Although Intel and Bank of America is leaving Costa Rica and with them 1.500 jobs each, the country continues to be attractive to foreign companies, the latest a South Korean company with plans to set up a thread manufacturing company, with the promise of 1.200 jobs.
Initially the company will start operating at the end of the year, in the area of Coris, in Cartago, with 300 employees, jobs that will be offered through the Cartago municipal job listings.
The company, whose name has yet to be made public, has already broke ground on the construction of 6.200 square meter (66.000 square foot) facility.
Rodolfo Molina, president of the Cámara Textil Costarricense (Cateco), confirmed the news, adding that the company will be investing some US$70 million dollars in plant construction and machinery, in the production of thread for shipment to its plant Guatemala to be used for clothing manufacturing for the U.S. market.
While the company will operate under the regimen of a “zona franca” (free trade zone) that reduces or eliminates a number of taxes, Rolando Rodríguez, mayor of Cartago, said his concern is for the creation of employment in his city.
Rodríguez added that the company can count on competitive electricity and water rates, two items evaluated by the company before deciding on Cartago.
Earlier this month, the Canadian company, Gildan Activewear, announced the setting up of a plant in Guanacaste that will create 1.000 jobs.