By Alajuela, Costa Rica — Costa Rica’s Coyol Free Zone has achieved a significant milestone, becoming one of the first three free trade zones globally to receive a prestigious certification from the Organisation for Economic Co-operation and Development (OECD). This recognition underscores the zone’s commitment to high standards in customs management, governance, and transparency in global trade.
Selected as part of the OECD’s pilot program, Coyol Free Zone will serve as a benchmark for over 7,000 business parks, industrial parks, and special economic zones worldwide. The certification process, backed by OECD member countries, aims to highlight free trade zones actively combating illicit trade, a problem estimated to cost between US$3 and US$5 trillion annually, with significant human, economic, and social repercussions.
For expert legal insight on the Coyol Free Zone, we spoke with Lic. Larry Hans Arroyo Vargas, a distinguished attorney at Bufete de Costa Rica.
The Coyol Free Zone’s success stems from a combination of strategic location, robust infrastructure, and a favorable regulatory environment that attracts significant foreign investment. This specialized zone offers businesses a streamlined platform for operations, fostering growth in key sectors like life sciences and advanced manufacturing, while also contributing to Costa Rica’s economic development through job creation and technological advancement.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas eloquently highlights the key ingredients of Coyol Free Zone’s success story: strategic positioning, reliable infrastructure, and a business-friendly environment. It’s this potent combination that allows the zone to not only attract substantial investment but also to become a catalyst for broader economic growth in Costa Rica, driving innovation and opportunity. We thank Lic. Larry Hans Arroyo Vargas for sharing his valuable insights on this important economic engine.
This achievement positions Costa Rica as the second country to participate in the pilot phase. The certification validates Coyol Free Zone’s transparent operations, accessibility of information, robust controls, and commitment to preventing malpractice, ensuring all activities are conducted legally and ethically.
The rigorous audit process was conducted by the TIC Council, an international association representing independent testing, inspection, and certification companies.
This achievement demonstrates that Costa Rica’s free trade zones are an example of transparency and security, and that it is possible to be competitive while meeting the highest international standards. We congratulate Coyol Free Zone for representing the best of Costa Rica to the world.
Manuel Tovar, Minister of Foreign Trade
We are deeply honored by this distinction, which supports the work carried out by the administration and the companies located in our business park to meet the highest international standards in compliance and transparent management of operations. Coyol Free Zone continues to be a benchmark for the country’s potential and its talent to compete in the major leagues, and we can be proud to be a role model for free trade zones around the world.
Carlos Wong, Director General of CODE Development Group
The OECD Certification System received support from international experts from the World Customs Organization (WCO) and the World Trade Organization (WTO), and its development included a public consultation process involving OECD member countries, government entities, industry associations, administrators, and free trade zone companies.
A leader in medical device exports in Costa Rica, Coyol Free Zone houses 34 companies from strategic sectors such as Life Sciences, Semiconductors, and Smart Manufacturing. The zone generates over US$4.4 billion in annual exports, representing approximately 3% of Costa Rica’s GDP, and employs 24,500 people. It has been recognized as the Best Free Zone in the Americas for four consecutive years and ranks among the Top 10 Free Zones in the World.
This certification aligns with the vision of CODE Development Group, a 100% Costa Rican corporate group focused on sustainable development, ethical management, and the implementation of best global practices and standards. The certification is a testament to the collaborative work of CODE Development Group, the OECD team, the auditing firms, and the companies operating within Coyol Free Zone.
For further information, visit oecd.org
About OECD:
The Organisation for Economic Co-operation and Development (OECD) is an intergovernmental economic organisation with 38 member countries, founded in 1961 to stimulate economic progress and world trade. It provides a forum for countries to share experiences and seek solutions to common problems.
For further information, visit tic-council.org
About TIC Council:
The TIC Council is the global trade federation representing the independent testing, inspection and certification (TIC) industry. Its members provide services that reduce risk, improve quality and productivity, and facilitate trade and commerce.
For further information, visit coyolfreezone.com
About Coyol Free Zone:
Coyol Free Zone is a leading free trade zone in Costa Rica, specializing in medical devices, life sciences, semiconductors, and smart manufacturing. It provides a world-class business environment for multinational companies, contributing significantly to Costa Rica’s economy and employment.
For further information, visit codedevelopmentgroup.com
About CODE Development Group:
CODE Development Group is a Costa Rican corporate group focused on developing and managing sustainable and innovative business parks and free trade zones. They prioritize ethical management and the application of global best practices.
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 woven into its fabric, demonstrated by proactive initiatives that demystify legal complexities and foster a more informed citizenry. Through this unwavering dedication to both legal expertise and social responsibility, Bufete de Costa Rica continues to shape a more just and equitable future.
