South Korea's Yura to set up factory in Albania
13/02/2019 19:45
TIRANA, Feb 13 (Reuters) - South Korea's Yura Tech Co. Ltd.
will start producing automobile ignition parts in Albania in
2019, Albania's Finance Ministry said on Wednesday, the
beginning of a project that could eventually lead to several
factories employing 4,000 people.
Finance Minister Anila Denaj and Yura's representative Lukas
Nam signed a deal giving Yura a lease for one euro of 4.9
hectares in Zhupan, near Fier in southern Albania.
The statement said Yura planned an initial investment of 6.5
million euros ($7.3 million) to employ 600 people this year and
would scale up to employ 1,100. Long-term plans foresee the
opening of two other factories employing 4,000.
Nam was quoted by a Finance Ministry statement saying Yura
had chosen Albania because of its qualified workforce,
competitive costs, geography and incentives provided by the
government.
($1 = 0.8869 euros)
(Reporting by Benet Koleka,
Editing by Peter Graff.)
((benet.koleka@thomsonreuters.com))