Albania, the works of the Korean Yura plant were inaugurated

The South Korean company "Yura Corporation" has started its investment from 13 million euros in Albania, which includes the opening of a factory for the production of parts for KIA and Hyundai.

Also present were the Prime Minister Edi Rama and the Minister of Economy, Anila Denaj. The latter expressed satisfaction with the investment that the South Korean company will make in our country, which will reach a total of 13 million and will create around 1100 new jobs.

The statements of Denaj

"The workforce, competitive costs and the Albanian geographical position are some of the elements that have convinced the company to invest in our country. I am convinced that other foreign companies will choose Albania to invest, just like 'Yura Corporation'.

The positive data on foreign direct investment in our country in the 2018 (equal to over one billion euros, the 13,5% more than in the 2017) put Albania in second place in the Western Balkans in terms of growth rate of foreign direct investment ."- said the Minister of Economy.

The positive data regarding foreign direct investments were also recorded in the first quarter of the 2019: approximately 285 million of total investments and growth compared to the same quarter of the previous year.

Yura Corporation

The Korean company 'Yura Corporation' - which manufactures parts for KIA and Hyundai - showed interest for the first time in the Albanian market in the 2017. From that moment on, the company representatives had to face delays and problems in the procedures, which put the project at risk.

In November last year, the group's representative, Lukas Nam, stated that the bureaucracy encountered had created problems for the realization of the project, but, fortunately, the situation ended with a happy ending.

At the beginning of this year, in fact, the Albanian economy ministry announced that it had authorized the state rent of the land where the factory will be built: it is an area of 4,9 hectares in Zhupan, near Fier.

Furthermore, the ministry has announced that - according to the long-term plan of the Korean company - Yura Corporation will also open another factory in the future, for about 4.000 total jobs.