Costa Rican President Calls Costa Rica an "Economic Miracle"

Chinchilla sets financial goals,
calls Costa Rica an ‘economic miracle'

By Chrissie Long
Tico Times Staff | clong@ticotimes.net

The Chinchilla administration on Monday announced financial goals for the next four years, saying it aims to achieve $9 billion in foreign investment and $17 billion in exports.

“Costa Rica has been one of the most successful countries in Latin America in terms of foreign investment,” said President Laura Chinchilla, calling her country an “economic miracle.”

Chinchilla said that for each million dollars of foreign investment, at least 17 direct jobs are created.

“We have to understand that a united platform in favor of foreign investment and production of exports gives us not only access to markets, but also better levels of competition and higher economic welfare,” she said.

Foreign investment has increased an average of 12 percent each year since 1990, but fell by 34 percent during the crisis year of 2009. Former President Oscar Arias is credited with a 132 percent overall increase in foreign investment during his second four-year term, which ended this year.

Foreign Trade Minister Anabel Gonzaléz pointed to the telecommunications, tourism and energy sectors as some of the most promising target areas for investment.

Not only is Chinchilla looking to attract more money into Costa Rica, but she is also working to increase the country's exports by 22 percent during her term. For each percentage-point increase in exports, she said, 7,500 jobs are created.

Chinchilla said her administration will focus on improving infrastructure, streamlining regulations and continuing to educate the labor force to meet the target goal, which she stressed has been brought closer into reach by the recently signed trade agreements with Europe, China and the United States.

Direct foreign investment has increased an average of 12 percent each year since 1990, but fell 34 percent in 2009.

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