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China Invests In Costa Rica

Financial Commitments Come in All Forms

Costa Rica China RelationshipChina is investing in Costa Rica in a big way. From the new National Stadium which opened in March 2011 to investment in modernizing the oil refinery in the Caribbean port of Moin, China has found a partner who is interested in being a beneficiary of their money and labor.

Whether is is a good thing or not, this article is not being written from a political standpoint but that of the modernization of some key elements of Costa Rica. The building of a new stadium has not seen its full potential being used to date. With a focus of maintaining the National Stadium as a sports venue first, then concert venue, Costa Rica is currently determining the balance between events to ensure the stadium is used to its full potential.

In December 2011, China announced its largest investment in Costa Rica, committing $800-900 million dollars to modernize the Moin oil refinery. The investment will see an increase in production from 25,000 barrels of oil to a potential 60,000 barrels. The upgrades are expected to be completed by 2013.

In addition to financial support, China recently signed a free trade agreement with Costa Rica. The agreement would see about 70% of Costa Rica’s exports benefiting China. The agreement the largest signed by China with a trading partner, excluding the U.S. and is in addition to agreements already signed with Peru and Chile.  Costa Rica is now considered to be China’s second largest trading partner, next to the United States.

Chinatown in San Jose Gets Upgrade

On a much smaller scale, the mayor of San Jose recently announced the construction of a Chinatown in the capital city. With several Chinese-owned businesses including restaurants and supermarkets, the hope is to create a Chinatown district similar to that found in Vancouver, Canada and San Francisco in the United States. The area on Calle 9 between Avenidas 2 and 14 will see the construction of Chinese-style arches which will highlight the pedestrian walkways in the area. It is expected that the project will take approximately 8 months to finish and will include infrastructure work, replacing the sewer lines in the area.

Costa Rica and China seemed to be working well together but time will tell how the relationship evolves. For now, Costa Rica and China continue to work together on a variety of projects. Can’t wait to celebrate the next Chinese New Year in San Jose’s new Chinatown district!

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Filed Under: FeaturedFeatured - Living and RetiringSan Jose

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About the Author: Tee is Senior Editor of CostaRicaCLOSEUP.com and NBC's adventure dating series fans magazine LoveInTheWildFansMag.com, as well ascontributing editor to QRCodesUSA.org

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