More Investment in Textile Industry in Nicaragua

Hansae, a textile company founded on South Korean capital, will later this month open the new "Gilberto Cuadra" industrial park, investing $12 million in equipment.

Thursday, February 7, 2013

According to Joseph Adam Aguerri, president of the Superior Council of Private Enterprise (COSEP), the company will begin its work in late February in Niquinohomo, Masaya, generating initially one thousand jobs, however it is expected that in the next 90 days the number will rise to 3000.

According to Aguerri, the South Korean group, owner of the industrial park, has invested more than $200 million in the country. He added that in formal labor, 3,000 positions will be added to the records of the Nicaraguan Institute of Social Security (INSS).

"They are a new contributor to job creation in this country, one thing that should be highlighted is the signing of tripartite wage agreements, and especially the signing of an agreement as we have for free zones," he added.

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The South Korean textile company Hansae Nicaragua S.A will be investing between 2011 and 2013 in order to expand its industrial park situated in Masaya.

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In the last six months 25,000 of the 46,000 jobs lost between 2008 and 2009 have been recreated.

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Nicaraguan Textile Industry Foresees Recovery in 2010

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The sector expects to create 6.000 jobs this year, as well as increased orders from international markets.

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