Kaohsiung, 19 April 2023 (MIA) – American business magazine Forbes wrote on Tuesday about the decision of Taiwanese company Yageo to invest EUR 205 million in North Macedonia.

Forbes wrote that Yageo, whose customers include Apple, plans to expand its business in Europe through the investment in North Macedonia.

“Yageo’s greenfield investment in North Macedonia, a central Europe country with a population under two million, is expected to create 3,900 new jobs in facilities based in Technological Industrial Development Zones in Skopje and Stip. Kemet, a U.S.-based electronics maker purchased by Yageo for $1.8 billion in 2020, already operates two plants and a research and development center in the country,” wrote the magazine.

We’ve kept long-term business partnerships with North Macedonia as mainly producing capacitors for electric vehicles, said Yageo founder and chairman Pierre Chen after the investment agreement was signed.

Chen lauded North Macedonia’s strategic geographical position, stable monetary policy, favorable tax environment and competitive labor costs.

“North Macedonia is an ideal location for Yageo Group to continue to expand its business scale in Europe,” said Chen in the statement, as reported by Forbes.

The agreement for the investment worth EUR 205 million, which is expected to result in the creation of 4.000 new jobs, was signed by the Director of the Directorate for Technological Industrial Development Zones (TIDZ) Jovan Despotovski and the management of Yageo. Prime Minister Dimitar Kovachevski joined the signing ceremony via video.

According to MIA’s Taipei reporter, Yageo will produce spare parts and components for the automotive industry and green energy. The production plants will be based in TIDZ Skopje 1 and TIDZ Shtip. The construction of the first plant will begin in July 2023, in TIDZ Skopje 1.

The negotiations for the investment lasted almost a year, and North Macedonia was chosen as the best option in the race with other countries from the region and beyond.