Another international business is opening up shop on Costa Rican soil, as President Luis Guillermo Solís and his cabinet continue to actively recruit foreign-based companies.
SAE-A Spinning from South Korea is the latest company to begin operations here, promising 200 new jobs through a $50 million investment. The textile firm is currently building its thread manufacturing plant in Cartago. Thread made there will then be exported primarily to American countries.
Kwang Ho Yoo, SAE-A Spinning’s president, said he envisions his company being in Costa Rica for at least 30 years because of Costa Rica’s optimal trade positioning in the Americas through the Central American Free Trade Treaty.
“If we achieve the yields and success expected, we will even consider exploring opportunity for a second investment to complement the one we are announcing,” the company president said. “Thanks to the country’s good business climate and the commercial advantages of CAFTA, we trust this plant will be a milestone collaborating in building deeper relations between Costa Rica and South Korea.”
Gabriela Llobet, director of the Costa Rican investment promotion agency, said this new addition proves the country remains competitive globally in the textile industry because of its established trade network.
“The operation of this new company confirms for us that Costa Rica is a venue with potential for light manufacturing and textile operations,” Ms. Llobet said. “Privileged access to the North American market through CAFTA is a decisive element for industries of this nature deciding to set up in Costa Rica.”
SAE-A Spinning, a subsidiary of SAE-A Trading Co., has other apparel manufacturing plants in Guatemala, Nicaragua, and Haiti, among other locales.