NEW FOREIGN INVESTMENT IN THE NEW YEAR, 2022 IN TIDZ THE MOST SUCCESSFUL SO FAR

NEW FOREIGN INVESTMENT IN THE NEW YEAR, 2022 IN TIDZ THE MOST SUCCESSFUL SO FAR

The President of the Government of the Republic of North Macedonia, Dimitar Kovacevski, today announced the first major foreign investment that will be opened in the Technological-Industrial Development Zone in Shtip.

It is the second investment of the Canadian company Magna International Inc. which designs, develops and manufactures automotive systems, modules and components that are supplied to all the most important car manufacturers in the world. The company already has one investment in TIDZ Struga, for the production and assembly of mirrors and other technological products for the automotive industry. In TIDZ Shtip, the company will open a new factory where test production is planned to take place this year, and serial production will begin in the first half of 2024. Prime Minister Kovacevski emphasized that with the policies created by the Government, an area for safe investment is created, thereby creating conditions for new and well-paid jobs.

“There is no greater stake in the state than the young staff investing their knowledge and effort in their own country and being a driving force for the progress of the state, we owe that opportunity to the young generations and we will make it happen at any cost.” Our citizens deserve European working conditions and European salaries. We remain focused on the priorities, on the quality of life of citizens and the growth of the economy. Citizens and the business sector were convinced and most importantly felt the help and support of the comprehensive package of measures to deal with the energy crisis, this year will be better, but we will continue to take care of everyone. The government thinks of its citizens and, as before and in the future, it will not leave anyone to cope alone in a time full of challenges,” said Prime Minister Kovacevski. This is the second investment of the Canadian company Magna International Inc. which designs, develops and manufactures automotive systems, modules and components that are supplied to all the most important car manufacturers in the world. The company already has one investment in TIDZ Struga, for the production and assembly of mirrors and other technological products for the automotive industry. In TIDZ Shtip, the company will open a new factory where test production is planned to take place this year, and serial production will begin in the first half of 2024. Prime Minister Kovacevski emphasized that with the policies created by the Government, an area for safe investment is created, thereby creating conditions for new and well-paid jobs.

Kovacevski emphasized that North Macedonia can progress and develop even more, and many foreign established companies at the world level recognize such an opportunity and decide to invest in the country. “Technological-industrial development zones ended 2022 with 2,300 new jobs, more than 430 million euros of new investments, and in October last year the highest export limit of three billion euros was exceeded, which was the previous highest result achieved in 2021” , the prime minister pointed out.

Jovan Despotovski, director of TIDZ, emphasized that 2022 is the most successful year so far and we are already starting the year with a new foreign investment.

“Magna Mechatronics becomes part of the TIDZ family. We are starting this year with a new investment of 40 million euros, which in the first phase will bring 600 new jobs. What is important is that last year the exports of the companies in the Zones reached the highest level of 3.7 billion euros, i.e. 25% above the highest point we reached in 2021. We are ending this year with a net effect of exports and imports of over 10% . This is money that is left in the domestic economy. Initial calculations say that 40% of these funds are left in the budget and in the pockets of over 16,300 of our fellow citizens who work in these companies. In 2022 alone, we have over 2,300 new jobs.

What is also important is that for every penny of support paid by the state, 4 are returned to the budget. We have an increased volume of investments, but also increased quality and increased added value. I expect that the accelerated growth of jobs and new investments will continue this year,” said director Despotovski.

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