The Coalition for Development Initiatives (Cinde) projects that multinational companies setting up shop in Costa Rica and those already operating in the country will generate less jobs and reduce their investment in 2009. Gabriela Llobet, Cinde director explained that the capital injection in 2009 will be around $300 million down from $428 million in 2008. Llobet added that in the coming 12 months there will be 5,500 jobs created about 800 jobs less than last year. The main reason for this decline is the economic struggle in the United States. “This year we will grow, but not at the same rate as 2008,” stated Llobet.

Currently there are 162 multinational companies that employ 42,300 people. According to Llobet the manufacturing sector (electronics and automobiles) will be most affected by the economic crisis. These types of companies that start manufacturing plants in Costa Rica and export to the United States are slowing due to the recession. In 2008 half the multinational companies began manufacturing compared to 2007. “After the second quarter of 2008, representatives from these companies pulled back on their visits to the country. We started getting notices that they were putting a hold on projects,” stated Llobet. The United States has bought less products from Costa Rica during the second half of 2008, according to Azofras (Asociación de Empresas de Zonas Francas). Despite the challenging panorama for 2009, Cinde predicts that there is still attraction for service firms. Last year there were 21 new companies starting call centers and interactive marketing companies.

Quotes taken from LaNacion.com
Photo used on this entry taken from flickr, provided by user dan.messing.  http://www.flickr.com/photos/danmessing/1638572407/