Costa Rica announces record of 16,718 new jobs through FDI in 2019
SAN JOSE, Costa Rica, Dec. 19, 2019 /PRNewswire/ -- The Costa Rican Investment Promotion Agency (CINDE) announced its 2019 performance results. Its work is tangible and directly contributes to the country's Sustainable Development Goals (SDGs) as set by the United Nations. CINDE particularly contributes to 4 SDGs - Decent Work and Economic Growth, Gender Equity, Industry, Innovation and Infrastructure, and Quality Education - and as such reports its FDI impact on each of them.
SDGs: DECENT WORK AND ECONOMIC GROWTH
Multinational companies supported by CINDE created a gross of 16,718 new jobs and 10,141 net jobs in 2019, a record number for the institution even though 2018 foreign direct investment (FDI) global inflows continued to decrease and are expected to maintain that downward trend this year.
CINDE client base of over 300 multinational companies now represent an aggregate of 118,245 direct jobs and 58,980 indirect jobs at the end of 2019. This dynamic performance is the result of a 9.9% yearly net employment growth since 2015.
Also this year, 547 new jobs were created outside of the Greater Metropolitan Area (GMA), which has had an average 10.1% annual growth rate for the past four years.
"In an international context where FDI inflows continue to drop and there are more competing countries, is truly remarkable to share these positive results and they encourage us to continue contributing to our country's development," said Jorge Sequeira, Managing Director of CINDE.
He added: "We are committed to excelling in our position as the world's top investment promotion agency, with a client-centric vision that provides a smooth landing in the country, and where CINDE becomes a true ally for they company´s strategic business development."
CINDE also celebrates the job growth that multinationals have had in regions outside the GMA, which reflect the agency´s assistance to more than 20 municipalities. These positive results are possible thanks active engagement with the community, local governments, and the schools in each region. CINDE continues to work together with multiple regions to improve talent skills and promote more investment opportunities.
A constant employment growth by multinational companies demonstrates their strong footprint and trust in Costa Rica as a strategic operation with 60% of them increasing the number of jobs in 2019, and 6% maintain their employability levels.
Amazon Costa Rica is particularly highlighted given its growth and innovative approach. Amazon employs over 9500 people in the country. Its virtual services center comprises 1050 positions all under a full work-from-home framework. This scheme allows for 53% of the jobs to be held by people in regions outside the GMA. Also, 50% of the positions are held by women.
SDGs: GENDER EQUALITY
Multinational companies attracted and supported by CINDE actively promote women's participation in the labor force. In 2019, 50% of the net new jobs created by these companies were held by women, compared to country's average of 39%.
SDGs: INDUSTRY AND INNOVATION
By attracting and strengthening FDI, Costa Rica improves the diversification of its economy while taking advantage of the opportunities provided by the fourth industrial revolution so that the country can successfully become an active part of the knowledge economy.
CINDE reports 44 new investment projects in 2019:
- 19 new companies
- 25 diversification projects, which means new processes and divisions
In addition, CINDE confirms the consolidation of operations by the portfolio of multinational companies in Costa Rica, which resulted in 56 reinvestment projects: a record number for reinvestments.
- 56 reinvestment projects: 31 reinvestments by expansion and 25 projects by diversification
- 24% more than in 2018
SDGs: QUALITY EDUCATION
CINDE continues to nurture key educational projects where 3,888 people were positively impacted throughout the year. There initiatives are part of the organization's strategic programs to drive talent development and boost skills for the jobs of the future.
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