Raising the pulse of medtech innovation in Latin America
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About Costa Rica

 
 

In the heart of the Americas, lies Costa Rica, a unique nation with just 4.8 million people and 31, 689 square miles, a nation that is home to over 5% of the entire world´s biodiversity.

Costa Rica is a spectacular country, with pristine landscapes bathed by both the Pacific and Atlantic oceans and luscious forests. The quality of life coexists comfortably with a Latin American success story, fueled by the presence of the world´s most prominent companies operating in Costa Rica.

Costa Rica is one of the oldest and most consolidated democracies in America, and the only country in the region considered among the 22 oldest democracies in the world. Our country abolished its army on December 1st, 1948, an astonishing act which granted international recognition.

 

World recognition in a thriving economy

Several other indicators confirm Costa Rica´s commitment-and success- to the rule of law: Costa Rica ranks second in the Global Peace Index, mostly because its low homicide rate and good relationships with neighboring countries (Institute of Economics and Peace, 2016); and it also is the safest country in Latin America according to Latin Trade index (FTI consulting), 2014. Moreover, Costa Rica ranks 1st in Latin America in the Country Brand Index, classified by the Future Brand - Country Brand Index 2014-2015 as an “experienced country”; and has the greatest potential for innovation in Latin America according to the World Economic Forum.
 

Costa Rica´s strong system of checks and balances guarantees independence and equilibrium between the legislative, judiciary and executive branches, and prevents the concentration of power. Transparency and citizen´s access to public sector information are the rule, vigorously enforced by the courts when necessary. Costa Rica´s judiciary system is fully independent. Judges are appointed through merit based selection processes, except for members of the Supreme Court, which are appointed by Congress, from a list of candidates prepared by the Judiciary.


One of the pillars of the Costa Rican economic development have been its open market policies.
 

Exports of goods and services have grown at an average annual rate of 6.7% since 2002:
Exports of goods: 3.3%
Exports of services: 8.4%

In 2015, exports and imports of goods and services represented 68% of GDP

 
 
 

6 INTERESTING FACTS ABOUT COSTA RICA:

 
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1. Currently, more than 280 high-tech multinational companies are operating in Costa Rica.

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2. Our education system is #1 in Latin America and ranks 28th highest in the world; above France, India, China, and Philippines.

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3. Costa Rica has a talented and bilingual young workforce. On average 95% of the employees in multinational companies are local.

 
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4. The country has preferential access platform to 2/3 of the world’s GDP. 93.4% of exports of goods are covered by 14 FTAs.

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5. Excellent business climate based on a renowned democratic tradition, economic & political stability.

6. Almost 100% of the electricity is generated from renewable sources, over competitors such as Brazil, Colombia, Philippines, Mexico, and Chile (US Energy Information Administration, 2015).