South Korean company SAE-A Spinning is setting up a cotton yarn manufacturing plant in Costa Rican province of Cartago, the Costa Rican Investment Promotion Agency (CINDE) has announced, reports The Tico Times.
The new venture to come up at a cost of US$ 50 million will create 200 new direct jobs for local workers, CINDE said in a press release.
SAE-A Spinning has already begun construction work in Coris, west of Cartago, some 22 kilometers east from the capital San José.
Once fully operational by the first quarter of 2015, the Costa Rican plant will export cotton yarn to clothing factories in several countries in the Americas, CINDE said.
SAE-A Spinning president Kwang Ho Yoo said the investment in Costa Rica is part of the company’s long-term vision with a growth plan for the next 30 years. Ho Yoo added that the company will consider expanding operations with a second investment in Costa Rica if the textile plant becomes profitable and achieves expected success.
The announcement by the Korean company to invest in Costa Rican textile sector has come less than two months after the Canadian company Gildan Activewear confirmed that its next investment will be made in Guanacaste, Costa Rica, involving a modern textile manufacturing plant.
The announcement by the two companies in recent months to invest in Costa Rica is a proof that Costa Rica offers suitable conditions to host businesses in the textile industry, said CINDE’s General Director Gabriela Llobet.
Being part of CAFTA-DR, Costa Rica enjoys privileged access to the US market, which is one of the reasons that attract companies to invest in the country.
SAE-A Spinning currently has 17 subsidiaries in the US, Guatemala, Nicaragua, Haiti, Vietnam, Indonesia and Cambodia, and last year the company grossed global sales revenue of more than $1.4 billion.
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