Exploring the India-Costa Rica Bilateral Relationship: Trade and Investment Insights

Tuesday, 10 September 2024, 01:17

India and Costa Rica are enhancing their bilateral relationship, focusing on trade and investment opportunities in diverse sectors. With an emphasis on medical devices, renewable energy, and tourism, both nations are positioning themselves for mutual growth. As trade expands steadily, the potential for future collaboration appears promising.

Financialexpress — Exploring the India-Costa Rica Bilateral Relationship: Trade and Investment Insights

Significant Growth in Trade

India and Costa Rica are witnessing a remarkable shift in their bilateral relationship, with trade and investment opportunities blooming across diverse sectors. As global markets evolve, Costa Rica has emerged as a pivotal player for India in Central America. In the 2023-2024 period, bilateral trade reached USD 301 million, indicating the growing economic ties.

Key Export Dynamics

India's Primary Exports: Motor vehicles, agrochemicals, pharmaceuticals, iron and steel, medical devices.
Costa Rica's Major Exports: Wood products, surgical instruments, computer hardware, iron and steel.

According to Sofia Salas M., Charge d' Affairs at the Embassy of Costa Rica in India, there is immense potential for sectors like textiles, agriculture, and biotechnology to flourish.

Joint Economic and Trade Committee Initiatives

Established in 2021, the India-Costa Rica Joint Economic and Trade Committee (JETCO) has been instrumental in boosting economic cooperation. Both nations aim to identify avenues for growth while alleviating non-tariff barriers influencing trade.

Medical Device Industry Growth

Costa Rica has evolved as a global leader in high-tech medical device manufacturing. With exports exceeding USD 7.4 billion in 2023, collaboration with India’s robust pharmaceutical sector presents opportunities in R&D and joint production.

Climate Change and Renewable Energy Cooperation

With a commitment to renewable energy, Costa Rica generates 98% of its electricity from sustainable sources. This aligns with India’s ambitious renewable energy capacity targets, paving the way for collaborative projects focused on environmental sustainability.

Technological Collaborations

Costa Rica’s growing technology sector offers a promising landscape for Indian firms, especially in IT services and cloud computing, driving green initiatives and sustainable development.

Enhancing Tourism and Cultural Exchanges

Eco-tourism is witnessing a rise as over 11,000 Indian tourists visited Costa Rica in 2023. Opportunities for collaboration in Bollywood film production align with Costa Rica's stunning landscapes and supportive policies.

A Gateway to the Latin American Market

Costa Rica’s strategic positioning provides Indian businesses with a gateway to Latin America. Free trade regimes enhance its appeal for foreign investors, creating a fertile ground for growth.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.