Costa Rica Business News – SAE-A Spinning, a South Korean company began operations of its spinning plant in Cartago province, Costa Rica at an investment of around $35 million.
The new SAE-A plant will employ 270 workers and produce cotton yarn meant for export, primarily to countries in North and South America.
“SAE-A Spinning is a subsidiary of Seoul-based SAE-A Trading Co., a company which has 41 operations in 10 countries and employs around 60,000 employees,” Costa Rican media reported.
The group turnover stood at over $2 billion in 2014, with around $1.5 billion accounted for by exports to various countries.
President of Costa Rica Luis Guillermo Solís who attended the inauguration said that the new facility will strengthen efforts to create economic prosperity and more jobs.
SAE-A Spinning’s CEO Woong-Ki Kim was of the opinion that the plant would create additional opportunities for new and existing businesses in Costa Rica.
“We have a staunch commitment for Costa Rica and we expect a steady growth in the future,” Kim said.
The opening of the South Korean plant follows the announcement by Canadian brand Gildan Activewear to set up a plant in the province of Guanacaste.
According to media reports, once operational, the Gildan Activewear plant is expected to generate employment opportunities for approximately 1,000 people. (AR)
Fibre2fashion News Desk – India
