Skip to content

Germany’s Draxlemaier to Invest in Macedonia

March 23, 2012

Germany’s automotive supplier Draxlmaier Group Automotive, is to invest €30 million in a new factory in Macedonia that is expected to employ some 4,000 workers.

Sinisa Jakov Marusic, Balkan Insight, 23.03.2012

 

Photo by: Balkan Insight

The company’s facility is to be built in the central Macedonian town of Stip.

“The company will open a production facility for electrical installations and cables this year, creating 4,000 jobs over the next three years,” Macedonian Foreign Investment Minister Vele Samak told media recently.

“Products from the factory in Macedonia will be installed in Mercedes cars in Germany,” he added.

Draxlmaier Group is one of the world’s biggest producers of automotive parts, supplying clients like BMW, Mercedes-Benz, Porsche, Audi, Bugatti,  VW, Jaguar and Cadillac.

Attracting big international car-parts producers has been one of Macedonia’s priorities as part of the government’s strategy for curbing unemployment.

Electrical parts manufacturer Johnson Controls already has two factories in Macedonia, near the capital, Skopje, and in Stip. London-based specialty chemicals company Johnson Matthey operates a factory in Skopje.

Last year, India’s Samvardhana Motherson Group, SMG also started building a factory near Skopje. So did the US-based electronic components manufacturer KEMET and Germany’s Krombeg and Schubert.

The country recently said it had attracted slightly over €300 million in FDI last year as it slowly seeks to recover from the effects of the 2009 global economic downturn.

Macedonia reached a record level of FDI in the last 20 years in 2007 when it attracted FDI worth €506 million as a result of which it enjoyed high GDP growth of 5 per cent.

Advertisements
Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: