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Encadenados 2024: PROCOMER is strengthening the local supplier system to attract new investments

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  • More than 600 local suppliers and 225 multinational exporter companies under the Definitive Regime and the Free Zones Regime, generated 2,100 business appointments.
  • Production chains recorded remarkable growth of 52% according to data from PROCOMER.

SAN JOSÉ, Costa Rica, May 24, 2024 /PRNewswire/ — In order to boost the Costa Rican market and meet constantly evolving business demands, the Trade and Investment Promotion Agency of Costa Rica (PROCOMER) and the Association of Free Trade Zone Companies of Costa Rica (AZOFRAS) organized Encadenados 2024, the business conference that seeks to generate commercial relationships, chains, and connections between local and multinational suppliers under the Definitive Regime (RD) and the Free Zones Regime (RZF).

This year, more than 600 Costa Rican suppliers and 200 companies under both regimes made 2,100 business appointments in the third edition of the event, a record edition since the number of appointments reached in previous years doubled: 600 in 2022 and 1,000 in 2023.

“Encadenados 2024 is much more than an annual business event; it’s a platform that drives growth and business collaboration in Costa Rica. Under the slogan ‘Together we achieve more’, and looking to strengthen the national supply chain and meet constantly evolving business demands, Encadenados represents an invaluable opportunity for the economic and business development of the country, “said Laura López, General Manager of PROCOMER.

Companies led by women made a significant contribution to the third edition of Encadenados, representing 50% of attendees at the business conference, in their capacity as both buyers and suppliers. On the other hand, suppliers located outside the Greater Metropolitan Area (GAM) achieved remarkable success with participating companies, which is becoming an additional incentive for companies interested in setting up in these parts of the country.

More than 400 multinational companies have set up in Costa Rica and one of the factors that has been key in the country’s value proposition has been the broad ecosystem of local suppliers that has been developed with the support of PROCOMER. This network of Costa Rican suppliers, from various goods and services sectors, provides logistics agility and a reduction in time and costs to companies that invest, resulting in a competitive advantage in their operations.  

“Participation by women and the success of companies outside the GAM at Encadenados 2024 show the diversity and strength characterizing the Costa Rican business fabric. These results reflect our commitment to inclusion and regional collaboration to boost sustainable economic growth in our country; fundamental elements for the promotion of our exports and the attraction of new investments for Costa Rica.”

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The food sector stood out as the most dynamic by closing opportunities quickly and effectively. Other industrial and service sectors are launching their processes of validation, sampling and testing in the coming days, as they need to comply with other requirements in order to integrate into global value chains.

Encadenados 2024 closed with $2 billion in business opportunities. This figure is expected to increase as 100 additional appointments were scheduled after the event. According to data from PROCOMER, companies in the Free Trade Zone buy more than $5 billion from micro, small, medium and large companies locally. In addition, they report a 52% growth in the securing of production chains over the last year.

Contact: Ofelia Fernández Valverde, [email protected] & Esteban Chaves Trejos, [email protected]

Photo – https://mma.prnewswire.com/media/2419924/Encadenados_2024__1.jpg

Cision View original content:https://www.prnewswire.co.uk/news-releases/encadenados-2024-procomer-is-strengthening-the-local-supplier-system-to-attract-new-investments-302155210.html

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Agora acquires Clearshift’s real estate division

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Agora, a provider of real estate investment management solutions, has acquired Clearshift’s real estate division to “reinvent cross-border payments in investment management.”

The division has utilized Clearshift’s international payments infrastructure to facilitate mass payouts and capital investments between foreign investors, asset managers, real estate property managers, and fund administrators.

While the financial details of the acquisition remain undisclosed, Agora will now serve as the division’s primary client-facing interface, offering “user-friendly investment management tools.” Clearshift will retain responsibility for payment execution and compliance functions.

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For existing Clearshift clients, this integration into the Agora platform promises “enhanced capabilities.” Agora’s clients, not currently subscribed to Clearshift, will gain “a transparent solution to foreign exchange activity” that enables “seamless distributions and contributions in any currency worldwide.”

Ari Dobner, CEO of Clearshift, noted, “After years of refining our fund manager payment solution, it became clear to us that our clients would truly benefit from a full investor management solution with seamless payment integration.”

Bar Mor, co-founder and CEO of Agora, added that the acquisition will enhance their platform with “streamlined and cost-effective international payments,” leveraging the “substantial customer overlap between Agora and Clearshift.”

This acquisition follows the recent closure of Agora’s $34 million Series B funding round, backed by Qumra Capital, Insight Partners, and UK-based investment firm Aleph.

Source: fintechfutures.com

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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