You have 5 free articles left this month. Get your free Basic subscription now and gain instant access to more.

Austria's Gebauer&Griller to invest further 12 mln euro in Moldova - govt

Austria's Gebauer&Griller to invest further 12 mln euro in Moldova - govt Moldovan PM Natalia Gavrilita meets with Gebauer&Griller officials Source: Moldovan gov FB page

CHISINAU (Moldova), November 5 (SeeNews) - Austrian cable and wire manufacturer Gebauer & Griller plans to build a third cable factory in Moldova's Free Economic Zone (FEZ) of Balti - a 12 million euro ($13.84 million) investment project, the Moldovan government said.

The new factory will employ 500, the government said in a press release on Thursday.

At the moment, the Austrian company employs more than 700 at its two manufacturing plants in Moldova in which it has so far invested over $54 million combined.

The company's management said it could continue to increase investment, but migration and staff shortages are a problem.

"In order to keep people at home, we need to increase their confidence in state institutions and in their future here. That is why we prioritize the fight against corruption, justice reform and good governance in all areas managed by the state," Moldova's prime minister Natalia Gavrilita said during a visit to Balti FEZ.

Founded in 1940, Gebauer & Griller Kabelwerke is an Austrian family-owned manufacturer of cables and wires, primarily for the automotive sector but also for other industries. Besides Moldova, its countries of operation include Austria, the Czech Republic, India, Mexico, Slovakia and the U.S.

($=0.8926 euro)