Exploring the India-Costa Rica Bilateral Relationship: Trade and Investment Potential in Central America
Overview of India-Costa Rica Bilateral Trade
The bilateral relationship between India and Costa Rica is thriving, with a focus on trade and investment across a variety of strategic sectors. Recent figures show that bilateral trade reached USD 301 million in the 2023-2024 period, showcasing steady growth. India primarily exports motor vehicles, agrochemicals, and medical devices to Costa Rica, while Costa Rica's key exports include wood products and surgical instruments.
Joint Economic and Trade Committee (JETCO)
Established in 2021, the India-Costa Rica Joint Economic and Trade Committee (JETCO) has enhanced economic cooperation. According to Sofia Salas M., Charge d' Affairs at the Embassy of Costa Rica in India, both nations are identifying new growth opportunities while addressing trade barriers. The pharmaceutical and medical devices sectors show notable potential for joint ventures.
Medical Device Sector
Costa Rica stands out in the medical device industry, evolving into a hub for high-tech production. The country exported over USD 7.4 billion worth of medical devices in 2023, attracting firms like Abbott and Medtronic. The collaboration between Indian and Costa Rican companies in this field can lead to significant advancements.
Renewable Energy Cooperation
Both nations share a commitment to renewable energy, with Costa Rica generating over 98% of its electricity from renewable sources. By aligning their goals for sustainable development, Costa Rica and India can explore partnerships in renewable projects and biodiversity conservation.
Technology and Innovation
As a leader in innovation, Costa Rica offers opportunities for Indian firms in IT services and cloud computing. The country's focus on digital transformation and intellectual property protection makes it an attractive partner for Indian companies.
Conclusion: A Gateway to Latin America
Due to its geographical position, Costa Rica serves as a gateway for Indian businesses to expand in Latin America. The country's free trade agreements and tax incentives further bolster investment prospects, signaling a bright future for the India-Costa Rica relationship.
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.