Skopje, 11 May 2023 (MIA) – Canadian company Magna International officially marked on Thursday the beginning of its second investment in North Macedonia, in Shtip, which is expected to create 600 new jobs in around one year.

According to Prime Minister Dimitar Kovachevski, Thursday’s event is proof that the country has a favorable business climate, attracting foreign investments and aiding the development of existing foreign investments.

“This investment expands the list of the most significant large-scale investments by globally renowned companies who choose our country as the destination for their investment. This is a clear signal that North Macedonia offers a favorable and predictable business environment for new investments, which is a result of our strategic policies such as NATO membership and the beginning of the accession talks with the European Union,” said Kovachevski.

The arrival of notable foreign companies, said Kovachevski, means a higher investment rating of the country, the creation of new and better paid jobs and opportunities for our citizens to demonstrate their expertise.

“With the joint concept of the Government and the Directorate for Technological Industrial Development Zones (TIDZ), amidst a time of global challenges, we’ve managed to reach agreements of over EUR 850 million in investments which is almost two-thirds of the total volume of investments in the past 10 years,” said Kovachevski, noting that the number of employees in the Zones grew in April, and is 15 percent higher than April 2022, the exports from the Zones also grew by 12 percent compared to April last year.

The contributions from the foreign investments to the State Budget have also grown, according to Kovachevski.

The Vice President of Magna International, David Crespy, said that their second factory in the country, after the one in Struga, represents one more addition to their efforts to expand their operations and capabilities in the region.

“We are grateful for the support of the Government, and we remain committed to exploring additional growth opportunities,” said Crespy.

The Director of the Directorate for TIDZ, Jovan Despotovski, stressed that it is a pleasure to attend the beginning of construction of the company’s new factory after a year of negotiations.

“With this investment, we are providing a right to dignified life for at least 600 of our compatriots from this region, with wages that will be 20 percent higher than the average wage. This is an example and a true model for the cooperation between responsible politicians and institutions through which we demonstrate that we can deliver concrete results for the citizens,” said Despotovski.

Magna International is an international company specializing in the design, development and manufacturing of automotive systems, modules and components, which are then delivered to all larger, international car-producers.

Photo: Government of North Macedonia