South Korean company Yura plans a manufacturing facility in Albania

The South Korean Yura Corporation is going to build a modern manufacturing plant in the Albanian city of Fier, the country’s Investment Agency announced. The initial investment in the facility amounts to EUR 6,5 mln. With this step the company is finally entering the Albanian market after planning it for years. Yura intends to develop an area with a total surface of 4,9 hectares known as the pipe basis in Zhupan, Fier, which was designated in 2018 as a priority zone for the automobile manufacturing industry.

Yura Corporation manufactures and supplies electric, electronic and ignition components for automobile manufacturers in South Korea and internationally. The company’s portfolio also includes wiring harnesses, high voltage connectors, safety plugs, spark plugs, stick coils, fast and slow charging interfaces, and high voltage shield assemblies; applicators and circuit testers; and applicators and circuit testers.

The company is expected to begin operations till the end of the year hiring over 600 people. The second stage of the project plans an investment of EUR 13 million and is projected to create a total of 1100 jobs. The company has intentions to open two other manufacturing plants in Albania.