South Korean cable manufacturer Yura to build factory in Albania

Albania's Prime Minister Edi Rama has announced that Yura Corporation, a manufacturer of wiring and cables for the automotive industry based in South Korea, is to build a factory in the city of Fier, in the country's southwest.

The facility will be Yura's first in Albania, following on from its factories in Russia, Serbia and Slovakia, as well as a distribution centre in the Czech Republic.

Yura is to invest €13m in the project, creating around 1,000 jobs in the country, according to a Facebook post from Rama.

Mr Rama also said on his Facebook page that the "discovery of oil at Shpirag oil well has increased interests of foreign companies to invest in Albania." 

An agreement was signed in January between Yura representatives and Albania's economy minister Anila Denaj whereby some 4.9 hectares of land was leased nearby Fier, for a cost of €1. In the long term, Yura is looking at opening up two more factories in Elbasan and Librazhd, creating a further 4,000 jobs, according to a ministry press release at the time.

Yura Corporation operates in 12 countries worldwide, with around 60 factories manufacturing electrical and electronic components for the automotive industry.

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