Skopje, 17 May 2025 (MIA) — The Turkish company Şahterm held Saturday a ceremony for the foundation stone laying of a new factory at the free industrial development zones. Attendees included Prime Minister Hristijan Mickoski, Turkish Ambassador Fatih Ulusoy and Şahterm founder and CEO Faruk Şahin.

PM Mickoski said the first phase of the investment was worth 25 million euros and the company would initially create 200 new jobs. In the second phase, he said, the investment would rise to 50 million euros and the factory would employ over 500 people.

The prime minister said the investment confirmed the country's stability and progress and would contribute to strengthening the local economy and export activities.

He also said industrial output in March 2025 had risen by 5.2 percent at the annual level. "Foreign investments in 2024 reached 1.25 billion euros, turning Macedonia into the country with the highest number of foreign investments in Europe per capita," he said.

The Şahterm manufacturing plant will be built on over 13,000 square meters and will include a research and development center. It will be the company's first factory opened outside of Turkiye.

Ambassador Ulusoy welcomed the Şahterm investment. He said Turkish companies were greatly contributing to the country's economic development by currently providing 10,000 jobs. 

"We, too, encourage Turkish businesspeople to invest in this country," he said, adding that Şahterm would be another proud representative of Turkiye in North Macedonia.

Ulusoy also said he was looking forward to the two countries' updating the free trade agreement signed in 1999 as soon as possible, which would allow the annual value of trade to rise from one to two billion dollars.

Şahterm founder Şahin spoke about his company.

For over 40 years, the company has manufactured a diverse range of heating elements for home appliances and some 60 percent of the company's total annual production is currently exported.

Şahterm's clients include the home appliance makers Whirlpool, Gorenje, Beko, Candy and Amica. mr/