Economy
In recent times electronics, pharmaceuticals, financial outsourcing, software development, and ecotourism have become the prime industries in Costa Rica's economy. High levels of education among its residents make the country an attractive investing location.
The economy has been expanding for Costa Rica in part because the Government had implemented a seven-year plan of expansion in the high tech industry. The central government offers tax exemptions for those who are willing to invest in the country. Several global high tech corporations have already started developing in the area exporting goods including chip manufacturer Intel, pharmaceutical company GlaxoSmithKline, and consumer products company Procter & Gamble. Trade with South East Asia and Russia has boomed during 2004 and 2005, and the country is expected to obtain full Asia-Pacific Economic Cooperation Forum (APEC) membership by 2007 (the country became an observer in 2004).
For the fiscal year 2005, the country showed a government internal revenue increased an 18%, exports increased a 12.8% and the number of visiting tourists increased a 19%, reaching 1.5 million people. Revised economic figures released by the Central Bank indicate that economic growth stood at 5%, nevertheless the country faced high inflation (14%) and a trade deficit of 5.2%. For 2006 the economy is expected to grow a 6.8%.
The unit of currency is the Colón (CRC), which trades around 518 to the U.S. dollar; currently about 675 to the euro. On October 16, 2006, a new currency exchange system was introduced, allowing the value of the CRC colón to float between two bands as done previously by Chile.
Costa Rica's location provides easy access to American markets as it has the same time zone as the central part of the United States and direct ocean access to Europe and Asia.
Tourism
With a $1.7-billion-a-year tourism industry, Costa Rica stands as the most visited nation in the region. Eco-tourism is extremely popular with many tourist visiting the many protected areas around the country.
Foreign Affairs
Costa Rica is an active member of the United Nations and the Organization of American States. Costa Rica holds a seat on the Inter-American Court of Human Rights and on the United Nations University of Peace and many other international organizations related to human rights and democracy.
Costa Rica's main foreign policy objective is to foster human rights and sustainable development as a way to secure stability and growth. A member of the International Criminal Court, without a Bilateral Immunity Agreement of protection for the US-military (as covered under Article 98). On June 1, 2007, Costa Rica broke ties with the Republic of China in Taiwan, switching to the People's Republic of China in mainland China.
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