ELECTRONIC GIANT YAGEO ENTERS TIDZ – BIGGEST INVESTMENT SINCE INDEPENDENCE WORTH 205 MILLION EUROS

ELECTRONIC GIANT YAGEO ENTERS TIDZ – BIGGEST INVESTMENT SINCE INDEPENDENCE WORTH 205 MILLION EUROS

The director of TIDZ Jovan Despotovski and the management of the “Yageo” company signed the contract for the largest new greenfield investment in the country since independence in Taipei today. “Yageo” will invest 205 million euros and will create 3900 new jobs.

Prime Minister Dimitar Kovacevski joined the ceremony held at the headquarters of “Yageo” via a conference call.

“Yageo” will produce electrical components for various industries. The production plants will be located in TIDZ Skopje 1 and TIDZ Shtip. The negotiations for the investment lasted almost a year, and the country was chosen as the best in competition with others from the region and beyond, said the executive director of “Yageo”, David Wang.

“We have a great experience with North Macedonia. However, two things were key why we chose it for our investment: we saw that it was stable, with a qualified workforce, and the Government was maximally committed and had an extremely positive attitude towards us. That may have been decisive. “He always came out to meet us and was there for every problem we had,” said Wang.

Despotovski emphasized that today’s signing of the Agreement is a confirmation that with knowledge, desire and perseverance, we can achieve great results.

“The process was not easy at all. Many countries competed, including Croatia and Serbia. But we succeeded in that race and we are here today, at this table, to sign an agreement. With this investment, we become part of the map of countries that provide vital components for manufacturers like “Tesla” and “Apple”, underlined Despotovski.

According to him, the companies in the zones employ close to 17,000 people, and the entry of “Yageo” will mean 30 percent plus workforce of this number.

Prime Minister Kovacevski also congratulated the investment.

„It is the largest greenfield investment since the independence of our country, worth 205 million euros and more than 3,900 new jobs. Yageo is a leading multinational electronic component manufacturing company with a strong global presence and own manufacturing and sales facilities in Asia, Europe and the USA with 40,000 employees worldwide. With the new concept of encouraging investments, we managed to put our country high on the map of investment destinations that have the capacity and conditions to realize high-quality investments.

The numbers speak best about how effective the new concept of investments and investment support in TIDZ is. In the last two years, contracts of over 650 million euros have been reached, which is more than half of the total volume of investments made in the previous 10 years. With this investment, we exceed the amount of over 850 million euros”, stressed the Prime Minister.

By the way, “Yageo” is a leading multinational company for the production of electronic components, founded in 1977. It has 49 manufacturing facilities globally with 40,000 employees, with an annual turnover of over $4 billion.