More than 15 local companies yesterday gathered at the Jamaica Chamber of Commerce to discuss import and export opportunities with trading partner Costa Rica, which signed a memorandum of understanding (MOU) with the Government of Jamaica three years ago to improve trade relations between the two countries.

Regional director of Commercial Promotions Office of Procomer — the foreign trade promoter of Costa Rica in the Caribbean — Rolando Dobles Madrigal on Thursday highlighted that the country is eager to form supplier relations with Jamaican businesses and, at the same time, is open to discussions with the Jamaica Promotions Corporation (Jampro) about how local companies can get a toehold in the Spanish-speaking country.

Costa Rica, which was once known for its export of coffee, banana, beef and sugar, today labels itself as the number one supplier of pineapples in the Caribbean. In an attempt to secure more international buyers, Madrigal yesterday used his presentation to promote the country’s largest trade fair, the Buyer’s Trade Mission, which takes place in San José on September 26 and 27.

As a sweetener to buyers of Costa Rican products, the Office of Procomer is offering potential customers hotel accommodation, tours, networking events, among other incentives at no cost to Jamaican companies.

“The only thing your company is required to do is pay the plane ticket,” Madrigal told the audience.

Currently, 20 per cent of Costa Rica’s economy is built on its tourism industry. Another 30 per cent is evenly distributed between the country’s business services and agriculture industry, while precision equipment and medical devices and the food industry account for 14 per cent and 9 per cent respectively. The remainder is split between smaller sectors of the country, which had gross domestic product of US$57.06 billion in 2017.

The country was also ranked 61st among 190 economies in the 2018 Ease of Doing Business Report, according to the latest World Bank annual ratings.

Madrigal, in addition to promoting the country as a suppliers’ market, told the Jamaica Observer that the country is open to increasing import numbers from Jamaica.

“Costa Rica has a good population in terms of Caribbean descent in the province of Limón. We have calypso, reggae and other afro-Caribbean traditions — patties. So there is a huge opportunity for different products and foods that could be produced here in Jamaica for Costa Rica,” Madrigal said.

“In terms of services, I think it’s a great opportunity for the financial services. They are talking about starting a bank, a branch of Jamaican bank in Costa Rica. We need IT services etc…so there is an enormous opportunity,” he told the Caribbean Business Report.

Export manager at Jamaica Biscuit Company (Jambisco) Cornelia Walters-Jones already wants to capitalise on existing opportunities to export the company products to the market. She is focused on exporting Jambisco’s newly formulated cream crackers. General manager of Rapid True Value Dwight Sanderson also wants to explore opportunities to export the ‘True Value’ line of products to the Spanish-speaking country of 4.8 million people.

At the same time, purchasing manager at Lasco Distributors Consumer Division Latoya Heywood has disclosed interest in Costa Rica’s personal and home care products and pharmaceutical line of business.

“We are currently looking for haircare products. We had a line called ‘Motions’ and we are looking to see how best we can replace that because we no longer distribute it. We are also looking at dishwashing liquids for home care and hand soaps for our personal care portfolio of products,” she said.

Caribbean Cream Ltd — Kremi — with secured market share in Jamaica, is looking to both expand its footprint to Costa Rica and import goods from the country.

“Costa Rica’s raw materials are pretty good. We have looked from our visit to the country years ago and the cost of doing business with the country should prove beneficial to our company,” Chief of Sales and Distribution Dean Clarke told the Jamaica Observer.

“We are also looking at exporting our products to the country. They have their own ice-cream products, but just like other countries, there is an open market. And the way we will position the company, we will be very much competitive, so it’s a win-win situation… support the Caricom region and hope that in return we will get business from the countries,” he said.

Jamaica’s trade exports to Costa Rica includes sauces and spices, printed books and leaflets, boxes, plastic crates, and containers for compressed or liquified gas of iron or steel, while importing preserves and medicines from Costa Rica.