UK firm Smith & Nephew opens $55 million plant in Coyol Free Zone, Costa RicaAll Articles
The new manufacturing facility for sports medicine orthopedic devices is expected to add 250 jobs, lifting the employment numbers for the company in the country up to 1,950. The Costa Rican Government offers a Free Trade Zone Regime to domestic and foreign companies desiring to develop operations in the country.
London-based Smith & Nephew is a global medical equipment company, specializing in orthopedic reconstruction and trauma, endoscopy, and advanced wound management equipment. The new manufacturing plant will support the global demand for Smith & Nephew’s COBLATION technology. COBLATION is an arthroscopic procedure that involves the creation and application of an energy field, which is used for the precise removal of soft tissue with minimal damage to untargeted tissue.
Jorge Sequeira, General Director of Costa Rican Investment Promotion Agency (CINDE) indicated, “Smith & Nephew is part of the growing Life Sciences sector that exported US$2.200 million in medical devices last year, and this year we expect exports to close at US$2.500 million. We are sure that Smith & Nephew will continue growing in the country, taking advantage of our enormous human talent to successfully develop their operation”.
“Sports Medicine is a fast growing market where unmet clinical needs lend room for procedural and technological innovation,” said Olivier Bohuon, Chief Executive Officer of Smith & Nephew. “We are proud to open this new facility in Costa Rica, which, alongside our established sites in the U.S., gives us the state-of-the-art manufacturing platform that will support our ambition to expand our pioneering Sports Medicine business.”
Coyol Free Zone is a business park located in the province of Alajuela, Costa Rica, just 4.5 miles west of the SJO International Airport. The park is spread over 107 hectares (246 acres) of prime real estate. Some of the benefits from establishing in the Zone for all Sectors include;
100% Tax Exemption:
Custom duties on imports/exports
Withholding tax on royalties and fees
Sales tax on local purchases of goods/service
10 Year Period outside the Greater Metropolitan area:
Property Transfer Taxes
*NOTE: The 10 year period will start after the 3-year grace period is over or when the company starts operations, whichever comes first, but the benefit will be granted immediately upon approval of FZ Regime.
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