November 2023. The rigorous efforts of the country to become a Life-Sciences cluster are evident in the preference of companies choosing to operate in Free Trade Zones. According to data from the Central Bank of Costa Rica (BCCR), “Free Trade Zones account for the majority of Foreign Direct Investment (FDI) at 54%.”
However, Free Trade Zones in Costa Rica must adapt to a dynamic and complex market that compels them to innovate their business models, in order to remain competitive in the face of increasingly complex buyer requirements. This has recently been identified as “future-ready operations”..”
1. Compliance with technological requirements: It is imperative that free trade zones have the technological capacity to support comprehensive processes. Carlos Wong, Managing Director of CODE Development Group, mentions, “At Evolution Free Zone, we work to create an integrated ecosystem that enables the automation of most processes.” In the construction process of our the High-Tech Business Park, data reception will be essential for continuous process improvement, thus contributing to problem anticipation and effective market analysis, leading to better decision-making.
Carlos Wong, Managing Director of CODE Development Group, mentions, “At Evolution Free Zone, we work to create an integrated ecosystem that enables the automation of most processes.”
2. Ability to co-innovate and co-create: Agile work based on data and analysis has facilitated the inclusion of better third-party partners in the operational processes of free trade zones. According to Investment Monitor,
For a long time, the accepted wisdom was that enterprises should keep core products and services in-house. This, in turn, strongly influenced what services and disciplines were considered for third-party delivery, and the value proposition by which those service providers were measured.”
Due to this and the increase in nearshoring, companies did realized that delegating their services to a trusted provider with multiple benefits was more feasible.
3. Alignment of culture: In addition to the above, Costa Rica took its time to develop infrastructure, educate its workforce, promote foreign investment, and embrace challenges from stakeholders seeking products and services with “greater complexity.”
According to statements from the Export Promotion Agency of Costa Rica (PROCOMER) to Investment Monitor,
Costa Rica is not only in a position to export advanced medical technology but also aerospace, AI, SAAS, nanotechnology, and cybersecurity, making it an incredibly attractive destination for buyers seeking products and services that reflect the requirements and disciplines of a rapidly changing economy.”
Industrial Park developers such as CODE Development Group have undeniably contributed to the development of free trade zones when they were initially an attraction project for Foreign Direct Investment (FDI), a has been at the forefront of some of the most significant free zone developments in the country, acquiring the necessary experience to adapt to nd therefore, they have gained all the necessary experience to adapt to a future-ready environment.
4. Talent integration: At the X Congreso Costa Rica, Carlos Wong, CEO of CODE Development Group, mentioned,
that “Free Trade Zones generate quality employment and promote specialized human talent, allowing them to meet the global demands that industries require.”
In connection with this matter, we have previously discussed the best careers to work in Evolution Free Zone, which are usually related to science, technology, engineering, and mathematics (STEM).
5. Transparency and commitment to ESG standards: As mentioned by Dr. Samir Hamrouni, Chief Executive Officer at the World Free Zones Organization in an article dating back to 2016,
For investors, Free Zones can act as a tool that can help compensate or overcome their shortcomings in sustainable development. In this way, Zones can find new grounds for competitiveness through meeting the growing expectations on MNCs and their suppliers to exercise good social and environmental practices.”
This means that those parks that can address issues related to sustainable development are the ones with the best chances of success. This also means that the prediction made by Dr. Hamrouni remains valid and more important than ever.
Parks that can effectively address issues related to sustainable development not only stand the best chance of success but also validate the enduring significance of Dr. Hamrouni’s prediction, which remains valid and more pertinent than ever.
Evolution Free Zone presents itself as a valuable strategic ally for companies looking to grow in an integrated ecosystem ready for operations. This works not only for today but for the future.
Lead your business to success with us here .