Costa Rica: More Competition

BY CHRONICLE STAFF

Local and foreign investors are optimistic about Costa Ricas future, in part due to the expected implementation of a free trade agreement with the United States (popularly known as CAFTA) and related laws that are opening up the economy to more competition.

"The economic future for Costa Rica is generally very bright, especially considering the impending implementation of CAFTA," says Michael Borg, president and general manager of Costa Rica-based Confecciones Borkar S.A. and U.S.-based Union Apparel Inc. He is also president of the Costa Rican American Chamber of Commerce.

There is "a great deal of optimism" in the business community now that Costa Rica is well underway to complete its congressional approval of CAFTA, says Jaime Daremblum, the director of the Center for Latin American Studies at Washington, D.C.-based think tank Hudson Institute and a former Costa Rican ambassador to the United States.

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Foreign investors are attracted to Costa Rica for a combination of reasons. "There are many benefits of doing business in Costa Rica," says Borg.  "In...

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