Latin America has become a gold mine for outsourcing services, and Costa Rica seems to be a prime location. According to the World Economic Forum’s report Global Agenda Council on Latin America 2013, “more than 100 multinational companies are currently operating in its territory.”

The report also states that many factors contribute to an economy strong enough to meet outsourcing needs in the services industry. Elements such as a stable business climate and a diverse service sector “guarantee quality of operations, stability and a clear growth potential.”

Is still easier and more practical to fix mistakes closer to home where the time difference remains minimal

Latin America and the Caribbean offers an unbeatable strategic advantage. Indeed, North American companies will have a tendency to prefer outsourcing services to Latin America rather than Asia mainly because of proximity. In fact, if the markets were a little reticent at first, it is still easier and more practical to fix mistakes closer to home.

Another success story for nearshore outsourcing of services is in the field of software development in Argentina. Belatrix, is software company that works in Argentina because the country presents many advantages, one of which is educational excellence. According to a Belatrix Software Company factsheet, “Argentina invests more per capita and as a percentage of GDP in education than almost any other developing country in the world. State-run universities are completely free in Argentina and they also provide world-class education. This has helped create a very large pool of talented and educated professionals.”

A stable business climate is also an essential element that will facilitate outsourcing services to Latin America. It is important to work in a country where institutions control quality and facilitate investments. Belatrix Software company has chosen to work in Argentina and seems to be satisfied with local governmental support. In their opinion, “Argentina’s government has provided a benefit package for those software companies that comply with required certification and auditing processes. Belatrix is now certified company under this program, which provides fiscal and operative advantages.”

Outsourcing services to Latin America seems to be a trend that will hold as long as the continent keeps working towards developing a stable and growing economy, as well as investing in education and solid institutions.