INVESTMENT OPTIONS IN CHICAGO

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Foreign Trade Minister to meet with representatives, of high-tech and consulting companies in the Windy City.

Officials from the Foreign Trade Ministry (COMEX) and the Costa Rican Investment Promotion Agency (CINDE) traveled to the U.S. city of Chicago for a series of meetings to promote the country as a competitive destination for foreign companies in high-tech sectors.

On Monday, Foreign Trade Minister Anabel Gonzalez will meet with four Illinois-based companies who already have operations in the country, and on Tuesday, CINDE officials will meet with 30 possible investors and consulting firms.

Gonzalez will give a keynote speech on the competitive advantages of Costa Rica and the ongoing development of high-tech sectors.

The minister will highlight Costa Rica’s top-five position among Latin American countries in this year’s World Competitiveness Ranking, published by the World Economic Forum.

According to CINDE, the country attracted 34 new investment projects in 2011, which, added to the companies that expanded their current operations, generated 7,700 new jobs.

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FREE TRADE AGREEMENT UPDATED

Costa Rica and Canada finished a fifth round of negotiations to modernize a free trade agreement between the two countries.

Costa Rica’s Foreign Trade Ministry expects to complete negotiations by mid-September.
Last week, foreign trade officials from the two governments reached agreements on technical barriers to trade, provisions, objectives, administration of the treaty, financial services, government purchases and customs procedures.

They also completed chapters on cooperative agreements, monopolies and state enterprises, and an agreement on telecommunications and investment is almost ready, pending review.

Issues on market access, tariff elimination for products from free zones, more flexible rules for textiles and Canada’s interest in greater market access for agricultural products are still being discussed.

There are very few pending issues, and our plan is to finish them during a meeting in mid-September.

The free trade agreement between Costa Rica and Canada was implemented in 2002. Since then, total trade between the countries has increased from $102 million to $273 million in 2011, a cumulative increase of 168 percent.

Many Canadians visit Costa Rica by Costa Developers and their work in fractional properties, which for a fraction of the cost; they can come and do business, live or retire in areas of high returns.

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