Costa Rica leads Latin America in high-tech exports and is fourth in the world

Editors note: We have reason to believe that this report, and the report it was based on, may be erred in fact. We will publish a follow up as soon as possible.

January 27th, 2014 (InsideCostaRica.com) Growth in the export of medical devices has led Costa Rica to the top spot in Latin America – and fourth in the world – in the export of industrial high-tech goods, according to a report by Costa Rica’s El Financerio financial news magazine, citing a report from the World Bank.

 

Exports of these goods exceeded $1.5 billion USD in 2013, and have grown twice as fast as other exports from the country’s free trade zones.

 

Direct and indirect employment in the sector went from 1,500 jobs in 2000 to 17,285 in 2012.  Between the years 2000 and 2013, the number of companies producing medical devices in the country increased from 8 to 57.

 

The regional president of Bayer, Rafael Villaroel, said his company plans to further expand their operations in the country this year, as a result of a good combination of skilled and professional labor.

 

“The country is recognized as a safe and reliable destination for the medical industry,” he said.

 

 

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  • roberto

    I would like to hear the regional president of Bayer, Rafael Villaroel’s opinion on how to reduce the country’s annual budget
    deficit, since 30 percent of the annual budget is eaten up by interest on the
    money borrowed to cover years of deficits. I would like to hear the ideas from all of the other companies that are
    not subject to taxation, like free trade zones and certain tax free exports. Apparently the Costa Rican
    Constitution contains a clause that prohibits deficit
    spending. However the government has been able to circumvent this by
    favorable court rulings and by creating multiple budgets. So while large corporations like Bayer are enjoying reduced taxes, increased sales and profits, ex-pats and the working stiffs in Costa Rica have only increased taxes to look forward to.

  • Yeims

    I am having considerable trouble in assigning any credence to CR being the fourth in the WORLD in hi tech industrial equipment. Like Mark Twain once remarked, “There are liars and damned liars, and then there are statisticians.”

  • Drunk

    As percentage of total exports (41%), according to El Financiero. Costa Rica is not the world’s fourth largest exporter of high value goods.
    Only a fool or Inside Costa Rica would actually believe that Costa Rica is the world’s 4th largest exporter of high value goods.