This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Intel and VMware are Already in Costa Rica, President Solis Plans for More

Stocks in this article: INTCVMWHPQBACC

NEW YORK (TheStreet) - Costa Rican President Luis Guillermo Solis is on a U.S. tour to promote foreign investment to his Central American nation.

Intel Corporation (INTC), which Solis said closed a factory in Costa Rica in early April, resulting in the loss of 1,500 jobs, recently announced that it will open a "mega-lab" in San Jose to test products, according to the San Jose-based Tico Times.

VMware (VMW), a Palo Alto-based software company has also recently agreed to invest in Costa Rica by increasing its 12-person staff to 200 within this year and another 150 by the end of 2015, according to NearShore Americas. Solis said he also plans to visit Hewlett-Packard (HPQ)'s headquarters, also in Palo Alto.

But high-tech firms aren't the only ones looking into Costa Rica. Although Bank of America (BAC) laid-off 1,500 employees in April by removing its customer services business from Costa Rica, Citi (C) invested $35 million to expand its a service center in the country, hiring another 500 employees.

Solis said that the size and quality of investments from major U.S. high-tech firms will help to demonstrate to other potential investors that Costa Rica is "an attractive destination for investment." Solis added 250 foreign companies invest in Costa Rica from a variety of sectors. Solis said he plans to promote all sorts of investment in Costa Rica of the "widest possible array of investments because we need them all."

Solis said that he is not only looking to attract foreign companies to Costa Rica, but to "link the local enterprises with the transnational global environment." He said that such efforts will help to develop local economies.

Costa Rica will be switching from a sales tax system to one based on VAT, or value-added-tax. Solis also said that the country is working to improve the quality of its infrastructure in an attempt to make the country more competitive. However "local" does not mean just Costa Rican. The Northern Caribbean Corridor when finalized will link ports on the northern Costa Rican border with Nicaragua with other ports in the Caribbean, easing trade within Central America.

Solis hopes to foster future innovation by further increasing and modifying the use of resources in education. Education is currently 7.2% of Costa Rica's GDP but he said should rise to 8% by the end of his term. Solis said he plans to foster a better use of investment in education by increasing the quality of technical education in public schools. With the better quality of the tech education, Solis said he hopes more high-tech jobs will become available in the coming years.

Solis says that Costa Rica is also aiming to do well in the World Cup, a difficult group that includes England, Italy and Uruguay.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,461.32 -153.49 -0.92%
S&P 500 1,927.11 -14.17 -0.73%
NASDAQ 4,382.8470 -36.6310 -0.83%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs