With sustainability becoming more important for all companies, Coyol Free Zone sets a good example of how to include it in a business model and deliver outstanding results.
Amid the Covid-19 pandemic, Coyol Free Zone was able to keep attracting investment, create quality jobs, and maintain educational programs, without risking its environmental and people-centered focus.
How did they do it? The work started with a committee in charge of helping their clients to face the many challenges caused by the Covid-19 pandemic. This committee was composed of external advisors, directors of companies located inside the park, and the Free Trade Zone’s administration team.
The committee assembled to handle this task promoted business continuity, as reflected in the construction of the largest number of square meters in the Park’s history. New investment and reinvestment came from companies in the Park, like CooperSurgical, Microvention-Terumo, SMC Ltd., and Teradyne during 2020, as well as Bayer and Establishment Labs in 2021, among others.
The companies operating from Coyol Free Zone exported US$2,071 million in Medical Devices during 2019, according to data from its 2020 Sustainability Report. This figure exceeds Costa Rica’s GDP by 1% and represents 34% of the exports coming from the manufacturing segment of the country’s Free Trade Zone Regime, the local top exporter of goods.
Currently, the Park hosts 31 leading global Life Sciences and smart manufacturing companies, including seven of the world’s Top 30 Medical Device companies (Abbott, Cardinal Health, Hologic, Medtronic, Microvention-Terumo, Philips, and Smith & Nephew).
The Park also tackled the virus itself, with companies testing its employees on-site and promoting on-site vaccination campaigns.
The solid support strategy also worked for maintaining the high-quality employment of the operating companies, which together have offered 16,500 jobs, mostly to people of the surrounding communities of Coyol Free Zone. They created +1,500 new jobs during 2020, an increase of 10% compared to the previous year, when the pandemic was rampaging over the employment figures. Currently, 55% of job positions are occupied by women.
An Environmental Focus
The 360 focus on sustainability includes a strong environmental nucleus, with an ample spectrum of green initiatives, such as reforestation, waste management, solar panels, LEED certifications for buildings, and reducing water and electricity consumption.
As a result of these measures, 13% of the total area is used for green areas and trees conservation, and 19.73% of the total Free Trade Zone areas are LEED-certified constructions (over 43,000-sqm of LEED-certified buildings).
In the waste management department, CFZ processes 1,750 m3 of wastewater a day and requires clients to follow a unified waste disposal plan for construction materials through a single provider. In this way, the Park can record the volume generated for each waste category and look for a treatment alternative with less environmental impact.
Concerning clean energy, Coyol Free Zone reduced the energy consumption by installing 46,960 solar panels between 2019 and 2020, and LED lights in common areas.
Most recently, CFZ became the first Free Trade Zone in Costa Rica to incorporate digital payment for buses in their exclusive transportation system, through an app called Ride Coyol. With this app, users can avoid the use of printed tickets, thus saving 2.5 tons of paper on a yearly basis.
“In the field of sustainability, we propose to continue growing and achieving excellent results focused on our values of excellence and innovation”
Carlos Wong, General Director of Coyol Free Zone.
| Environmental Milestones The efforts of Coyol Free Zone in protecting the environment include multiple initiatives: · 13% of the total area is used for green areas conservation · 19.73% of the total construction area are LEED-certified buildings · 1,750 m3 of wastewater is processed daily · Smart disposal of construction waste · A total of 78,774 solar panels installed · LED illumination for common areas · Electronical payment for transportation system |
“In the field of sustainability, we propose to continue growing and achieving excellent results focused on our values of excellence and innovation, and the principles of harmony with the environment. Our commitment to the environment manifests through different initiatives, such as the LEED building certifications, the use of renewable energy sources, and the participation in programs like Esencial Costa Rica, which allows Coyol Free Zone’s to be consistent with the country’s development policy centered in sustainability,” said Carlos Wong, General Director of Coyol Free Zone.
A Prize-Worthy Strategy
The powerful focus on sustainability did not end unrewarded for Coyol Free Zone. In fact, multiple international recognitions rocketed the Park’s reputation as a leader in the matter. In 2021, Coyol Free Zone was crowned as the overall winner in Investment Monitor’s inaugural Economic Zone Sustainable Recovery Strategies Awards, also topping the Covid Relief Packages and Sustainability and ESG categories.
The Free Zone have also received special international recognitions, for “Excellence in Environmental, Social, and Corporate Governance Practices”, as well as an honourable mention for the CFZ’s 2020 Sustainability Report, presented earlier this year. Without failing to mention the recognition as the “Best Free Zone of the Americas” and among the Top 10 Free Zones globally. As well awarded as the “Latin America Free Zone of the Year”, “The Most Innovative Free Zone of The Year,” and “Business Hub for Life Science and Advanced Manufacturing” in the Latin American region.
“Coyol Free Zone is in constant change and continuous improvement. 2021 allowed us to harvest great success as a cluster of Life Sciences industry, although it was also a year full of challenges that has shown a truly remarkable level of dedication towards its clients, community, and employees,” Wong concluded.
