August 2023. During the month of May, Evolution Free Zone was one of the organizers of the MedDevice Forum, the most important event for medical device exhibitors in the country. In the two days of valuable knowledge exchange, one concept stood out among the others: friendshoring.
Nearshoring refers to the behavior that some companies have adapted by moving their operations to markets closer to their headquarters, seeking the best conditions related to labor, legal certainty, access, penetration of technology, and English, among other factors.
Under this line, a new trend has gained prominence in the global market called “friendshoring ”, increasing its relevance as a decision factor for companies. This means that, apart from considering nearshoring as a tactic, there is another series of characteristics that are considered, such as the country’s values and principles, as well as the preference for states that are political allies, like-minded, with similar interests and ideals.
Certainly, the pandemic, the war in Ukraine, and the trade war between the United States and China, have made North American and European companies decide to relocate to countries where they can not only have economic and social facilities, but also allies with similar ideals, an advantage which Costa Rica has managed to use very well”, said Álvaro Carballo, President of CODE Development Group.
Costa Rica’s democratic system represents an asset for companies that want to have closer strategic partners, thanks to its history of political stability, and the country’s demonstrated success of the Free Trade Zone model for attracting Foreign Direct Investment.
The cooperation between the government and private companies to improve the country’s Free Trade Zones has been very successful. Costa Rica’s proximity to the United States, along with its experience in international investments and the presence of Free Trade Agreements with this and other nations, make us a very attractive destination for companies.
Our country is internationally recognized as a leader in the manufacture of medical devices in Latin America, becoming a success case highlighted by organizations from all over the world.
Despite the disruptions caused by the Covid-19 pandemic, Costa Rica has managed to increase its exports by 24% in 2021 , showcasing the stability that the country offers for operations.
The sectors that grew the most were:
Other sectors, such as electrical and electronics, metal, plastics, livestock and fishing, also demonstrated significant growth.
Costa Rica is undoubtedly an ideal ‘friend’ for companies that manufacture medical devices. Apart from the advantages mentioned above, our country has adequate infrastructure for the expansion of these types of companies. This is where Evolution Free Zone comes into play.”
“Our Free Trade Zone is about to finish the process of earthwork. It has 124 acres of space for new and existing clients that choose to operate in a place designed especially for their business. In addition, we are located just 15 minutes away from Juan Santamaría International Airport (16.3 km/12 miles) with direct access to Route 1, we guarantee infrastructure and utilities redundancy, and we have the experience of CODE Development Group and its more than 20 years in the industrial park development market in our country,” Carballo concluded.
Friendshoring can represent a crucial strategic decision for companies that want to develop improve their supply chains with a long-term guarantee and take advantage of market opportunities. Costa Rica, with its geographic advantages, favorable conditions for investment, and qualified human talent, is an ideal destination for those seeking to implement this trend into their operations strategy.
Take advantage of the opportunities offered by the country and Evolution Free Zone as your ideal business partner! Contact us here.