- 725,000 sq ft of new buildings and 1,200 jobs generated
The Life Sciences and medical devices industry grows in Costa Rica in both business expansion and job creation despite the economic impact caused by the COVID19 pandemic.
Coyol Free Zone is working on the construction of 725,000 sq ft for companies that are about to start their operations in the Park or companies already located in the Free Zone that need to expand their production capacity.
Among these companies is Teradyne, which invested more than US $20 million in a 118,500-square-foot plant for 350 employees. This construction began in June and is expected to start operating in mid-2021. Resonetics also doubled in size its Class 8 cleanroom for laser ablation processes and polymer component cutting and added a full mezzanine for laser welding and wire grinding processes.
“The dynamism that Coyol Free Zone gives to the Life Sciences sector is an example of the leading role that exports of medical devices in the world have and will continue to have. Today, more than ever, their contribution to science and health is appreciated, and without a doubt, this pandemic reinforces the importance of the sector for Costa Rica,” indicated Carlos Wong, CEO of Coyol Free Zone.
191,000 sq ft. that has been built in the Free Zone corresponds to new expansion processes of already existing companies that require more physical space to operate. This added space has required an average of 350 permanent jobs for the different construction tasks to be maintained.
New buildings totaling 725,000 sq ft:
- 118,500 sq ft for the new Teradyne operation in the Free Trade Zone
- 510,000 sq ft allocated to extensions of already existing companies
- 97,000 sq ft for a new multi-tenant building
Among the companies undergoing an expansion process in the first half of 2020 are CooperSurgical, Medtronic, Coopervision, and Smith & Nephew whose expansions began in 2019 and totaled 319,00 sq ft.
Additionally, the Free Zone is working on the construction of a multi-tenant building that will measure 97,000 sq ft and house the operations of 3 companies whose names will remain confidential.
Employment on the rise
Thanks to the recruitment processes developed by Coyol Free Zone for the Park’s companies, so far this year they have hired 1,200 people to work as manufacturing operators (500 of them during the pandemic), which shows a significant contribution despite the impact of COVID19 in the country.
Coyol Free Zone generates the largest exportable supply of medical devices in Costa Rica totaling US $2,082 million in 2019, which represents 58.3% of the national exports in medical devices.