US Cone Denim To Build Nicaragua Plant

US jeans manufacturer Cone Denim, part of International Textile Group, is to build a plant in Managua, Nicaragua, which will be the country’s largest plant. The planned investment of $100 million is equal to 2% of Nicaragua’s total GDP, according to a government spokesman, who said the agreement reinforces the message that “Nicaragua is open for CAFTA business.” The Central American Free Trade Agreement (CAFTA) with the US came into effect in Nicaragua earlier this month. CAFTA has been opposed by small textile manufacturers in the region who say the Agreement will result in the closure of local businesses.