Skopje, 26 April 2024 (MIA) - Free Zones Authority (FEZ) Director Jovan Despotovski and the General Manager of Turkish “Şahterm”, Faruk Şahin, signed an agreement Friday over the realization of a new Turkish investment in North Macedonia.

According to a FEZ press release, the agreement, which was signed in Bursa, stipulates a land lease of over 20.000 square meters in Technological Industrial Development Zone (TIDZ) Skopje 2 and the construction of a building of over 13.000 square meters. This is the first of two stages in the realization of the investment.

“The signing of the agreement comes only four months after the announcement of the new Turkish investment. The Turkish company also increased the initially planned EUR 70 million investment to EUR 100 million. According to its corporate plan, the company expects to create 1000 new jobs in the next 10 years. The new investment will also include a research and development center and will be Şahterm’s first production facility outside of Turkey,” the press release said.

The agreement was signed during a visit to Turkey by a FEZ delegation led by Despotovski, as part of which they are expected to present investment opportunities to Turkish companies.

The signing of the agreement was also attended by North Macedonia’s Ambassador to Turkey, Jovan Manasievski, as well as the Vice-President of the board of directors of the Bursa Chamber of Commerce and Industry, Cüneyt Şener.

Şahterm has more than 40 years of experience in the design and production of heating elements and household appliances. The company is currently one of the leading five companies in this business globally, with more than half of the annual production designed for markets outside of Turkey. Their list of clients includes well-known global manufacturers of household appliances, such as Whirlpool, Amica, Gorenje, BEKO, and CandyGroup. 

Photo: FEZ