Awards for Excellence country winners: Costa Rica

While Mexico is at the centre of the nearshoring debate, Costa Rica is quietly getting the job done. In 2023 the country attracted foreign direct investment inflows equal to 12% of its economy, which in turn drove economic growth above 5%. Costa Rica has long been an appealing place to develop service companies that sell into the US, including 170 shared service centres that perform back office and strategic operations for parent companies.

The country’s green policies have led to many high-income tourist projects, but the investment base is broadening. Today there are more than 500 subsidiaries of international companies based in Cost Rica, and Banco CMB, the country’s best bank, claims to have banking relationships with around 80% of them.

Banco CMB is part of Citi’s international network and is therefore particularly well placed to take advantage of both international capital flows and a booming local economy.