(Bloomberg) -- Microsoft Corp. founder Bill Gates would have struggled in Costa Rica due to red tape that stifles innovation, said Rodrigo Chaves, one of the two candidates vying for the country's presidency in the April 3 runoff.
“If Bill Gates were born in this country, he'd be running a gas station,” Chaves said Tuesday during a presidential debate on local radio. “We need to give investors confidence.”
Chaves, a former World Bank economist, pledged to create a national system of innovation financed by a development bank, and to cut social security contributions, to foster a climate in which entrepreneurs can flourish.
Rival candidate Jose Maria Figueres, a former president, said during the debate he would target economic growth of 5% to 6% a year if elected, with a wave of foreign investment. He said he would target 5 million tourists a year from around 3 million before the pandemic.
“There is a line of foreign companies waiting to invest in Costa Rica. What we need is action,” Figueres said.
Read More: Investor-Friendly Duo Headed to Election Runoff in Costa Rica
Figueres won a first round vote in February with 27.3% of votes cast to 16.8% for Chaves. Chaves has led polls ever since, though his lead has narrowed in some surveys. A poll by the University of Costa Rica on Tuesday showed both candidates in a statistical tie. A separate poll Tuesday by Costa Rica's National University showed Chaves with an 8 point lead.
With two investor-friendly candidates having made it to the runoff vote, Costa Rican bonds are among the few in emerging markets to have provided a positive return this year. The nation's dollar bonds have gained 0.3% this year compared with an average 10.8% loss for emerging market government bonds.
The runoff vote between Chaves and Figueres will be held between 6 a.m. and 6 p.m. on April 3.
Chaves also reiterated his promise to cut the deficit, and said he could create a low-interest rate environment to spur investment. He also said he could halt the depreciation in the colon, which has weakened 2.7% this year.
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