The CEO of Romanian developer Global Vision, Sorin Preda, has told local media he has already signed contracts with two German automotive industry suppliers which respectively want to launch and expand production in Romania.

Ziarul Financiar also reported negotiations with a third investor were already at an advanced stage.

IWIS, a manufacturer of precision chain systems, wants to launch production in Romania while locking system producer HUF Group wants to expand an existing factory.

HUF, an auto parts maker supplying BMW, Kia, Mitsubishi, Porsche, Renault and Volvo, is planning expansion of its factory in Arad of about 8,000 square metres, with an investment of several million euros, romania-insider.com reported.

“It is a project I worked on during 2019 and recently we were able to conclude commercial agreements with IWIS and HUF,” Preda said.

IWIS has signed a 15 year lease agreement with Global Vision for the development and turnkey delivery of a new, greenfield factory in Oradea.

This is expected to provide car parts for the new BMW factory in Debrecen, Hungary.

The total investment in this factory will exceed EUR10m.