Nearshoring in Costa Rica:
A Thriving Landscape
Costa Rica has emerged as a prime destination for nearshoring, attracting companies seeking skilled talent, competitive costs, and a business-friendly environment.
Figures that demonstrate the growth of nearshoring in Costa Rica:
- Foreign Direct Investment (FDI): FDI in the services sector, a key indicator of nearshoring, experienced an 11.4% growth in 2022 compared to the previous year. (BID Invest, 2023).
- Service Exports: Costa Rica’s service exports grew by 4.3% in 2022, mainly driven by sectors such as IT, research and development, and professional services. (BID Invest, 2023).
- Job Creation: It is estimated that nearshoring has generated over 22,000 new jobs in Costa Rica in recent years, primarily in sectors like tourism, life sciences, and manufacturing. (Fitch Ratings, 2023).
Factors driving the growth of nearshoring in Costa Rica:
- Strategic Location: Proximity to the United States, the main market for Costa Rica’s service exports.
- Similar Time Zone: Facilitates communication and collaboration with clients and teams in the US.
- Skilled Talent: Costa Rica boasts a highly trained workforce in areas like IT, engineering, and business management.
- Competitive Cost: Labor costs in Costa Rica are significantly lower than in many developed countries.
- Robust Infrastructure: Costa Rica offers competitive labor costs that are notably lower than those found in other developed countries.
- Stable Political and Economic Environment: Costa Rica enjoys a stable political and economic climate, fostering investor confidence.
Outlook for nearshoring in Costa Rica:
Nearshoring is expected to continue growing in Costa Rica in the coming years, driven by global demand for high-quality services and companies’ pursuit of more resilient supply chains.
Costa Rica is well-positioned to capitalize on this opportunity due to its combination of competitive advantages, including its human talent, strategic location, business-friendly environment, and commitment to sustainability.
DataNeoShore, as a leader in data, cloud, and BI nearshoring solutions, helps you navigate your path to success in Costa Rica.
Contact us today and discover how we can help you leverage the benefits of nearshoring for your business.
Contact us today and discover how we can help you leverage the benefits of nearshoring for your business.