On May 15, 2020, the member countries of the Organization for Economic Cooperation and Development (OECD) officially invited Costa Rica to become the 38th member of the organization.
What is the OECD exactly? It is an intergovernmental organization with the aim to stimulate economic progress and world trade. It is considered an exclusive club of wealthier, developed countries.
The OECD’s 37 members are: Austria, Australia, Belgium, Canada, Chile, Colombia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, Japan, Korea, Latvia, Lithuania, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States.
Being a member of the OECD will provide Costa Rica access to economic and political resources never before available. It provides the country with a unique forum where developed and advanced economies can work together to share experiences and find solutions to social and economic challenges.
Think of it like Developed Country University. The mere act of joining doesn’t automatically propel Costa Rica into developed country status. In fact, other Latin American member countries such as Mexico and Colombia have struggled to see tangible benefits from OECD membership. But, just like any university or college, the resources are there, and it’s a matter of how a student uses them.
Membership gives Costa Rica a kind of “seal of approval” that their regulations and policies meet a certain standard, which is valuable when attracting foreign investment and opportunities. At Grupo Gap we believe that this is a positive move for the country and the benefits will be seen in the coming years.
At Grupo Gap we can offer you assistance with your investment strategy in Costa Rica. Contact us now to set up a consultation!