Read the Conversation
Meeting highlights:
- Market Opportunity: Carlos Wong saw a unique opportunity in Costa Rica to build a globally competitive medical devices hub by leveraging local talent and infrastructure.
- Foundation of Coyol Free Zone: He founded Coyol Free Zone, now home to over 30 MedTech companies and responsible for 55% of Costa Rica’s medical device exports.
- Human-Centered Growth: Carlos believes that true transformation must prioritize people and sustainability at its core.
- Sustainable Development as Core Philosophy: He champions a model where ethical and sustainable development drives long-term economic and social value.
- Leaders driving a transformation: Costa Rica’s MedTech success story proves that visionary leadership and human-centered values can shape global impact.
EF: Can you tell us about the opportunity you saw in the market and how CODE Group started?
CW: We started almost 20 years ago when we saw a very interesting opportunity in Costa Rica. The talent in Costa Rica provided a unique foundation for the growth of the medical devices industry. Nearly 18 years ago, we launched Coyol Free Zone as the first industrial park in Costa Rica designed specifically for medical device companies.
Coyol remains central to our portfolio, now hosting almost 34 different medical device companies and accounting for about 55% of Costa Rica’s total medical device exports. Its pioneering position has contributed to the development of a true cluster concept.
We developed an ecosystem in Coyol, attracting seven of the thirty largest OEMs globally and providing a platform for strategic service suppliers. The coexistence of large OEMs and key service providers has fostered a unique environment for growth and collaboration.
Coyol has been named the Best Free Zone in the Americas by fDi Intelligence for five consecutive years, making a significant mark on the region’s free zone business and medical devices sector. Its impact is substantial—about 3% of Costa Rica’s GDP is generated from Coyol-related activities, with more than 26,000 Costa Ricans working daily in the park.
Building on Coyol’s success, we established Evolution Free Zone two years ago. In that period, we focused on infrastructure development and lot preparation. Today, we already host six companies in Evolution, including the largest Johnson & Johnson operation in the Americas. This continued expansion demonstrates the strength and potential of our cluster model.
EF: What are the three key elements required to create a thriving ecosystem like Coyol?
CW: Three core elements are essential for a thriving free zone ecosystem:
- Strategic Location: Proximity to a qualified talent pool is foundational. You must be near the people you aim to hire.
- Comprehensive Supporting Services: Beyond location, you must offer all necessary supporting services, especially those that enable talent mobility and daily commutes.
- World-Class Infrastructure: Especially for medical devices, infrastructure must be built on principles of redundancy and efficiency to support advanced manufacturing processes.
When these elements combine within a favorable national environment, such as Costa Rica’s, the recipe for success is complete.
EF: You mentioned your new Evolution Free Trade Zone. What excites you most about this project, and what makes it special?
CW: We are witnessing a transformation in the quality and scope of medical device companies entering Costa Rica, shifting from traditional assembly to sectors like orthopedic products. The industry is growing into larger, more capital-intensive operations requiring highly skilled technical personnel. We’re working to develop a technical workforce prepared for specialized machinery and advanced materials, cultivating knowledge and strong foundations for emerging companies.
What excites us most is Costa Rica’s move toward sophisticated medical device manufacturing—products that involve not just plastics, but also metals and optoelectronics, marking a significant increase in the value and complexity of what is made here.
EF: Building through sustainability — you recently received an ethical award. How do you integrate ethics into your large-scale development projects?
CW: Ethics is the cornerstone of all our relationships—whether with peers, customers, or the broader community. For us, long-term sustainability and relationships can only be built on a foundation of respect and ethical conduct.
Every development we undertake impacts people, so our guiding principle is human-centered development. We prioritize the well-being and humanity of all those affected, focusing not on buildings but on people.
If your perspective prioritizes humanity, you achieve a true balance—a development approach rooted in ethics. This is what allows us to move forward confidently, knowing our projects contribute positively.
Walking with integrity means being able to look to the horizon, rest each night with a clear conscience, and know the foundation for long-term, balanced growth is sound.
EF: CODE’s developments are often described as people-centric and highly ethical. Can you explain your approach and why it’s important?
CW: Our primary focus is not the buildings themselves, but the people who will be affected by and benefit from these developments. If we shift our mindset to prioritize people, what we do achieves a true balance. This is what we call human-centered development, and the reason we always place ethics before everything else. Our philosophy is that you should be able to look toward the horizon, live your values daily, and go to sleep each night knowing you have acted with integrity.
Ethics serve as the foundation for balanced, sustainable development. This isn’t merely my personal philosophy—it’s embedded in everything we do at CODE and is shared by our stakeholders. Ethics is the bedrock upon which long-term, meaningful progress is built.
EF: Let’s discuss innovation within CODE, what are the most disruptive technologies you identify, and how will they benefit Costa Rica amid global uncertainty?
CW: With almost two decades of experience leading the Coyol Free Zone, we’ve learned many valuable lessons that we are now applying and improving upon with the Evolution Free Zone. Energy efficiency is at the forefront of our priorities—we’re developing parks with a keen eye on sustainability, complementing Costa Rica’s already green energy grid with solar panels and other renewable solutions. This will allow us to provide clean energy for common areas and offer energy-efficient services tailored to the sophisticated needs of the medical device industry.
In addition, we are investing heavily in connectivity. The park is being designed to support full 5G integration, allowing companies to benefit from seamless, state-of-the-art connectivity and prepare for the next wave of digital and industrial transformation.
Lastly, we are transforming education in the region by working closely with technical high schools, INA, and local universities. Our goal is to equip the local workforce with the technical skills required to thrive in these advanced industries.
We are building ecosystems, not just physical structures. Today’s and tomorrow’s customers in Costa Rica require enhanced energy efficiency, robust connectivity, and a workforce prepared for technical challenges. By focusing on these pillars—sustainability, technology, and human capital—we’re ensuring our developments are future-ready and socially impactful.
EF: As CODE nears its 20th anniversary, what would be your celebratory message to your team and the Costa Rican community?
CW: My message would be one of gratitude. Looking back over 20 years, the most important accomplishment is seeing how we’ve transformed a sugar cane farm into a powerhouse that provides quality employment for nearly 30,000 Costa Ricans.
What we're trying to do is create a lasting, positive impact. If, through our efforts, we can contribute to increasing the Costa Rican GDP by 3% and provide a wealth of medical devices, that’s a great achievement. However, what’s truly satisfying is being able to look back and see the transformation over the last 20 years—when we started, there weren’t even paved roads around Coyol. People thought it was crazy to invest in a place with no infrastructure. Transformation requires vision. Today, seeing the reality, I feel humbled and thankful to have been part of this journey, and the process is one of the greatest satisfactions of my life.
EF: How does Costa Rica’s environment help foster such growth in the medical devices and potentially other industries?
CW: The medical device sector is a natural match for Costa Rica due to our consistent, people-centered strategy and our country’s ethical foundation. This industry profoundly impacts people’s lives, which aligns perfectly with our national values. Moreover, Costa Rica has the right elements in place to continue leading in medical devices and to expand successfully into new sectors, always aiming to positively affect the lives of our people.
EF: What final thoughts would you like to leave our readers with as you reflect on this journey?
CW: I’d like to emphasize that the future is ours to make, but it must be built on a foundation of people and sustainability. Transformation should always be centered on its impact for people—if we focus on that, everything else, including sustainable development and economic growth, will follow. Costa Rica has shown what is possible with vision, ethics, and a commitment to human-centered leadership. Let’s continue this path, expanding into other industries and always placing people at the center of progress.
