Terradyne’s new investment in el Coyol has sparked some interest in Costa Rica and has left some people wondering about the company’s goal behind all of this. To those who don’t know what Teradyne provides, Teradyne manufactures automation products, specifically in the form of medical equipment and systems that help enhance the production process of companies who operate in diverse industries. The Boston native enterprise has been working and providing services in Costa Rica since the year 2000 and as of today, they’re planning to invest more than 20 million US dollars to extend their operations, and of course, their work force and impact in the country altogether.
Constructed in Coyol’s Free Zone, another well-thought-out consideration taken before investing is the prime exporting points offered by the area’s strategic location. Be it through air (Juan Santamaría Airport), or sea (Caldera Port or APM Terminal in Limón), the 24 companies who are already operating in the zone have all enjoyed this benefit and, as a matter of fact, 8 of those 24 are classified as the Top 30 Life Science companies in the world. Along with this exceptional location, companies who work in the park enjoy the benefits of the free trade zone regime, which include incentives such as competitive tax on royalies and fees, 100% income tax exemption for the first 8 years of operation, no custom duties in imports/exports, you name it!
But what do all these investments and companies mean for Coyol or even Costa Rica? Well, first of all, CINDE (Costa RicaI Investment Promotion Agency) reports that 70% of the investment made in Costa Rica by multinational companies has been reinvested year by year, and this means that companies are investing in the country to expand and bring more work opportunities to Costa Rican and expat citizens.
Additionally, another pilar of the Coyol Free Zone is their sustainable real estate development achieved through a well-developed experience in LEED manufacturing, where key qualifications such as building strategies, use of materials, water management, transportations, among other factors are contemplated to ultimately receive the renowned LEED qualification that six of the companies within the park have obtained.
If you learned something new today don’t forget to follow our blogs and page in Facebook for more information on the upbringing of Coyol’s Free Zone and Costa Rica more broadly, until next time!