New Special Economic Zones with China was just one of the topics of discussion during President Solis’s recent trip to China. Costa Rica’s president met with China’s president Xi Jinping and signed a strategic partnership agreement focusing on trade, manufacturing, and exports.
2015 will be a challenging year for Costa Rica as this small country has seen a significant decrease in its foreign trade and economic indicators.
The move may well be a bid for the next Intel, as the California-based microprocessor giant closed its manufacturing facility in Costa Rica that employed some 1,500 workers and accounted for 20 percent of the value of Costa Rica’s exports in recent years – about $2.4 billion, according to figures from the Foreign Trade Ministry. Could this new relationship with China be just the thing to inject solid growth and a sustained strategy to increase trade, exports and manufacturing? New Special Economic Zones specific to China could be a foundation for other Latin American countries to increase their trading with China, utilizing Costa Rica as the initial port of entry.
Foreign Trade Minister Alexander Mora, who is also traveling with the president in China, said that special economic zones would seek “anchor” businesses that could spark the growth of homegrown Costa Rican suppliers and other businesses around these areas, according to a statement.