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Meeting Highlights:
- Costa Rica as an Investment Hub: By having political, social, and trade stability, with 18 free trade agreements covering 2/3 of the world's GDP, and a strong focus on human talent and productivity.
- Sustainability Leadership: Costa Rica having over 90% green energy for the past 40 years, demonstrating a forward-thinking approach to sustainability.
- Healthcare’s Role in the Economy: Healthcare and education make up 18% of GDP, with a shift towards value-driven innovation and 44% of exports are medical devices, a sector strongly aligned with our national values.
- Strengthening MedTech & Pharma Clusters: Costa Rica expanding in R&D, biomaterials, and pharma development, with multiple pharmaceutical companies present in the country over the last 50 years.
- PROCOMER Committed to Collaboration & Value: By fostering public-private alliances and connecting SMEs with multinationals, ensuring broad, inclusive benefits with a focus on gender inclusion and innovation.
EF: If you were addressing business leaders at Davos, what key message would you deliver?
LL: Costa Rica is a strong democracy, offering long-term political, social, and trade stability—essential elements for any investment. Our well-established trade network, supported by over 18 free trade agreements, uniquely positions us as the only country in Latin America with simultaneous access to North America, Europe, and China. This provides businesses with a gateway to two-thirds of the world's GDP.
Our greatest asset is our highly skilled workforce. Thanks to robust public education and healthcare systems, our people are educated, healthy, and highly productive. Moreover, Costa Rica has been a global leader in sustainability for over four decades. Sustainability is not just a trend for us—it’s part of our identity. With strict environmental policies and a commitment to green energy, 97% to 99% of our electricity comes from renewable sources. This ensures that companies operating here align with global sustainability standards from the outset.
Our value goes beyond competitive incentives. Costa Rica brings together stability, innovation, talent, and a strong sustainability mindset to create a trusted and forward-looking investment destination.
EF: How does the MedTech sector align with your vision, and what are your current priorities in advancing healthcare within the market?
LL: Costa Rica’s healthcare sector, particularly its medical device manufacturing industry, has emerged as the country’s largest export contributor, accounting for 44% of total goods exports. This growth underscores Costa Rica’s commitment to innovation, high-quality production, and sustainability.
Unlike low-cost manufacturing destinations, Costa Rica positions itself as a hub for high-value industries. The country invests 18% of its GDP in public healthcare and education, which strengthens its welfare system but also results in higher living costs and wages. To remain competitive, Costa Rica has focused on industries that prioritize value creation rather than relying on cheap labor. Over the past two decades, the nation has transitioned from producing basic medical products, such as needles, to manufacturing sophisticated medical devices. This shift mirrors a broader economic transformation: whereas 92% of Costa Rica’s exports once consisted of traditional goods, today 92% are non-traditional, high-value products.
The government has played a pivotal role in this evolution by ensuring the local workforce is equipped with the necessary skills to support advanced industries. It has also fostered policies that encourage national industries to move toward higher-value production. Costa Rica’s history of progressive decision-making further highlights its forward-thinking approach. From abolishing its military in the 1940s to embracing sustainability in the 1980s—well ahead of global trends—the country consistently prioritizes long-term innovation and well-being.
Investing in the medical device sector aligns seamlessly with Costa Rica’s robust public healthcare system and vision for sustainable development. By focusing on value over volume in trade and production, the nation continues to reinforce its reputation as a leader in high-quality manufacturing and forward-looking economic strategies.
EF: What comes next for you? What are your top priorities and current areas of focus in Costa Rica?
LL: Costa Rica has established itself as a global leader in the medical device industry, with 13 of the world’s 25 largest companies operating within its borders. As industry insiders often say, any company that is not present in Costa Rica is missing out. Building on this success, the country is now turning its focus to the pharmaceutical sector. Major players like Johnson & Johnson are already active in Costa Rica, and the nation aims to expand research and development (R&D) in pharmaceuticals.
Costa Rica’s rich biodiversity presents unique opportunities for pharmaceutical innovation, including research into biomaterials and creative applications for agricultural byproducts such as pineapple and banana waste. This strategic shift aligns seamlessly with the country’s established strengths in services like artificial intelligence, data analytics, and MedTech. Currently, services account for 35% of Costa Rica’s exports, making the integration of these capabilities with advancements in pharmaceuticals and medical technology a logical next step.
To fully realize this potential, Costa Rica will need to prioritize investments in talent development, technical training, and cutting-edge technology. However, given its proven track record and strategic vision, the country is well-positioned to make pharmaceuticals its next major industry.
EF: What is your roadmap for the pharmaceutical sector?
LL: Costa Rica is making significant strides in enhancing its research and development (R&D) ecosystem by modernizing laws and streamlining processes. While Latin America has traditionally taken a more conservative stance, Costa Rica is driving reforms to facilitate innovation investment. The focus isn’t solely on changing laws but on improving institutional operations and reducing bureaucratic hurdles.
The government is actively collaborating with various agencies to eliminate unnecessary barriers and foster a business-friendly environment. Alongside tax incentives, a skilled workforce, and its strategic time zone alignment with the U.S., Costa Rica recognizes the critical importance of a supportive regulatory framework. By adopting a holistic approach, the country ensures these factors work in harmony to attract investment and promote sustainable growth. Rather than concentrating on isolated aspects, Costa Rica is prioritizing the bigger picture to maintain its competitive edge.
EF: How are you collaborating with external stakeholders and attracting them to Costa Rica? What value does PROCOMER bring in this regard?
LL: Costa Rica has adopted a distinctive approach to economic development through PROCOMER, a public-private alliance that bridges the gap between government and businesses. Unlike traditional public institutions, PROCOMER operates with a private board, enabling close collaboration between sectors and fostering effective communication. A key aspect of its work is the development of industry clusters—bringing together companies, academia, and government agencies to cultivate robust, self-sustaining business ecosystems. Notable achievements include the establishment of clusters in medical devices, education, and healthcare. Once these clusters become independent and well-structured, PROCOMER maintains collaboration while ensuring that relevant government ministries—such as Health, Economics, Education, and Infrastructure—remain actively engaged. This strategy balances addressing immediate private sector needs with preparing for long-term national growth.
Costa Rica’s track record highlights its ability to deliver on commitments. For instance, when Intel arrived in the 1990s, few anticipated that a country known for coffee and bananas would evolve into a hub for semiconductor manufacturing. Today, Costa Rica boasts 10 companies in this sector. Similarly, Baxter’s investment in the 1980s marked the beginning of Costa Rica’s transformation into a major medical devices hub with over 100 companies now operating in the field.
PROCOMER plays a critical role in ensuring Costa Rica’s competitiveness by prioritizing key areas such as establishing a strong legal framework, developing skilled talent, investing in infrastructure, and promoting sustainability. With over three decades of experience, PROCOMER confidently assures investors that Costa Rica consistently delivers on its promises and remains a reliable destination for growth.
EF: What legacy do you hope to leave behind through your work at PROCOMER, and how do you envision Costa Rica's trade and investment landscape evolving in the next decade?
LL: One of our primary objectives was to ensure that trade and investment created benefits for everyone, not just a select few. By collaborating closely with local industries and small businesses (SMEs), we help them establish connections with multinational corporations. Currently, over 54% of multinational purchases in Costa Rica are sourced from local companies. This strategy ensures that foreign companies integrate into the local economy, generating widespread opportunities rather than operating in isolation.
Another critical focus has been fostering continuous innovation. At PROCOMER, we consistently explored ways to expand investment—whether by encouraging businesses to enter new regions or diversifying industries such as medical devices, pharmaceuticals, biomaterials, and emerging services. This forward-thinking approach has always been central to PROCOMER’s mission, and I take pride in leading an organization that prioritizes progress.
Additionally, inclusivity has been a key area of emphasis, particularly in advancing gender equality. We actively track metrics such as women’s participation in leadership roles, employment within multinational companies, and access to entrepreneurial services for women. Looking ahead, we are committed to developing a comprehensive gender equality scorecard to ensure that Costa Rica’s economic growth remains inclusive and equitable for all.
