ITALIAN COMPANY TEKNOHOSE TO INVEST EUR 10 MILLION IN TIDZ SKOPJE 1
Italian company “TeknoHose”, which produces armored high-pressure rubber hoses for the automobile industry, will invest EUR 10 million in a factory within Technological Industrial Development Zone Skopje 1, employing 150 people.
DTIDZ Director Marjan Jovanov and owner of “Vitillo Group”, which includes “TeknoHose”, Andrea Vitillo signed a land lease agreement at Macedonian-Italian Business Forum.
“The idea to invest in TIDZ Skopje 1 came in November 2008, when we purchased the facility for our factory, but due to the global crisis, we had to slow down the investment process. Production has increased in the first quarter of 2010, which enabled resumption of the investment process”, said Vitillo at today’s press conference.
He stressed TIDZ Skopje 1 production should be launched in the course of next year, with the investment surpassing EUR 10 million in the first five years.
The company picked Macedonia as an investment destination due to the country’s strategic position and proximity to eastern markets and Russia, where they plan to export the entire range of products, along with the benefits the Government offered to foreign investors.
The Vitillo Group has a EUR 36 million annual turnover and has six factories in Italy with about 200 employees.