- Today, September 4th, Global Talent Acquisition Day, the industrial park reiterates the importance of attracting and retaining the best human capital.
Alajuela, September 4, 2024. During the first half of this year, Coyol Free Zone, the leading exporter of medical devices in Costa Rica, generated new investments and reinvestments from companies previously established in the park, amounting to close to US$80 million.
A skilled labor force, important competitive advantages, and the experience of more than 17 years of trajectory, are the spearhead for the attraction of five new Foreign Direct Investment (FDI) projects, which together would generate more than 2,300 additional jobs over the next five years.
“The arrival of new operations or expansions of multinationals that decided to trust Coyol Free Zone is thanks to a robust value proposition such as: highly qualified human talent, world-class infrastructure and the most consolidated Life Sciences ecosystem in Costa Rica. In addition, our Free Zone has a strong leadership in innovation and sustainable development to attract world-class companies,” said Carlos Wong, Managing Director of CODE Development Group, co-developer of Coyol Free Zone.
Coyol Free Zone provides customized solutions for Life Sciences and Smart Manufacturing companies. The companies that operate there are characterized for being a magnet to attract and retain the best human talent, supported by excellent working conditions, as well as organizational cultures focused on results and development opportunities for the benefit of each employee and their families.
Through recognized training programs, Coyol Free Zone promotes the professional and labor development of its people, with the purpose of reinforcing knowledge and supporting the acquisition of skills, so that they can participate in new projects and facilitate growth within the companies.
Coyol Free Zone has created greater development opportunities for nearby communities in the province of Alajuela, and direct, quality formal employment for 23,796 direct employees and another 5,000 indirect jobs.
In 2023 alone, the 34 companies generated 1,796 new jobs, of which 43% (771) were filled through the talent attraction support services provided by CODE Development Group, its co-developer group.
“The new investments and reinvestments are a clear example that world-class companies continue to turn their eyes to Coyol Free Zone and Costa Rica because they trust in the human talent to develop a successful operation and meet the needs of their partners at an international level,” added Wong.
World-Class Companies
One of the companies that decided to reinvest in Coyol Free Zone is Freudenberg Medical. With an investment of more than US$25 million, this global contract design and manufacturing (CDMO) company for the biopharmaceutical and medical device industry is building its second operations center in the Park, which will allow it to increase its current workforce from 300 to 900 employees over the next three years.
Shockwave Medical, which offers solutions for the treatment of severe cardiovascular diseases, is another company that is growing steadily in the Coyol Free Zone. Its $40 million reinvestment for the expansion of the company’s first plant outside the United States will make it possible to hire 1,200 people over the next three years.
In turn, Theragenics will create 500 new jobs over five years as part of a $10 million investment plan in Costa Rica’s first manufacturing plant for specialized medical waters, guide wires and other minimally invasive medical device components.
Cadence Inc., a leader in advanced products, technologies and services for medical device and life sciences companies, will double its current staff of 50 employees.
Meanwhile, with its expansion plan, the medical technology company Hologic, Inc. plans to incorporate 40 professionals in the short term in its Cybersecurity Operations Center (SOC).
Currently, this Free Zone has the presence of 34 companies, 7 of which appear in the Global Top 30 of medical device companies worldwide.
As an added value to the companies that choose the park as their operations destination, Coyol Free Zone offers a variety of complementary services such as talent attraction. Since its beginnings in 2007, its objective has been to link the human capital of the communities near the park. Today, 51% of the employees come from Alajuela and 15% from Heredia.