Global electronic component and service provider YAGEO Corporation (“YAGEO”) announced to invest more than Euro 205 million in next ten years in North Macedonia to expand its operations in Europe. The investment includes new plants in Technological Industrial Development Zones (TIDZ) in the city of Skopje and Stip.
The management of YAGEO and the Director of TIDZ, Jovan Despotovski, today signed the investment agreement. At the ceremony at YAGEO’s Headquarter in Taipei, the Prime Minister of North Macedonia via video welcomed YAGEO in the country.
Dimitar Kovacevski, the Prime Minister of North Macedonia, said “I would like to express my sincere welcome and respect to YAGEO, a global high-tech company, to have such meaningful investment in North Macedonia. It’s confirmation of the good economic policies that we are leading and the stable investment climate that we are creating in the country.” TIDZ Director, Jovan Despotovski, also thanked the team on both sides for the effort into negotiation over the past year to make this investment reality today.
Pierre Chen, the Founder and Chairman of YAGEO, said “We’ve kept long-term business partnership with North Macedonia as KEMET already operated two plants and one R&D center there, mainly producing capacitors for electric vehicles. With strategic geographical position, stable monetary and favorable tax environment, and highly qualified workforce with competitive labor costs, North Macedonia is an ideal location for YAGEO Group to continue to expand its business scale in Europe.”
YAGEO’s investment of Euro 205 million in North Macedonia, which is the biggest greenfield investment since the independence of the country. The opening of over 3,900 new jobs is planned. YAGEO’s new plants will be based in TIDZ Skopje and TIDZ Stip.