Costa Rica

World Bank Ready to Support TLC Implementation in Costa Rica



World Bank President Robert B. Zoellick pledged the Bank’s support to Costa Rica as it moves to participate in the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA), known locally as the Tratado de Libre Comercio (TLC).

Following the country’s recent vote endorsing DR-CAFTA, Mr. Zoellick congratulated Costa Rican President and Nobel Peace Prize winner Oscar Arias and the people of Costa Rica in a letter.

“I personally witnessed the key role you played Mr. President, since the early stages of the DR-CAFTA- process. We are ready to support your government with the implementation and full use of the accord for the benefit of all Costa Ricans. I have asked my colleagues to actively follow up with your implementation team”, Zoellick said in the letter.

According to World Bank research, regional trade agreements can make important contributions to a country’s efforts to achieve economic growth and overcome poverty. Costa Rica is well placed to benefit from more open trade because of its strong institutions and high level of education.

Mr. Zoellick, who played an active role in launching and negotiating DR-CAFTA in the past, will meet with Costa Rican Finance Minister Guillermo Zuniga and other Central American finance ministers to discuss implementation during the Annual Meetings of the World Bank and the IMF this weekend.

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posted by Costa Rica real estate @ 10:59 AM    

German Autoparts Company Begins Investment in Costa Rica



The German autoparts component Continental AG said it will invest us$60 million dollars in the construction of its first plant in the country. The announcement is the first investment to come to the country following the referendum vote on October 7th.

Continental, manufacturer of tires, brake systems, vehicle stability control systems, and other automobile parts based in Hannover, Germany is the world's 4th largest tire manufacturer. The company was founded in 1871 as a rubber manufacturer is now the 5th largest first tier automobile supplier in the world.

The plant will be located in the free trade zone El Coyol, in Alajuela, which is located minutes west of the Juan Santamaría (San José) international airport, according to Carlos Wong, general manager of the industrial park.

The official announcement is expected to be made today by Costa Rican president Oscar Arias.

Continental had put its plans on hold, looking at expanding its Mexico operations, if the TLC vote had gone No, said Wong.

"In relation to Mexico, Costa Rica offers competitive options that will permit the company to grow with Costa Rican human resources", added Wong.

Continental plans to hire 1.000 people in the first stage of its operations, however, starting up with 350, and add two more plants in the near future. The first plant will of 16.000 square metres (172.000 square feet).

Continental sells tires in North America under the 'Continental', 'General' 'and' 'Euzkadi' brand names. Continental's biggest customers are automakers such as Volkswagen, DaimlerChrysler, Ford, BMW, General Motors, Toyota, Honda, Renault and Porsche.

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posted by Costa Rica real estate @ 10:57 AM    

CAFTA Approval Confirmed



The Tribunal Supremo de Elecciones (TSE) yesterday confirmed the win by the "Si" campaign in the October 7 referendum vote over the Tratado de Libre Comercio (TLC) - free trade agreement with the United States.

The TSE said it completed the manual count of all votes and the vote in favour of the trade deal won by some 48.000 votes over the "No".

The official results of the vote are: 805.658 (51.56% in favour and 756.814 (48.44) against. The difference is 48.844 of the total 1.562.472 votes cast.

The TSE also said that it is investigating 71 complaints of improprieties over the vote.

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posted by Costa Rica real estate @ 11:29 PM