Sandor Zolezzi of CINDE discusses Costa Rica’s recent accession to the OECD, and outlines why membership offers such a boost to its FDI potential. Costa Rica had been invited as the 38th member of the Organization for Economic Cooperation and Development on the 15th May. It’s the fourth Latin American country to join the organization along with Chile, Mexico and Colombia. OECD member countries currently account for 60% of world trade and represent 80% of global GDP. Costa Rica has participated in the OECD’s best known there initiatives since 2015.
Firstly, Costa Rica’s mission is to ensure their commitment to sustainability is communicating through their channels. Multinationals operating can grow smarter, better and together with the Costa Rica. Secondly, companies that are investing in Costa Rica, especially the members countries of OECD can trust that their investment will be respected and promoted. Thirdly, the localization of firms can be an important factor in attracting new foreign direct investment into a host country. This mechanism might be very much useful to the European companies, where the OECD is founded.
The OECD membership wants to help them reach their total potential whereas the Costa Rica is still in its initial developmental stage.