Korean Leader in the Production of Auto Parts Plans to Make Two Plants in Bulgaria

Business | November 5, 2018, Monday // 16:13
Bulgaria: Korean Leader in the Production of Auto Parts Plans to Make Two Plants in Bulgaria

Korean company active in the automotive sector is interested in investing in Bulgaria. It is a company that is a leader in the production of car components, according to an official announcement of the Ministry of Economy after a meeting of the Deputy Minister Lachezar Borisov with representatives of the company, reports Money.bg

According to the information, the company is ready to open two plants in the country with nearly 500 jobs. This will be part of the strategy of its leadership to diversify its production. So far, there is no indication of where the two bases can be located in the country.

"It is expected that the deal will be finalized in the first quarter of 2019, after which the production capacity in Bulgaria will be expanded," the ministry said.

"Our country is an attractive investment destination for the automotive industry. It is already clear that some of the important goals of our cooperation may be the promotion of Korean projects in the industrial zones in Bulgaria and the attraction of more Korean investments in the automotive and development centers in the country, "Borisov commented.

In recent years, the automotive sector has been among those who have been able to attract the largest number of foreign companies. Some time ago, Deputy Minister Borisov commented that about 170 companies in the sector work in the country, contributing to 4% of gross domestic product (GDP). These companies also employ over 40,000 people. Borisov commented then that projects amounting to BGN 800 million, creating nearly 13 000 jobs, have been certified under the Law on Investment Promotion and supported by the ministry.

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