Costa Rica is looking to have a strong year in the world of business and entrepreneurs in 2016 according to Francisco Llobet, the President of the Chamber of Commerce. Llobet told El Financiero that projections for sectors such as real estate, retail, and franchising are positive, as long as the government holds off on new taxes.
Looking into the feature, entrepreneurs in Costa Rica can look to the opening of new retail stores, new franchises, and new real estate developments, creating a strong financial base for the coming year. Costa Rica can look forward to the arrival of at least 39 transnational corporations, the opening of 40 new stores, fast food restaurants, casual restaurants, and at least 8 new cafés. In addition to that list, the country can also expect the opening of 7 new convenience stores, more than 12 fashion stores, and approximately 25 appliance stores. In regards to the automotive sector, plans are underway to open 3 branches, a distribution center for parts and accessories, and a workshop specializing in the repair of minor damages.
The world of real estate in Costa Rica is also looking strong as the country will see six office centers, eight hotels, and seven large commercial projects get underway this year as well. Three industrial parks projects and six construction projects are also on the table for 2016. According to the report by El Financiero the national franchises grew by 10% this year, while international franchises grew by 5%.
Intel Costa Rica is going through somewhat of a rebirth process as well, with the potential of educating, training, and employing more Costa Rican this year than ever before. As Costa Rica continues to develop experts in the STEM fields- science, technology, engineering and mathematics- Costa Rica will likely see more companies like Intel looking to this newly educated workforce. This bodes well for the future of transnational investment in Costa Rica. As Intel Costa Rica and the government continue to work together to increase student standards and cooperation between the public and private sector, the country can look forward to a more skilled workforce, which is enticing to other transnational companies.
In the public works sector things are looking up for 2016 as well as President Luis Guillermo Solis pledges to finally repair La Plantia, the bridge over the Varilla River, which has needed repair since 2008. The bridge is located on the General Canas Highway, the most heavily trafficked stretch of highway in the country, connecting San Jose to the province of Alajuela, including Juan Santa Maria International Airport, and Costa Rica’s northern and Pacific regions. With over 90,000 cars driving this bridge daily, the repairs are long overdue and Solis is the third president to tackle the massive project.
The project, with an estimated cost of $13.7 million, will include repairing the structure and expanding from 4 to 6 lanes. Private contractor Codasca was awarded the contract in a public bid and the project is expected to take 8 to 12 months.
With all the new stores, restaurants, real estate developments, interest from transnational corporations, and public works projects, it seems as the Costa Rica has promising financial future for 2016.