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ICT and CINDE sign agreement to promote foreign direct investment for tourism infrastructure

 

  • Cooperation agreement will be for a term of five years.
  •  ICT and CINDE will join forces to attract investments.

The Costa Rican Tourism Board (ICT) will implement a new strategy over the next five years in the search and promotion of foreign investment projects in the tourism sector that respect the authenticity, values and cultural traditions of the country’s communities. To accomplish this goal, ICT signed an agreement on Thursday with the Costa Rican Coalition of Development Initiatives (CINDE) a body that has specialized in attracting foreign direct investment to Costa Rica for 37 years.

“We will support projects from the country’s creative industry, which supports culture as an engine of growth”, said the Minister of Tourism, Maria Amalia Revelo. “A coordinated and efficient effort is required to promote Costa Rica as a suitable destination for foreign tourism investments. CINDE, which is a premier investment promotion agency according to the International Trade Center (ITC), has the experience and strategic partners to help us reach our goals”, she noted.

The General Director of CINDE, Jorge Sequeira, commented: “This agreement will allow CINDE to promote the arrival of tourism infrastructure projects that will have a direct impact on the creation of employment across the country. We are putting all our technical experience in assisting investors at the ICT’s disposal so that we can increase the positive impact of the important work our institutions perform. We are also pleased to support a sector whose foreign exchange earnings from tourism represented 6.3% of the GDP in 2016 and which also creates thousands of jobs in regions outside the GAM region, with knock-on effects for thousands more”.

Foreign direct investment in the tourism sector includes hotels, leisure and corporate properties, themed attractions and sporting infrastructure, as well as the port and airport infrastructure that supports the tourism sector. Each of the inter-institutional projects will be executed individually.

“For several decades, tourism has been classified as one of the most dynamic sectors of the economy. With this agreement, the world’s highest-ranked foreign investment promotion agency will provide support for ICT’s tourism infrastructure programs. I am sure that this partnership will generate numerous benefits for all Costa Ricans that will be translated into benefits for the country and job opportunities throughout the full expanse of the country. Today, we are celebrating this agreement between the tourism and foreign trade sectors, in which we will work as partners to help revitalize our economy”, said the Minister of Foreign Trade, Dyalá Jiménez.

As part of the agreement, ICT is committing to inform CINDE about its plans and work programs to that opportunities for synergy can be identified. The parties will also share knowledge, specific skills and experience in issues related to promoting and attracting investment.

ICT will also adopt measures aimed at prioritizing its involvement in the One-Stop Investment Program managed by PROCOMER to streamline procedures and facilitate the process of enacting foreign investment projects.

CINDE will formulate plans and strategies to attract foreign direct investment (FDI) in the tourism infrastructure sector and will seek to bring target investment areas on board for the tourism infrastructure sector. Furthermore, it will work to develop an integrated system for FDI promotion, supported by promotional materials, to achieve efficient management and promotion of foreign tourism investment.