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South Korea's Yura to open first factory in Albania

South Korea's Yura to open first factory in Albania Albania’s economy minister Anila Denaj and Yura's representative Lukas Nam, Author: Government of Albania/All Rights Reserved

TIRANA (Albania), February 14 (SeeNews) – The South Korean manufacturer of cables and wiring for the automotive industry Yura Corporation will open its first manufacturing plant in Albania in 2019, the Albanian economy ministry said.

Yura plans to invest 6.5 million euro ($7.3 million) and hire 600 employees this year, to be followed by an additional investment of 13 million euro and expansion of the workforce to 1,100 employees in the coming years, the economy ministry said in a press release late on Wednesday.

Economy minister Anila Denaj signed an agreement with Yura's representative Lukas Nam to lease out to the company some 4.9 hectares of land near the southwestern city of Fier for one euro. Yura’s long-term plans envisage the opening of two other factories employing a total of 4,000 people, according to the press release.

Yura chose to invest in Albania because of the country's its skilled workforce, competitive costs, geographical position and incentives provided by the government, Nam was quoted as saying.

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

($ = 0.88446 euro)

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