Costa Rica

Overview

• The country has a population of about 3.5 million.
• Education is important, and that can be seen it Costa Rica’s 95% literacy rate.
• Costa Rica is a favorite place for US executives. The pleasant climate and business atmosphere has attracted over 25,000 expatriates from the US.
• Costa Rica has a tradition of democracy
• The economy grew 6.2% in 2000 while inflation rose to 12.5%.
• Foreign direct investment in Costa Rica about $530 million.
• Costa Rica runs a trade deficit of about $678 million. 
  • Most imports were capital goods and industrial supplies.
• Costa Rica’s top exports to the US are electronic microchips, bananas and plantains, apparel, coffee, and meat.
• 4,400 miles of paved roadways testify to Costa Rica’s strong infrastructure

Opportunities

• Paper
• Clothing apparel
• Automobiles
• Corn
• Soybeans
• Telecommunications restaurants and hotels
• Construction
• Recreation/Sports
• Computer hardware and software
• Plastics
• Agricultural chemicals

Marketing Tips

• Costa Rica has attracted foreign investment for high-technology companies because of its educated work force.
• Because Costa Rica has generous worker benefits, US investors may shy away, and find cheaper labor in another country.
• Costa Rica had a 16% increase in tourist revenue last year. This can be directly attributed with Costa Rica’s opportunities for "eco-tourism." largely due to the  benefit of up to 177 inches of annual rainfall.
• Costa Rica claims the best infrastructure in Central America. 
  • It boasts of superior transportation, energy, telecommunications, health care, and education sectors.
• Foreign investors generally consider Costa Rica’s government to be friendly.
• Costa Rica takes part in Caribbean Basin Economic Recovery Act. This act insures the betterment of workers’ rights, treatment of American investors, and Intellectual Property Rights.

Business Culture

• Costa Rican businesspeople concern themselves with personal contacts in foreign suppliers.
• Costa Rica’s working hours are either from 8:00 AM to 12:00 PM or 2:00 PM to 6:00 PM.
• Most business executives speak English.
• Because business people don’t make distinctions of social rank, negotiations are much quicker than in the US.
• Observe and use titles if you know them.
• People do not hug in formal greetings, but friends exchange a light kiss.
• Costa Ricans have a deep sense of honor; avoid saying anything potentially disrespectful.
• Punctuality is important, however, time estimates for deadlines are not reliable.