Sekou Alleyne: “We still have significant opportunities for many more companies to come into the country, in very highly populated areas, with high underemployment among the demographic that tends to work with BPOs. So there’s much opportunity in our capital city along our east-west corridor. The same is true for the central part of the country, and particularly in the south. In fact, none of the call centers have gone down to the second major city in Trinidad and Tobago yet. Our technological infrastructure, from a work-from-home perspective, has worked very well for call centers, whether they are on-site or hybrid.
Our location very far south in the Caribbean protects us from storms and hurricanes. From a business continuity perspective, Trinidad and Tobago doesn’t deal with that kind of problem. If you are already located in one of these other locations, from a business redundancy and continuity standpoint, we promote Trinidad and Tobago as a secondary location. But if there are any challenges in the other sites, we’ll be up and running 24-7.”
Gerardo G. Peláez: “Panama maintains a strategic advantage over regional competition due to its geographic location, which places it at the center of the Americas, facilitating access to Latin American and U.S. markets. In addition, Panama has a world-class logistics infrastructure, including the Panama Canal, ports on both oceans and an international airport with direct connections to key markets. In addition, the country offers a favorable tax environment through incentives such as the Company Headquarters Law, which exempts companies operating in strategic sectors from taxes. The high quality of its labor force, which is considerably bilingual and specialized, is another differentiating factor, as is the flexibility of the labor regime, which facilitates the operation of foreign companies.”
Laura López: “Our renewable electricity matrix is one of the main pillars of Costa Rica’s value proposition for attracting foreign direct investment. By 2023, 95% of the Costa Rican electricity matrix will come from renewable sources. This fact has been one of the main reasons used by companies installed in its corporate core to continue growing in the country. This is a priority issue and it is natural in our country’s discourse in the investment promotion process.The country’s political and economic stability is also a differentiating factor in the region. Not only does it have a recognized democratic tradition and a peaceful environment, but also one of the foundations of its stability is the fact that Costa Rica has not had a permanent army since 1948.”
Challenges over the past year
Sekou Alleyne: “The major challenge for us would be awareness of Trinidad and Tobago. Besides oil and gas, and the touristic appeal of our Carnival, citizens still don’t really know Trinidad and Tobago as an investment destination. We are working on our country brand to be more competitive in the region. We’ve been big in business tourism. However, with the advent of the new agency, there’s going to be significantly more resources placed on generating awareness.”
Gerardo G. Peláez, General Director PROPANAMA, Panama
Gerardo G. Peláez: “In the last year, one of the main challenges has been the intensification of competition in the region, with countries that have also strengthened their strategies for attracting investment in the IT and BPO sectors. At the institutional level, we are also promoting more agile and efficient mechanisms for the management of permits and procedures, reducing response times and facilitating foreign investment.”
Laura López: “One of the challenges in attracting investment is the availability of qualified talent, both in Costa Rica and the region. Our talent has been key in the development of our country, so it is essential to continue investing in education and training, focusing on the skills demanded by the identified strategic sectors. This includes strengthening STEM (Science, Technology, Engineering and Mathematics) education from early childhood through higher education.
In a context of growing demand for specialized roles in the IT sector, the country must seek to maintain competitiveness in labor costs, as well as in other costs necessary for operation. In addition, other benefits such as remote working or flexibility have become popular, so the country is also working to provide the infrastructure and legal conditions to enable this.”
Investors’ expectations
Sekou Alleyne: “I think they are more willing to look at new locations that they were less willing to look at earlier. Also, investors are not just looking down to one location. They’re actually going for two locations to support their redundancy requirements, particularly in the BPO sector.We have also seen investors from the Far East, particularly China, are more interested in manufacturing, architecture, and infrastructure in this region, for national manufacturing purposes to be able to enter the U.S. market from a closer shipping standpoint and from a lower duty standpoint than they get from China. Therefore, we’ve seen investment flows in the manufacturing and logistics sector coming in from China as well.”
Gerardo G. Peláez: “In recent months, we have seen a significant shift in investor expectations, with them now prioritizing sustainability, technological innovation and the adoption of advanced solutions. Investors are looking for an environment that are not only favorable in terms of operating costs, but also in terms of companies’ ability to adapt to global technological trends and comply with environmental and social standards. In response to these new demands, we have adapted promotion strategies, focusing on attracting projects related to the digital economy, sustainability and the digital transformation of companies.”
Laura López: “We have observed a trend in the information technology sector in which companies adopt a staggered strategy to start operations. In Costa Rica, remote work policies in the service sector allow, on average, employees to work from home at least two days per week. This trend has led many multinational enterprises to reduce their physical space; in the case of new companies, they prefer to rent smaller offices or flexible spaces. Additionally, the free trade zone regime, administered by Procomer, has been made more flexible since the pandemic to adapt to the new hybrid work modalities, facilitating business continuity.”
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Publish date : 2024-11-26 07:08:00
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