Foreign Investment in Costa Rica Hits Record $4.32 Billion in 2024

Foreign direct investment (FDI) in Costa Rica reached a historic high of $4.32 billion in 2024, growing 14% from the previous year.

This achievement surpassed the National Development and Public Investment Plan’s target by 37%, reflecting the country’s success in attracting diverse investment projects.

The government reported that 61 new projects contributed to this growth, with 16 of them located outside the Greater Metropolitan Area (GAM), generating $240 million in regional investments.

Manufacturing dominated FDI inflows, accounting for 67.4% of the total, followed by tourism at 13.9% and real estate at 6.8%. Free trade zones emerged as a key driver, capturing 64.3% of total FDI and experiencing a notable 24% increase compared to 2023.

Investments in free trade zones outside GAM reversed a negative trend from the previous year, rising from a $38.2 million deficit to $240 million in positive inflows. Tourism also saw significant growth, with investments surging by 113%, adding $318.6 million to the sector.

Costa Rica’s export performance further underscored its economic momentum. Total exports of goods and services reached $30.56 billion in 2024, an 8% increase from the previous year.

Goods exports grew by 9% to $19.89 billion. Precision and medical equipment led the growth, accounting for 44% of total goods exports with a 14% increase.

Costa Rica’s Export Growth

The agricultural sector followed with an 18% share, growing by 7%, while the food industry expanded by 8%. Services exports without travel rose by 6% to $10.66 billion, with business services contributing the largest share.

The government attributed these achievements to strategic efforts aimed at decentralizing investment and diversifying economic activity. Initiatives included promoting regional development, enhancing workforce skills, and targeting emerging sectors like tourism and technology.

Officials emphasized that these investments have created jobs and improved economic opportunities outside traditional urban centers. Costa Rica’s ability to attract foreign capital while expanding regional development highlights its growing appeal as an investment destination.

The country’s focus on sustainable growth and export-driven strategies continues to strengthen its position in global markets.