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South Korea's Yura opens first factory in Albania – PM

Jun 29, 2020, 12:08:46 PMArticle by Klaudjo Jonuzaj
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TIRANA (Albania), June 29 (SeeNews) – The South Korean manufacturer of cables and wiring for the automotive industry Yura Corporation has opened its first production plant in Albania, the country’s prime minister Edi Rama said.

South Korea's Yura opens first factory in Albania – PM
Albania's Prime Minister Edi Rama attending the inauguration ceremony of South Korean cable manufacturer Yura factory in Fier

Yura has invested around 1 billion leks ($9.0 million/8.0 million euro) in the new plant and hired over 540 people, PM Rama said in a video file posted on Facebook on Friday, after attending the inauguration ceremony at the new manufacturing facility in the southwestern city of Fier.

Yura aims to further expand its activity and employ up to 2,000 people at the plant by 2023, Rama said, adding that the plant's exports are projected to reach 100 million euro within three years.

The construction of the plant was launched in July last year.

In February 2019, Albania's economy minister Anila Denaj signed an agreement with Yura to lease out to the company some 4.9 hectares of land near Fier for the token price of one euro for the construction of the plant. Yura’s long-term plans envisage the opening of two other factories employing a total of 4,000 people, the economy ministry said at the time.

Yura operates in 12 countries, with 60 factories in the manufacturing of automotive electrical and electronic components including wiring harnesses and electronic control modules.

(1 euro = 123.611 leks)

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