Attendance of President Chavez and Key Figures at Completion Ceremony
Expanding Investment in Latin America in Line with Nearshoring Trend
Global SeAH, the holding company of SeAH Sangyeok, announced on the 14th that it has completed the construction of the third spinning factory of SeAH Spinning, a yarn production company, in Costa Rica. The factory expansion is evaluated as a stepping stone for Global SeAH to flexibly respond to the diverse needs of its customers.
The third factory of SeAH Spinning is located in the Cartago region, 20 km southeast of San Jose, the capital of Costa Rica. The factory has a capacity of 36,000 spindles and can produce 8 million kg of yarn annually. With this, SeAH Spinning now has a total capacity of 106,000 spindles in Costa Rica, enabling an annual yarn production capacity of 24 million kg.
Seaspinning has completed the construction of its third spinning factory in Costa Rica. Kim Woong-gi, Chairman of Global Sea Group, attended the completion ceremony. [Photo by Global Sea]
The completion ceremony held on the 11th (local time) was attended by key figures including Rodrigo Chaves, President of Costa Rica, Manuel Tovar, Minister of Foreign Trade, Jeon Geun-seok, Korean Ambassador to Costa Rica, as well as over 80 buyers and partners. In his congratulatory speech, President Rodrigo Chaves said, “This is an occasion to reaffirm the solid cooperative relationship built on trust, stability, and mutual respect with the Global SeAH Group, which has played a pivotal role in Costa Rica’s development.”
Global SeAH first entered Costa Rica in 2015 and established the yarn production factory SeAH Spinning. With a total investment of 200 million dollars, it built the first factory (34,000 spindles, 8 million kg annual production) and the second factory in 2002 (36,000 spindles, 8 million kg annual production). It produces high-quality yarn and has realized vertical integration covering all processes of garment production including spinning, knitting, dyeing, and sewing, becoming the first in the domestic garment OEM industry to do so.
Kim Woong-ki, Chairman of Global SeAH Group, stated, “With this expansion of the yarn production factory, we have maximized the duty-free benefits of the Central America Free Trade Agreement (CAFTA), which allows tariff-free exports to the U.S. market, along with improving the global textile industry’s supply chain. SeAH Spinning will create a sustainable future by introducing production traceability systems, using various eco-friendly certified raw materials, and obtaining process certifications.”
Meanwhile, Global SeAH Group oversees SeAH Sangyeok, fabric production company Wintex, sportswear specialist TEGRA, and domestic fashion companies IndieF and S&A.
Costa Rica Sea Spinning overview. The factory on the far left is the newly completed 3rd spinning factory. [Photo by Global Sea]
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