Costa Rica has announced its ambitious strategy to become a leading semiconductor hub on the global stage. The plan emphasizes the development of talent, offering incentives, attracting investments, and enhancing regulatory frameworks. Semiconductors are crucial components in various industries, including automotive, medical devices, manufacturing equipment, and information and communication technologies.
During a high-profile event, Costa Rica showcased its strategy to an international audience, which included representatives from global semiconductor associations, financial institutions, multinational corporations, academic institutions, and a U.S. delegation headed by Secretary of Commerce, Gina Raimondo.
Secretary Raimondo commended Costa Rica’s initiative, highlighting the mutual benefits of investment, particularly the advantages it brings to the U.S. She noted the strategic importance of Costa Rica, along with Panama, as a vital partner in the evolving semiconductor supply chain.
Costa Rica’s plan includes strengthening existing incentives and introducing new ones to encourage research and development, thereby boosting its global reputation as an attractive destination for semiconductor investments.
“Costa Rica has all the necessary elements to establish itself as a reliable and secure regional investment hub in this sector, which will help mitigate global supply chain vulnerabilities,” stated Manuel Tovar, the Minister of Foreign Trade.
President Rodrigo Chaves articulated the country’s vision to be recognized internationally as a secure, reliable investment location with the requisite qualities to increase its participation in the semiconductor industry, aiming to draw more foreign direct investment.
Further, Costa Rica intends to improve efficiency, transparency, and competitiveness, which are essential for attracting investment into this vital sector.
In a significant development in July 2023, Costa Rica became the first nation to be designated as a strategic ally of the United States under the CHIPS and Science Act, marking a crucial milestone in its strategic partnership with the U.S. “Semiconductors are at the heart of global innovation,” President Chaves noted, expressing pride in the role of Costa Rican talent and potential in strengthening the industry regionally.
