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A new initiative known as the ‘Caribbean Triangle’ seeks to promote business and cooperation between Costa Rica, Panama, and the Dominican Republic — three of the most developed and investment-friendly economies in Central America and the Caribbean.
Holding its first meeting on September 8, representatives of the three nations came together in Costa Rica’s capital San Jose to promote an alliance based on democratic principles, respect for human rights, and the promotion of trade.
The agenda included the promotion of special development areas, the development of trade relations and the growing opportunities for nearshoring.
Nearshoring — which in the Western Hemisphere often means companies based in the United States and Canada shifting outsourcing from the likes of Asia to Latin America and the Caribbean — is a growing trend that some of the region’s more developed economies are in a particularly strong position to capitalize on, given their deeper pools of skilled workers.
SEE ALSO Business Formation in Panama: a How-to Guide
All three countries in the Caribbean Triangle have a growing startup scene and receive special government support for innovation. They are also a popular destination for foreign investment.
Among those in attendance were the foreign ministers of each country, including Costa Rica’s Rodolfo Solano Quirós, Panama’s Erika Mouynes, and the Dominican Republic’s Roberto Álvarez Gil.
“With this meeting, Panama will continue its position as an articulating country in the region, favoring new spaces for rapprochement and political ties, reinforcing its commitment to regional security, environmental protection and global agreements to minimize the effects of climate change,” Mouynes was reported as saying.
Caribbean Triangle brings together 3 top investment destinations
The Caribbean Triangle sees three of the most developed and prosperous countries in Latin America and the Caribbean come together to promote greater cooperation and business — in a move that investors operating in these countries will find of particular interest.
It is expected that the three countries will work together to promote business and cooperation.
This should make the countries attractive to foreign investors who are interested in multi-jurisdictional market entry.
This is partly due to the popularity of the three Caribbean Triangle countries. some of the lowest crime ratesIn the region, there are also highly developed and prosperous economies with large services sectors.
They are also all known for their distinctly pro-business and pro-investment outlooks, offering significant incentives to investors, as well as each operating networks of free trade zones (FTZs) — a topic that came up for discussion during the first meeting.
Recent efforts by all three countries to reactivate economies after the economic turmoil wrought by the global pandemic have been successful. Costa Rica introducing a number of incentivesTo promote more foreign investment while the Dominican Republic has sought to promoteIts vital tourism industry.
As a positive sign of this reactivation, Dominican Republic has reported that tourist figures have now increased. recovered to 96% of their pre-pandemic levels. Meanwhile, Panama and the Caribbean country are scheduled to be two of the five fastest growingIn 2021, the region’s economies will be thriving.
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