DESPOTOVSKI: WE DELIVER CONCRETE RESULTS FOR CITIZENS – CANADIAN MAGNA MECHATRONICS STARTS CONSTRUCTION OF THE NEW FACTORY IN TIDZ SHTIP

DESPOTOVSKI: WE DELIVER CONCRETE RESULTS FOR CITIZENS – CANADIAN MAGNA MECHATRONICS STARTS CONSTRUCTION OF THE NEW FACTORY IN TIDZ SHTIP

The President of the Government of the Republic of North Macedonia, Dimitar Kovacevski, together with the director of the Directorate for Technological Industrial Development Zones, Jovan Despotovski, attended and addressed the marking of the beginning of the construction works of a new factory, an investment of “Magna Mechatronics”, which produces integrated systems of mechanical and electronic components and is one of the groups of the Canadian company “Magna International”.

 “Magna International” is one of the world’s most renowned companies, which specializes in designing, developing and manufacturing automotive systems, modules and components that are supplied to all major car manufacturers in the world. It is about expanding the scope of the company’s work with a new investment project, in addition to the company’s factory in TIDZ Struga.

“This investment complements the list of the most significant large investments by world-renowned companies, which choose our country as their investment destination. This is a clear signal that North Macedonia offers a favorable and predictable business environment for companies, for new investments. It is the result of our strategic policies, such as NATO membership, as well as the beginning of negotiations with the European Union. The arrival of well-known foreign companies to us means a higher investor rating, the opening of new and better-paid jobs, and for our citizens higher salaries and opportunities to prove their expertise and skills in the world markets. Technological-industrial development zones are the engine of our economy, and companies like “Magna Mechatronics” are companies that increase not only the number of jobs in the country, not only GDP, but also the international reputation of our country,” said Prime Minister Kovacevski, in his address to those present at the event.

Mentioning the last significant investments, including those of “Gerreisheimer” and “Yageo”, Prime Minister Kovacevski emphasized the results achieved in the technological-industrial development zones.

“The number of employees in technological-industrial development zones in April this year recorded growth again and reached 16,700, which is 15% more than April 2022, that is, 20% more than 2021. The growth of exports continues, which as of April reached 1.2 billion euros. Only in April, the companies in TIDZ realized exports of 277 million euros, which is 12% compared to April last year. We also note an increase in inflows into the Budget, where companies in the zones paid 35% more funds into the State Budget in 2022 compared to 2021. That is, for one euro paid by the state, the companies return at least four euros back to the budget. North Macedonia as a success story will be heard more and more! We are moving forward and only forward, with new successes, with new investments, we are opening new jobs and developing the domestic economy”, stressed Prime Minister Kovacevski at the event.

The Director of the Directorate for Technological Industrial Development Zones, Jovan Despotovski, emphasized that it was a pleasure to attend the foundation stone for the new factory of “Magna Mechatronics” after a year of negotiations.

“With this investment, we ensure the right to a decent life for at least 600 of our fellow citizens from this region with salaries 20% above the state average. This is an example and a real model of cooperation of responsible politicians and institutions through which we show that we can deliver concrete results for the citizens. I express my gratitude to Prime Minister Kovacevski for his selfless support from the beginning of the negotiations and for supporting him at key moments for the process to move faster”, said the director of the Directorate for Technological Industrial Development Zones, Jovan Despotovski, expressing his gratitude to the TIDZ team and the mayor of Shtip, Ivan Jordanov for the support of the project.

“Our second facility in North Macedonia represents another milestone in our journey to expand our work and capabilities in the region, as well as support our customers with world-class innovative products. We are grateful for the support given to us by the Government and remain committed to exploring additional growth opportunities,” said Magna International Vice President David Crespi in his address at the event.