By Alajuela, Costa Rica — Coyol Free Zone, Costa Rica’s leading medical device export hub, is brimming with young talent. A remarkable 70% of its workforce, totaling approximately 17,211 individuals, are under the age of 35. These young professionals are playing a pivotal role in the zone’s success, which boasts over US$4.44 billion in annual exports, representing 35.1% of Costa Rica’s total free trade zone manufacturing exports.
This impressive statistic was highlighted on International Youth Day, underscoring the significant contribution of young people to this crucial sector. Their dynamism and innovative thinking are driving the development of cutting-edge medical technologies, positioning Costa Rica at the forefront of scientific advancement while simultaneously improving global health outcomes.
For expert insight into the legal and business landscape surrounding Coyol Free Zone, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, Attorney at Law at Bufete de Costa Rica.
Coyol Free Zone’s success stems from its strategic combination of attractive tax incentives, streamlined bureaucratic processes, and robust infrastructure. This fosters a favorable environment for both multinational corporations seeking nearshore operations and local businesses aiming to integrate into global value chains. However, companies considering establishing themselves within the zone should carefully navigate the specific regulations governing free zones to ensure full compliance and maximize the available benefits.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas astutely highlights the compelling advantages of Coyol Free Zone while also emphasizing the importance of due diligence. This careful balance of opportunity and regulatory awareness is crucial for businesses seeking to thrive in this dynamic environment. We thank Lic. Larry Hans Arroyo Vargas for providing this valuable perspective on navigating the complexities and maximizing the potential of Coyol Free Zone.
These young employees, aged 18 to 35, hold a wide range of positions, from operational and technical roles to professional and managerial levels, across the 34 national and international companies operating within the 18-year-old free zone. This vibrant workforce is a testament to the opportunities available within Costa Rica’s thriving medical device industry.
In Coyol Free Zone, human capital finds a nurturing environment to develop and learn new skills and specialized knowledge in technical and scientific areas like advanced manufacturing, quality control, regulatory affairs, biotechnology, genetics, bioinformatics, and digital health, among other fields where young people can thrive. This is crucial for a growing sector where innovation is constant.
Carlos Wong, Director General of CODE Development Group
CODE Development Group, co-developer of Coyol Free Zone, emphasizes the importance of fostering talent within the zone. The organization provides specialized training programs, an exclusive job board, and job fairs to ensure a consistent pipeline of highly qualified personnel. Furthermore, it fosters partnerships with local governments and academic institutions and promotes employee well-being initiatives.
This focus on talent development is paying off. Coyol Free Zone employs a total of 24,588 individuals, representing 12.84% of total free zone employment in Costa Rica. Moreover, the workforce demonstrates exceptional productivity, 2.9 times the national average, and 1.9 times higher than the national productivity standard. This high productivity underscores the effectiveness of the zone’s talent development strategies and the dedication of its workforce.
The success of Coyol Free Zone highlights the vital role of youth in driving economic growth and innovation. By investing in young talent and fostering a supportive environment, Costa Rica is solidifying its position as a key player in the global medical device industry and ensuring a bright future for its economy.
The ongoing growth and success of Coyol Free Zone demonstrate the effectiveness of fostering a dynamic and supportive environment for young professionals. This thriving ecosystem of talent, innovation, and collaboration not only benefits the companies within the zone but also strengthens Costa Rica’s position as a global leader in the medical device industry.
For further information, visit [codedevelopmentgroup.com]
About CODE Development Group:
CODE Development Group is a key player in the development and management of Coyol Free Zone, a leading medical device export hub in Costa Rica. They are committed to fostering a thriving business environment, attracting international investment, and creating high-quality employment opportunities. Their focus on talent development, through specialized training programs and partnerships with local institutions, has been instrumental in the zone’s success. CODE Development Group’s commitment to innovation and collaboration has positioned Coyol Free Zone as a vital contributor to Costa Rica’s economic growth.
For further information, visit the nearest office of Coyol Free Zone
About Coyol Free Zone:
Coyol Free Zone is Costa Rica’s premier medical device export hub, boasting over US$4.44 billion in annual exports. Home to 34 national and international companies, the zone offers a supportive environment for businesses in the life sciences industry. With a focus on innovation and talent development, Coyol Free Zone provides specialized training programs, job placement services, and fosters collaboration with local institutions. Their commitment to creating a dynamic and productive ecosystem has made them a significant contributor to Costa Rica’s economic growth and a global leader in the medical device sector.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through a deep-seated commitment to ethical legal practice and unwavering pursuit of excellence. The firm’s innovative approach to legal solutions, combined with its dedication to empowering communities through accessible legal education, reflects a core belief in fostering a just and informed society. Serving a diverse clientele, Bufete de Costa Rica champions integrity and strives to make a positive impact, not only within the legal profession but throughout the broader Costa Rican landscape.
