INVESTMENT NEWS

Investor puts BGN 10 million in a plant for mechanical engineering near Plovdiv

The Minister of Economy Emil Karanikol awarded a Class A investment certificate under the Investment Promotion Act to a foreign company that will invest BGN 10 million in a plant for mechanical engineering near Plovdiv.

The funds are for the acquisition of new tangible fixed and intangible assets. It is expected that 100 new employees will be recruited.

The investment project envisages the construction and equipment of a building for the production of machines with digital program control - machine tools, on own land located in Trakia Economic Zone, Kuklen, Kuklen Municipality.

The company plans to complete construction in March 2019, and production is scheduled to start in April. The production is intended for the Bulgarian market as well as for export to Germany, Turkey, the Middle East, South and North America.

The company has chosen Bulgaria as the location of its new production facilities due to the economic stability of the country and the convenient location from a logistic point of view, the press release states.

For the implementation of the project, the investor has claimed the use of incentive measures under the IUI, such as shortened time limits for administrative servicing, as well as the individual administrative services required for the implementation of the investment project.

The company's project is one of seventeen in high-tech manufacturing and services that are certified under the Investment Promotion Act in 2018. The planned investments for these projects amount to BGN 482.27 million and they are expected to open 1968 new jobs.

Minister Karanikolov stressed that investment in manufacturing means employment, labor, income and investment in the future of Bulgaria. "This is another investment in the last month, which is proof that Bulgaria is an increasingly attractive investment destination," he added.

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