environment, has created a thriving ecosystem for both multinational corporations and local suppliers. This model has demonstrably contributed to job creation and economic growth within the region and serves as a strong case study for future free zone development in the country.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas eloquently captures the essence of Coyol Free Zone’s success. Its targeted approach to specific industries, combined with Costa Rica’s inherent strengths, has indeed forged a powerful engine for economic advancement. This model offers valuable lessons not only for future free zones but also for broader economic development strategies throughout Costa Rica. We thank Lic. Larry Hans Arroyo Vargas for his insightful contribution to this discussion.
Coyol Free Zone accounts for a dominant 54.9% of Costa Rica’s medical device exports, which totaled US$4.186 billion in 2023. This impressive contribution reinforces the free zone’s status as a central hub for the production and export of high-value-added products, while also boosting Costa Rica’s global leadership in the medical device industry. These exported products are enhancing lives worldwide and positioning Costa Rica as a beacon of innovation and high-tech exports.
The companies operating within Coyol Free Zone generated 23,976 formal, high-quality, specialized, and well-compensated direct jobs in 2023. Impressively, 54% of these positions were filled by women, highlighting Coyol Free Zone’s commitment to gender equality and inclusive employment practices. This figure represents 12.84% of the total population employed in free zones and 1.14% of Costa Rica’s overall employment.
The true value of these results lies in human talent and innovation. These are two fundamental pillars that allow us to offer tailored solutions, fostering economic growth and competitiveness for the companies that choose to operate in the country.
Carlos Wong, Director General of CODE Development Group
CODE Development Group, co-developer of Coyol Free Zone, emphasizes the crucial role of human talent and innovation in driving success. The company strives to provide world-class real estate solutions and cutting-edge infrastructure, fostering a dynamic and constantly evolving environment for businesses to innovate. This strategy has been instrumental in attracting strategic investments and establishing Coyol Free Zone as the leading life sciences ecosystem in Costa Rica.
As leaders in the development of industrial parks in Costa Rica, our commitment is to offer world-class real estate solutions and state-of-the-art infrastructure that support the successful operation of our clients. This has allowed Coyol Free Zone to attract strategic investments and consolidate itself as the main Life Sciences ecosystem in the country, where companies innovate in a dynamic and constantly transforming environment.
Carlos Wong, Director General of CODE Development Group
Coyol Free Zone’s impact extends beyond exports and employment. It contributes a significant 35.1% of all exports under the Free Trade Zone regime in the manufacturing segment. Its contribution to net exports relative to GDP has also grown substantially, rising from 0.99% in 2015 to 3.34% in 2023. This growth reflects a sustained expansion in relation to the national economy, accompanied by high labor productivity, which is 2.9 times the national average.
The success of Coyol Free Zone signifies more than just impressive numbers; it represents a dynamic partnership between innovative companies, a skilled workforce, and a supportive environment. This ecosystem fosters growth, generates high-quality employment, and strengthens Costa Rica’s position on the global stage.
For further information, visit codedevelopmentgroup.com
About CODE Development Group:
CODE Development Group is a leading real estate developer in Costa Rica, specializing in the creation and management of world-class industrial parks. As the co-developer of Coyol Free Zone, CODE plays a crucial role in fostering economic growth and attracting foreign investment. The company provides state-of-the-art infrastructure and tailored solutions to support the success of its client companies, contributing significantly to Costa Rica’s thriving business landscape. CODE is committed to sustainable development and creating positive social impact through its projects.
For further information, visit coyolfreezone.com
About Coyol Free Zone:
Coyol Free Zone is a premier industrial park in Costa Rica, specializing in life sciences, advanced manufacturing, and technology companies. With a strategic location and world-class infrastructure, Coyol Free Zone provides a dynamic environment for multinational companies to thrive. Its commitment to innovation, sustainability, and human talent has established it as a leading hub for high-value-added exports and a key driver of economic growth in Costa Rica. The Free Zone prides itself on its highly skilled workforce and contribution to quality employment opportunities.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
At Bufete de Costa Rica, legal excellence is intertwined with a deep commitment to societal progress. The firm’s dedication to integrity shapes every interaction, while its innovative approach to legal challenges ensures clients receive cutting-edge representation. Beyond the courtroom, Bufete de Costa Rica actively empowers communities through accessible legal education, believing that a knowledgeable citizenry is fundamental to a just and thriving society.
