South Korean producer of electrical parts for the automotive industry Yura Corporation has started the construction of a factory in the southwest Albanian city of Fier, an investment of €13mn, Albanian Prime Minister Edi Rama announced on July 12.
Yura plans to develop an area with a total surface of 4.9 hectares in Fier, which was designated as a priority zone for the automobile manufacturing industry in 2018.
"Discovery of oil at Shpirag oil well has increased interests of foreign companies to invest in Albania," Rama announced on his Facebook page.
The Yura plant will open 1,000 jobs. Rama announced that Yura plans to open two more production facilities in Albania, in Elbasan and Librazhd.
Yura Corporation specialises in designing, developing and production of automotive electronics including wiring harnesses. The company’s portfolio also includes high voltage connectors, safety plugs, spark plugs, stick coils, fast and slow charging interfaces, and high voltage shield assemblies; applicators and circuit testers; and applicators and circuit testers.
It has a network of 20 corporations and 46 business sites in 14 countries across the world.
In the Balkan region, Yura also operates in Serbia.
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