Vice President Venkaiah Naidu’s Costa Rica visit: South American nation’s companies invited to invest in India

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Updated: March 08, 2019 2:08 PM

India urged the Costa Rican authorities to ease current visa policies and restrictions to allow Indian scientists, engineers and technology experts, academics, doctors, and other professionals to regularly visit Costa Rica and share knowledge and expertise.

Vice President Venkaiah Naidu’s Costa Rica visit: South American nation’s companies invited to invest in India.

India urged the Costa Rican authorities to ease current visa policies and restrictions to allow Indian scientists, engineers and technology experts, academics, doctors, and other professionals to regularly visit Costa Rica and share knowledge and expertise.

Addressing the India – Costa Rica business forum, Vice President Venkaiah Naidu said both countries can be significant partners, both from the political and commercial point of view. “Costa Rican companies are invited to invest and benefit. Many Costa Rican CEOs and influential businessmen have close connections with angel investors and businessmen in developed countries and may look at expanding to India.”

Both our countries share close business ties. Indian IT companies such as Infosys, Wipro, L&T Infotech, WNS and others are present here and others such as Bajaj Auto and Gravita also have business ties with Costa Rica. However, there is ample scope for intensifying such ties for mutual benefit, he pointed out.

He also told the industry captains that the various incentives such as tax holidays, single window clearances, facilitation by entities like InvestIndia, as also freedom to repatriate profits and dividends after payment of prescribed taxes, result in high return on investments and make India an attractive destination for investment.

“India and Costa Rica share close business ties. Many Indian IT companies are present here and there are others which have strong business ties with Costa Rica. However, there is scope for intensifying such ties for mutual benefit. “There is a lot of untapped potential and scope for our economic engagement to grow. Both countries can work on critical and innovative technologies of mutual interest such as Pharmaceuticals and biotechnology, digital sciences and telecommunications, agriculture and renewable energy, food processing, space research and climate change. There is also excellent potential for setting up joint projects in the dairy farming industry,” he said.

Costa Rica is the 13th leading trading partner of India in the Latin American region. India – Costa Rica bilateral trade in 2017 – 18 was $201 million.

Dyala Jimenez, minister of foreign trade of Costa Rica also pointed towards the huge potential for mutual cooperation between the two countries.

On the second leg of his two nation tour in Latin America, Naidu arrived in San José, Costa Rica today. The vice president will be meeting the President of Costa Rica Carlos Alvarado Quesada tomorrow for high level delegation talks. He will also be awarded the honorary doctorate by the University for Peace and will deliver a lecture on the topic “Confronting the several challenges to World Peace”.

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