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New
Zona Franca Opened in Cartago
Zeta Group yesterday announced a new Zona Franca
(free trade zone) to be located in Cartago, east
of San José, that it hopes it will attract some
us$60 million dollars in investment and create
thousands of new jobs.
The new Zona Franca business park is called
Techno Park and is an expansion of the Cartago
Industrial Park, next to garment manufacturers
Hanes and Levi Straus.
Techno Park hopes to attract "call centres",
along with computer and telecommunications
companies.
Cesar Zingone, VP at Zeta, said that the country
is moving towards a more specialized labour as
more companies are specializing in services,
moving away from manufacturing and Zeta is
moving to respond to the change.
The project could employ almost 10.000 people
when it is completed which is expected within
the next five years. Zeta already operates Zonas
Francas, in addition to Cartago, in Alajuela and
Heredia, were some 14.000 people are employed by
businesses located there.
Costa Rican president, Oscar Arias, was the
keynote speaker at the opening of the business
park, accompanied by several members of his
government, legislators and business chambers.
In the area outside the business park a rally of
supporters of the Tratado de Libre Comercio
(TLC) - free trade agreement with the United
States - help up placards with "Si al TLC".
The concept behind the Zonas Francas are secured
areas outside of Costa Rica's Customs territory
- for tariff, duty Customs and Customs entry
purposes only - where you can set up your
business and get a collection of benefits,
exemptions, and laws granted to companies in the
export business and/or their solution partners
operating in these areas. All other Costa Rican
laws apply.
Each Zona Franca is individually managed by a
private corporation supervised by the Zona
Franca Board. The Zona Franca Board grants
companies the Zona Franca benefits and
operational permits. It consists of two
organizations: PROCOMER (Foreign Trade Marketing
Company) and COMEX (Ministry of Foreign Trade).
Companies established in Zonas Francas can
service companies associated with the
development or enhancement of Zona Franca
located on any Costa Rican Zona Franca or
overseas. They can hire services from other
companies located in Zonas Francas, and conduct
business in U.S. dollars, however, they are
required to exchange dollars at any Costa Rican
State-owned or private bank.
Merchandise, products, raw materials,
components, containers, packing accessories, or
any other material that would enhance the export
or re-export process of a company in Zona Franca
lawfully brought into a Zona Franca may be
stored, exhibited, broken up, packed, repacked,
processed, refined, distilled, assembled,
distributed, sorted, graded, cleaned, mixed with
foreign or domestic merchandise, or otherwise
manipulated or manufactured.
The benefits extended to companies establishing
in Zonas Francas include:
- 100 percent exemption from import duties on
raw materials, processed or semi-processed
products, parts or components;
- 100 percent exemption from all export taxes
associated with the export or re-export of
products. The same exemption is granted for the
re-export of equipment and machinery used in the
production process;
- 100 percent exemption from sales and consumer
taxes, and taxes levied on remittances abroad;
- 100 percent exemption from income tax for the
first eight years of operations; and
- Credit for job creation in rural areas.
In addition to these benefits, companies
operating in Zonas Francas enjoy simplified
investment, trade, and customs procedures.
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