Foreign Direct Investment in Costa Rica Hits Historic High

Foreign direct investment (FDI) in Costa Rica reached a record $4.321 billion in 2024, marking a 14% increase over the previous year. This figure not only exceeded the target set in the National Development and Public Investment Plan (PNDIP) by 37%, but also reflects the arrival of 61 new investment projects, including 16 established outside the Greater Metropolitan Area (GAM)—generating $240 million in regions beyond the capital.

According to Acting Minister of Foreign Trade, Indiana Trejos, Costa Rica’s economic momentum is being driven by trade and FDI. “We have been the fastest-growing OECD country for two consecutive years, and the OECD recently emphasized that our growth has been fueled by exports,” she noted.

Laura López, General Manager of PROCOMER, added: “These results confirm the effectiveness of our renewed FDI attraction strategy, especially in promoting investment outside the GAM. Over $200 million flowed into those areas, boosting export-related employment that now benefits more than 700,000 people.”

By investment regime, Free Trade Zones attracted the largest share with 64.3% of total FDI, followed by tourism (13.9%), the definitive regime (12.2%), real estate (6.8%), financial services (2.4%), and inward processing (0.5%). Investment in Free Trade Zones grew 24% year-over-year, with a remarkable reversal outside the GAM—from a negative $38.2 million in 2023 to $240 million in 2024. Tourism investment more than doubled, increasing 113% (+$318.6 million).

By sector, manufacturing remained the top recipient with 67.4% of total FDI, followed by tourism, real estate, services, financial services, commerce, agriculture, and agribusiness. The sharp growth in tourism investment further underscores Costa Rica’s diversification efforts.

Exports also saw healthy growth. According to PROCOMER and the Central Bank of Costa Rica, total exports (excluding travel) hit $30.555 billion, up 8% from 2023. Goods exports reached $19.894 billion (+9%), and services (excluding travel) totaled $10.661 billion (+6%). Leading the goods category was precision and medical equipment, which grew 14% and accounted for 44% of total exports, followed by agriculture (+7%) and food products (+8%). Including travel, total service exports reached $16.1 billion, for a 9% overall increase.