Costa Rica faces a growing risk of being left behind in the evolving landscape of foreign direct investment (FDI), according to a recent analysis by Sandro Zolezzi, an expert in FDI and Associate Researcher at LEAD University. The analysis, based on fDi Intelligence’s 2025 global FDI matrix, reveals a significant shift in investment patterns, with new capital concentrating in sectors where Costa Rica has limited or no presence.
The report identifies three key drivers of 21st-century investment – data centers, semiconductors, and energy associated with the energy transition – attracting a combined $661 billion in announced projects in 2025 alone. Data centers and related telecommunications accounted for over $320 billion, semiconductors exceeded $138 billion, and renewable energy reached approximately $193 billion, despite a slight deceleration. Costa Rica does not feature prominently in this investment map.
“The new productive capital of the world is concentrating in sectors where the country does not participate or participates marginally,” Zolezzi stated in his analysis. He clarified that the fDi Intelligence matrix focuses on newly announced, large-scale projects, excluding mergers, acquisitions, and silent reinvestments, making it a crucial indicator of future productive capacity.
Zolezzi emphasizes that the challenge isn’t Costa Rica’s size, but a lack of strategic positioning. “The simple argument is to say, ‘We are too small to compete in those sectors.’ That argument is comfortable… and wrong. The problem is the absence of a strategy to participate indirectly in these chains,” he explained. He argues Costa Rica doesn’t need to build massive data centers or semiconductor factories, but must develop into relevant to those who are building them.
The analysis highlights a critical shift in investor priorities: reliable digital infrastructure, stable regulation, specialized talent, clear governance, and attractiveness for remote or semi-global operations. The demand for large industrial plants is waning, replaced by a preference for flexible models combining “services + technology + value-added remote” operations.
A key concern is Costa Rica’s energy situation. While the country enjoys a strong environmental reputation, Zolezzi points to three significant obstacles: a lack of firm electrical capacity, slow permitting processes, and the absence of a clear policy to attract energy-intensive productive investment. “While other countries guarantee power, redundancy, and clear timelines, Costa Rica debates whether to grow or not. The result is obvious: capital goes where it can operate,” he warned.
Regarding semiconductors, Zolezzi cautions against viewing the industry solely as manufacturing. He stresses the importance of testing, validation, advanced packaging, process engineering, automation, specialized logistics, and high-value technical services – areas where Costa Rica possesses existing strengths in talent and industrial experience. However, he notes a lack of explicit strategy and enabling conditions to capitalize on these opportunities.
Zolezzi proposes five key actions for the next Costa Rican government to avoid being excluded from the new global FDI wave: treating energy policy as a productive policy, establishing an accelerated process for strategic projects, investing in large-scale technical talent development, pursuing indirect participation in data centers and semiconductor supply chains, and developing a clear strategy for productive linkages. He argues that existing strengths in medical devices and modern services must be connected to the new technological wave, not isolated from it.
The fDi Intelligence matrix, Zolezzi concludes, isn’t a condemnation of Costa Rica’s past performance, but a warning that the world has shifted its focus, and the country has yet to adjust its strategy.
