San José, Costa Rica, since 1956
Foreign investment

Costa Rica's Solís hits the road again, this time to Canada

President Luis Guillermo Solís might have to add traveling-salesman-in-chief to his credentials. The Costa Rican leader announced Wednesday that he would travel to Canada to participate in the Toronto Economic Forum during the week of Oct. 26 to drum up more foreign investment for the country in his sixth trip abroad as president.

Solís described the forum as a collection of the 400 largest businesses in the United States and Canada, along with representatives of investment banks and investors. The president said that the trip was part of his promise to bring more foreign investment to Costa Rica.

On Sunday, Oct. 26 and Monday, Oct. 27, Solís will participate in several events organized by the Costa Rican Investment Promotion Agency, CINDE, and COMEX, including a dinner with 150 business representatives. On Tuesday, Oct. 28, his last day in Canada, Solís will speak at the TEF about the future of the inter-American system alongside former U.S. Secretary of State Henry Kissinger.

Solís may have his work cut out for himself attracting more business from Canada. Costa Rica and the Canadian mining company Infinito Gold have been embroiled in a dispute over the cancelled Las Crucitas gold mine concession since 2010. The British Columbia-based mining company claimed that Costa Rica violated the Costa Rica-Canada Bilateral Investment Treaty when it canceled the concession amid environmental and administrative scandal. Infinito filed a Request for Arbitration with the World Bank’s International Centre for Settlement of Investment Disputes seeking $94 million in damages from the Costa Rican government.

In 2013, Canada invested only $41.9 million in Costa Rica, significantly less than the United States ($1.24 billion) and Mexico ($132 million), according to figures from the Foreign Trade Ministry (COMEX).

This would mark Solís’ sixth trip abroad since taking office on May 8. In June, he attend the inauguration of Salvadoran President Salvador Sánchez Cerén; traveled to California and New York to attract foreign investment; and attended a meeting of the Central American Integration System’s in the Dominican Republic.

In July, he traveled to Brazil for a meeting of the meeting of the Community of Latin American and Caribbean States, of which Costa Rica was president pro tempore. In September, Solís traveled to New York to address the United Nations General Assembly.

After winning his runoff election, the president went on a traditional meet-and-greet tour of Central American leaders to invite them to his May 8 inauguration.

Contact Zach Dyer at zdyer@ticotimes.net

Log in to comment

CanaRica

I think that what Solis is trying to achieve is highly commendable, in terms of rooting out corruption and ineptitude in the public sector. It is a huge task, admittedly, but very necessary. When Ticos and potential investors can have a clean, predictable business environment, and when the country has an effective taxation system, then much will improve.
Meanwhile, CR does not need parasites like Infinito here engaging in practices they could never do in Canada, then extorting huge sums when they cannot get away with it.
Harper is an international embarrassment for more reasons than I can count, but particularly for his criminal environmental policy.
Kissinger is simply a criminal who has caused thousands of deaths in the world, particularly in Chile, but throughout Latin America, and should be imprisoned for life. No one anywhere needs to hear anything he has to say. Solis should steer clear.

0 0
freyr

Along with my fellow Canadian, I would like to add that if Infinito tried to operate a mining site in Canada they way they tried to get away with in Canada, their fines and and reclamation penalties would be in tune with what they are trying to extort from CR.
As for President Solis coming to Canada, there are many fine companies with integrity to do business with. All the best in that venture.
As for the Canadian government, unfortunately PM Harper is nothing but an oil industry shill. Prior to political life, he was a clerk that moved up the chain in Esso (I think it was Esso) and now is in full attack mode against the indigenous peoples of Canada as a tar sands oil pipeline advocate ( the Alberta tar sands are the worst and largest environmental scar in N. America)

0 0
Wigsy Mc B

Infinito is a horrible embarrassment to the people of BC. We are sorry for their insulting sense of entitlement. It’s Costa Rica to decide to protect their beautiful wilderness, not some company from BC to destroy it. Costa Rica’s major draw internationally is it’s commitment to the diversity and preservation of it’s flora and fauna and this draw (and related tourism) will only become more important as time goes on. Protect your beautiful country from mining companies and other resource extraction companies who only care about profits. to make matters worse, most of these resource companies are foreign owned. We love you Costa Rica and apologise for some of the companies operating out of Canada.

0 0
Ben

I am very concerned about the president of Costa Rica now. Canada and the Canadian goverment lost all faith in Costa Rica after they closed down the mining operation that would have created 1000 new jobs for Costa Rican. Why would any Canadian company come and invest in Costa Rica. Costa Rican goverment is in crisis they have no money and steal from there own people. The Prime minister of Canada hates BS when it comes to business. I find it funny that the new prez is going to meet with kissinger a man who helped kill many latin america leaders. If i was the new prez of CR i would be very careful with Canada they don´t trust Costa Rican goverment at all. As for MR Henry Kissinger your a two faced person and hell is the best place for you. Also MR Prez fix the problem in CR like lazy workers in goverment and stealing first then travel around on the Costa Rica tax dollars.

0 1
acwatson

Tried up checking your comment, probably gamed like everything else, I would advise any business to stay clear of this corrupt system. I gave up trying to move here after 3 years of BS immigration system to find out the my Costa Rican daughter is no longer in the country thax to the courts not even following there own rules, now I’m here to go to there supreme court to try to reverse this joke of a system. Don’t get me wrong the majority of the people are good people, the system is rotten and corrupt to the core.

0 0