Carlos Alvarado, the President of Costa Rica, has given his approval to a new law that will assist locations outside of the Greater Metropolitan Area (GMA) of San José, the country’s capital city, when it comes to attracting foreign investment. The law creates new incentives to attract additional sectors outside the GMA including life sciences, agribusiness and scientific research.

Commenting on the legislation, Alvarado explained: “The economic development and benefits generated by free trade zones should be expanded outside the greater metropolitan area to multiply job opportunities and well-being for all Costa Ricans. We urgently need to leverage the free trade zone regime to strengthen development poles outside the GMA.”

Roberto Zeledón, president of the National Network of Local Economic Development Agencies (Renadel), added: “This new law means a huge boost to the communities outside the GMA for creating employment and reactivating their economy. For many years now our regions have needed an initiative that encourages companies to come to our cantons and [this law] helps stimulate each area’s productive activities.

“Renadel was created for the purpose of uniting efforts and today, in a coordinated manner, we are celebrating a spectrum of possibilities for the Chorotega, central Pacific, southern Pacific, western, northern Huetar and Caribbean regions [of Costa Rica].”

The newly approved law will have a maximum of six months from its publication to be regulated and put into operation.