February 13, 2019 / 7:45 PM / 7 months ago

South Korea's Yura to set up factory in Albania

TIRANA, Feb 13 (Reuters) - South Korea’s Yura Tech Co. Ltd. will start producing automobile ignition parts in Albania in 2019, Albania’s Finance Ministry said on Wednesday, the beginning of a project that could eventually lead to several factories employing 4,000 people.

Finance Minister Anila Denaj and Yura’s representative Lukas Nam signed a deal giving Yura a lease for one euro of 4.9 hectares in Zhupan, near Fier in southern Albania.

The statement said Yura planned an initial investment of 6.5 million euros ($7.3 million) to employ 600 people this year and would scale up to employ 1,100. Long-term plans foresee the opening of two other factories employing 4,000.

Nam was quoted by a Finance Ministry statement saying Yura had chosen Albania because of its qualified workforce, competitive costs, geography and incentives provided by the government. ($1 = 0.8869 euros) (Reporting by Benet Koleka, Editing by Peter Graff.)

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