I recently visited Costa Rica and it struck me that not only the vegetation but also the types of plants and agriculture produce is similar to what's available in Africa, particularly West Africa. Costa Rica has managed to use their topography and their environmental and sustainable ecosystem to build an eco-ecotourism and business environment that is helping to contribute to the economy of Costa Rica. It also serves as a good location for businesses with low barriers to entry and investment as well as being a gateway to South America.
I started thinking that I should do a comparison of Costa Rica and a possible similar country in Africa. After doing some research, l feel a comparative country to Costa Rica in West Africa would be Sierra Leone. Why Sierra Leone? Because their topographical make up would support an eco-tourism focused economy. The topographical makeup of Sierra Leone includes a coastal belt of mangrove swamps, wooded hill country, upland plateau, and mountains in the East. Costa Rica has a population of over 5 million people and Sierra Leone has a population of over 8 million people making them similar in population. The land area of Costa Rica measures at over 51,000 square kilometers approximately without taking into account the sea territory and the landmass for Sierra Leone is over 72,000 square miles.
General Investment Overview of both countries
Costa Rica has a favorable investment climate and a business environment that's attractive to many investors and exporters. However, there are some unique aspects to the business culture that can impact how business is conducted in the country.
Investment Culture in Sierra Leone is diverse and abundant, with opportunities across sectors such as agriculture, telecommunications, and tourism. The government has instituted reforms to improve the business and investment climate. In recent years, Sierra Leone has undertaken several initiatives aimed at creating a conducive environment for prospective investors. These measures include streamlining business registration processes, improving regulatory frameworks, and promoting public-private partnerships and the establishment of the National Investment Board (NIB). However, small and medium-sized enterprises in Sierra Leone still require substantial pre-investment support to become viable impact investment prospects. public-private partnerships.
Business
A permanent residency visa is not needed to start a business in Costa Rica. One can start or buy a business in Costa Rica even if in the country on a 90 day visa.
Before you start a business in Sierra Leone, it is important you know that unlike other countries in the Sub-Saharan Africa region, it takes approximately 12 days for one to start or register a business in Sierra Leone.
Agriculture
Only 3.8 percent of Costa Rica’s GDP came from Agriculture in 2023 which included forestry and fishing. Between 2020 and 2022, 60 percent of Sierra Leone’s GDP came from Agriculture
Healthcare
Costa Rica is known for having one of the best healthcare systems in Latin America and the world. The country provides universal health care to its citizens and permanent residents. There are two healthcare systems, both public and private, that are accessible for expats. The healthcare system in Costa Rica contributes to the high life expectancy and quality of life of its people. The Sierra Leone health care system is organized into two tiers of care: Peripheral Healthcare Units (PHUs) with an extended community health program and secondary care which includes 21 district and three referral hospitals; there are also 45 private clinics and 27 private hospitals, mostly in the Freetown area. Business Culture - Personal relationships are important in business, and negotiations are often made over dinner in a relaxed setting. Decision making - Business decisions are made consensually and involve many people, which can slow down the process. Time management - There's a relaxed attitude towards time, and meetings may be delayed. Bureaucracy -There's a lot of bureaucracy to navigate.
The general business culture of Sierra Leone is characterized by well-defined hierarchies, communication styles, and negotiation practices that emphasize respect, patience, and mutual benefit. The business sector faces challenges due to a lack of proper legal, identity, and credit systems, leading to risk-averse behavior and reduced trust and collaboration.
Resources
10 Facts About Starting a Business in Costa Rica - The Fortunate Investor
Big Markit - Sierra Leone National Tourist Board
Agriculture, forestry, and fishing, value added (% of GDP) - Costa Rica | Data
Costa Rica Business Regulations: Key Points to Know
Costa Rica GDP From Agriculture
Foreign Investment in Sierra Leone: Open and Restricted Sectors Explained
Universal Health and Preparedness Review (UHPR) - National Report Of Sierra Leone November 2023