INVESTMENT NEWS
A new German plant opens 2000 jobs in Bulgaria
A German company has invested EUR 32 million to build a new electric wiring plant in Pleven. This will create 2000 jobs for the region, a press conference at the Ministry of Economy has revealed.
The base will be built in stages and the first capacities are expected to work by the end of the year, said the Director of the German company Leoni - Ralph Zingman, who officially handed a letter to the Deputy Minister of Economy Alexander Manolev.
"This is another company for which Bulgaria is an attractive business destination. According to a study by the German-Bulgarian Chamber, more than 90% of the partner companies said they would invest again in Bulgaria," Manolev noted.
"At this stage, I do not want to reveal exactly where the plant will be built, and which company we will work for. I will only say that it is a big German car company. Our plans foresee half of the investment being for buildings and the other half for machines," Zingman said.
The Deputy Minister of Economy Alexander Manolev also noted that the German firm's investment has been the largest in the region over the past 10 years. The Ministry of Economy has been working with the investor on the project for a year, even because of the company's amendments to legislation on the use of certain chemicals and raw materials. The amendments were made with the consent of the European Commission. The plant is expected to run at full capacity by 2020.
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