The Korean Yura opens a factory in Albania. Will produce parts for Hyundai and KIA

The automotive industry is increasingly expanding in Albania: the Germans of the 'Forschner' have built their third factory in the country, while 'PSZ Albania' has been operating for years in the Albanian territory. To these were added the French of the 'Delmon Group' - with a factory in Elbasan - and the Koreans of 'Yura', with the latter who, after an epic of two years, are ready to settle in Fier.

Companies have announced their desire to create a long-term relationship with Albania, now it is up to the government to be able to benefit from this possibility.

Why Albania

The low cost of labor, the favorable geographical position and the saturation of the automotive industry markets of the countries of the area, are the main factors that are pushing foreign investors to plunge into the Albanian market.

After the Germans of 'Forschner' and 'PSZ Albania' - which have been operating for years in the country - the French group 'Delmon' has also exported its market to Albania, where it has been operating for a year in Elbasan. These companies are followed by the Korean 'Yura', which signed a contract with the Albanian government a few weeks ago.

Beyond the ups and downs that the latter had to face in order to enter the Albanian market (an initial investment of 6,5 million euros that will create 516 new jobs), the Albanian industry seems to have arrived at a very important crossroads. Albania has a great possibility that if properly exploited, it will allow these companies to expand even more, thus helping the country's labor market.

Yura Corporation

The Korean company 'Yura Corporation' - which manufactures parts for KIA and Hyundai - showed interest in the Albanian market in the 2017 for the first time. 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.

The Albanian Ministry of Economy has announced that it has authorized the state rental of the land in which 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.