PROCOMER: Foreign Direct Investment Flows in Costa Rica Grow by 14% and Reach a Historic High in 2024

• Significant growth is observed in the Free Trade Zone regime outside the Greater Metropolitan Area (GAM), shifting from a negative investment of $38.2 million to a positive $240 million.
• Exports of goods and services totaled $30.555 billion, reflecting an 8% increase.

SAN JOSÉ, Costa Rica, April 5, 2025 /CNW/ -- In 2024, Costa Rica recorded a historic total of $4,321 million in foreign direct investment (FDI) flows, representing a 14% increase compared to the previous year. This result not only exceeds the target set in the National Development and Public Investment Plan (PNDIP) by 37% but also reflects the attraction of 61 new projects—16 of which chose to establish operations outside the Greater Metropolitan Area (GAM), generating $240 million in investment in those regions. Additionally, 22 of the 61 projects came from countries other than the United States.

PROCOMER

"Costa Rica's economy is experiencing strong momentum driven by trade and FDI. We have been the fastest-growing OECD country for two consecutive years, and the OECD recently noted that our economic growth has been fueled by exports," said Acting Minister of Foreign Trade, Indiana Trejos.

Laura López, General Manager of PROCOMER, added: "These figures reflect the effectiveness of our renewed FDI attraction strategy, particularly in our efforts to drive more investment beyond the GAM. Over $200 million flowed into these regions, boosting export-related employment and investment that now supports more than 700,000 people. We are proud of these results and committed to continuing this work for the benefit of the entire country."

By investment regime, the Free Trade Zone remained the top destination for FDI, capturing 64.3% of the total. Tourism accounted for 13.9%, the definitive regime 12.2%, real estate 6.8%, financial services 2.4%, and inward processing 0.5%.

Investment in the Free Trade Zone saw a 24% increase compared to 2023 (+$531.6 million). Growth in this regime outside the GAM was especially notable, moving from a negative investment of $38.2 million to a positive $240 million. This aligns with PROCOMER's strategic priority to promote regional development, as reflected in the attraction of 16 new projects to these areas. Also noteworthy was the 113% increase in tourism-related investment (+$318.6 million).

By sector, manufacturing continued to lead with 67.4% of total FDI, followed by tourism (13.9%), real estate (6.8%), services (5.1%), financial services (2.4%), commerce (1.9%), agriculture (1.4%), and agribusiness (1.3%).

Exports of goods and services also showed solid growth. According to data from the Trade & Investment Promotion Agency of Costa Rica (PROCOMER) and the Central Bank of Costa Rica (BCCR), total exports in 2024 reached $30.555 billion (excluding travel), reflecting an 8% increase compared to 2023. Goods exports totaled $19.894 billion (+9%), and service exports (excluding travel) reached $10.661 billion (+6%).

Goods exports were led by precision and medical equipment, which grew by 14% (+$1.091 billion) and accounted for 44% of total exports, consolidating their position as Costa Rica's top export sector. The agricultural sector, second in importance with an 18% share, grew by 7% (+$227 million), while the food industry increased by 8% (+$182 million).

The services sector also posted strong performance. Other business services represented 42% of exports, followed by travel (34%), IT, information and telecommunications (15%), transformation services (4%), and transportation (3%). When including travel, total service exports amounted to $16.1138 billion, marking a 9% increase.

SOURCE PROCOMER

Ofelia Fernández, [email protected]