A press release from the Ministry of Foreign Affairs of Costa Rica reads:
COMEX and the China Development Bank have signed agreement to initiate a feasibility study.
On Thursday the President of the Republic, Laura Chinchilla, witnessed the signing of a Framework Agreement between the Ministry of Foreign Trade of Costa Rica and the China Development Bank to prepare a study to analyze the feasibility of developing a Special Economic Zone (SEZ) in our country.
SEZs are industrial parks containing the necessary conditions of infrastructure, logistics and other things conducive to the establishment of companies engaged in the production and export of goods and services. The SEZs have been a key element of the development strategy of the Republic of China, explaining much of the growth achieved in cities like Suzhou, Tianjin and others.
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The agreement between both nations to develop a Special Economic Zone will be completed in less than a year.
The project which the two countries plan to implement in the Central American nation will materialize in less than a year, benefiting sectors such as high-tech and manufacturing.
The Solis administration has signed a memorandum of understanding with the Chinese government to begin studying the feasibility of setting up a special economic zone in Costa Rica for enterprises from China.
As part of the agreement signed between the two governments, feasibility studies will be started along with defining where the zone will be sited.
In January, the island will open a Special Development Zone, where both foreign and Cuban companies will enjoy tax and service benefits.
With an investment of $900 million, the new area will be open next January and will be located near the Gulf of Mexico and linked geographically to the Panama Canal.
The government is promoting a bill that will modernize the tax status of high-value services and the movement of goods from the zone to other countries.
From the preamble to the draft submitted to the National Assembly of Panama:
Law 41 of July 20, 2004, created the Panama-Pacific Special Economic Area as a scheme for legal matters, tax, customs, labor, immigration and special business, oriented towards encouraging and promoting investment, job creation and to make the Republic of Panama more competitive in the global economy.