The Costa Rican parliament announced on Tuesday the approval of an investment promotion and protection agreement with China, a great step forward since relative discussion started in 2007.
The Ministry of Foreign Affairs made the announcement in a press release after a vote late on Monday. The agreement still requires the signature of Costa Rican President Luis Guillermo Solis before entering into force.
Foreign Trade Minister Alexander Mora noted that this approval has been a great step forward since the start of discussion in 2007, even before the free trade agreement signed between China and the country, which took effect in 2011.
"Having an agreement to protect investments with a country of the size of China is of great importance to us. China is one of the strongest and the most strategic markets in the world. It offers numerous business opportunities for us," said Mora.
Mora highlighted other existing initiatives with China, such as the creation of a special economic zone, which would serve as a base to attract Chinese investments and allow Costa Rica to diversify its economy.
The minister added that this new agreement is to promote the establishment of high value-added companies in Costa Rica, in order to expand its exports, enhance technology of transfers and broaden supply chains.
