Costa Rica mulls India-Central America trade pact

Aug 17, 2022

Costa Rica may be a small nation with 5.5 million people; but it is centrally located in the South American continent to become the potential logistics and distribution hub for Indian companies seeking to enter the continent. The country has cultural and business ties with India as there are 18 Indian IT companies, 12 Indian restaurants and an Indian diaspora of 700 people living in Costa Rica.

WTC Mumbai in association with Indian Chamber of International Business organized an interactive meeting with H.E. Mr. Claudio Ansorena, Ambassador of the Republic of Costa Rica to India to discuss the roadmap for strengthening commercial, tourism and technology cooperation between both the countries.

Speaking on this occasion, the Ambassador mentioned, “Costa Rica is keen to lead negotiation for a free trade agreement (FTA) between India and other Central American countries such as Panama and Dominican Republic. I have discussed this with India’s Foreign Minister, who showed interest in this proposal. This is the best time for Indian firms to do business with Costa Rica as three months ago, the country got a new government which is more liberal and also has withdrawn a lot of import restrictions. There is immense opportunity to develop infrastructure such as roads, ports and airports in Costa Rica and I want Indian companies to bid for these projects.”  

Speaking about opportunities for collaboration, the Ambassador pointed out, “Both countries can collaborate in sustainable marine ecosystem, plastic waste recycling and green hydrogen. In Costa Rica India has an export potential in sectors viz: pharmaceuticals, wellness & traditional medicine, auto-components and electric vehicles besides export of services such as IT, tourism & hospitality and construction.”

H.E. Mr. Ansorena proposed to exchange a trade mission to promote trade, investment and technology cooperation between both countries.

Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, MVIRDC World Trade Center Mumbai pointed out, “The current bilateral trade is hardly USD 180 million, which can be increased to at least USD 1 billion under the leadership of the Ambassador. Both countries can collaborate in technology cooperation for hydrogen fuel and green energy.”

Ms. Rupa Naik, Executive Director, WTC Mumbai while proposing the vote of thanks remarked “I invite companies from Costa Rica to participate in our flagship online trade show, Connect India 2022, which is a collaborative initiative of WTC Mumbai and WTCA, New York. More than 25 countries are participating in this exhibition and it is an excellent opportunity to increase global market presence for MSMEs and women entrepreneurs.”

The programme was attended by members of trade & industry, academia, financial institutions and consular corps.

In Photo: H.E. Mr. Claudio Ansorena, Ambassador of the Republic of Costa Rica to India (middle) addressing the audience at the programme. Also seen in the photograph are (from left to right): Ms. Rupa Naik, Executive Director, MVIRDC WTC Mumbai and Dr. Vijay Kalantri, Chairman, MVIRDC WTC Mumbai.