Free Zones that are adapting to the new trends in the sector, stand out for easing administrative burdens for investors, sustainable Foreign Direct Investment, and the development of competitive life sciences industry clusters
The Free Zones of the future should become more sustainable and digitized, while offering comprehensive services that can incentivize the development of competitive clusters.
For many countries, such as Costa Rica, these regimes play a crucial role in their economic development, being a stable industry in the face of volatile environments and disruptions in global value chains. The proposed Global Minimum Tax will also push countries to revisit their competitive advantages, where Free Zones can become a key element for differentiation.
According to experts, to tackle such challenges, these should capitalize on the Fourth Industrial Revolution to attract Foreign Direct Investment (FDI), be more competitive, and diversify their value proposition.
4.0 Free Zones
The 4.0 Industry is characterized by cooperation, talent, and technology
Companies that are frontrunners in the development of this new industrial revolution are driven by a higher focus on digitalization, sustainability, talent, access to networks and universities, venture capital opportunities, funding ecosystems, and entrepreneurship.
Emerging sectors that are capitalizing on these disruptions are Artificial Intelligence (AI), VR/AR (Virtual & Augmented Reality), robotics, quantum tech, and cybersecurity.
Smaller players also benefit from new productive linkages with bigger companies and new forms of investments, such as partnerships, strategic alliances, joint ventures, and collaborative non-equity forms of investment or hybrid forms of FDI.
Coyol Free Zone hosts a unique cluster for the Life Sciences, where OEMs, suppliers, and contractors can find local solutions and new market opportunities, as well as knowledge sharing. This specialization was evident in events such as the recently held MPO MedDevice Forum, which we co-organized. At this meeting, over 400 leaders from the industry met to share their insights on current challenges, and functioned as a space for networking and new business.
Read more about Costa Rica hosting a forum for 400 experts in the medical device industry
4.0 Free Zones must provide upgraded conditions for the establishment of complex technological operations. They require digital infrastructure, and high-end real estate, in combination with remote working opportunities.
With a higher need for technical skills, talent availability becomes an even more strategic asset for companies. Partnerships with other firms and educational institutions such as universities allow for Free Zones to upskill local talent to meet the global standards for these industries.
| The Free Zones of the future
A free zone that is adapting to new trends in the sector stands out for:
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Is Coyol Free Zone adapting to the 4.0 FDI?
Our value proposition is guided by sustainable development, aiming for the highest possible economic impact for our clients while preserving our natural ecosystem and promoting the creation of opportunities for our communities.
We play an integral role in the development of Costa Rica. Coyol Free Zone’s companies account for over 30% of the total exports of the Free Trade Zone regime and generate more than 25.000 quality jobs.
We also offer additional training for members of our communities that are interested in a quality job at the Free Zone, partnering with local educational institutions and public entities to provide upskilling programs aimed at integrating candidates into the medical device industry.
“It is essential for modern industrial parks to be concerned with the training and development of human resources, and to promote social sustainability in the community, allowing its members to balance their professional development with their personal and family life,” explained Jimmy Mussio, Financial Director of Coyol Free Zone.
If you want further information and to operate in a Free Zone molded for the challenges of the future, feel free to contact us here.