South Korean auto cables and wiring maker Yura Corporation has opened its first production plant in Albania, the country's prime minister Edi Rama said.
Yura spent around around 1bn leks (US$9m/EUR8m) on the new plant and hired over 540 people, PM Rama said in a video file posted on Facebook after attending the inauguration ceremony at the new manufacturing facility in the southwestern city of Fier, SeeNews.com reported.
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Yura aims to further expand its activity and employ up to 2,000 people at the plant by 2023, Rama reportedly said, adding the plant's exports are projected to reach EUR100m within three years.
Plant construction began in July 2019.
SeeNews noted Albania's economy minister Anila Denaj in February 2019 signed an agreement with Yura to lease the company 4.9 hectares of land near Fier for the token price of EUR1 for the construction of the plant.
Yura's long term plans envisage the opening of two other factories employing 4,000 people, the economy ministry said at the time.
Yura operates in 12 countries with 60 factories making automotive electrical and electronic components including wiring harnesses and electronic control modules.
