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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

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

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 - Get Report), 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 - Get Report), 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.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG
INTC $34.10 0.10%
VMW $85.97 -0.72%
AAPL $129.36 0.21%
FB $79.60 -0.19%
GOOG $573.64 0.40%

Markets

DOW 18,203.37 -85.26 -0.47%
S&P 500 2,107.78 -9.61 -0.45%
NASDAQ 4,979.9010 -28.1950 -0.56%

Partners Compare Online Brokers

Free Reports

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