Foreign Company Invests BGN 107 Million in New Factory Near Plovdiv, Creating 115 Jobs

Business | March 21, 2024, Thursday // 18:02|  views


The Minister of Economy, Bogdan Bogdanov, marked a significant milestone with the official commencement of construction for Schneider Electric's new production facility for electrical components in the "Thrace Economic Zone" near Plovdiv. This venture, representing an investment of BGN 107 million, is poised to generate 115 new employment opportunities, ushering in a new era of collaboration between the state and investors.

Minister Bogdanov emphasized that this project signifies a pivotal shift in the state's approach towards investment, marking a departure from passive involvement to becoming an active partner in fostering large-scale investment endeavors. Notably, this initiative represents the first project to receive direct state aid, reflecting a proactive stance towards facilitating economic growth and job creation.

Highlighting the significance of this strategic partnership, Deputy Minister of Innovation and Growth, Martin Gikov, underscored the ministry's efforts in fostering investment promotion. Since June last year, 24 certificates have been issued under the Investment Promotion Act, stimulating investments totaling over BGN 510 million and paving the way for the creation of 2,064 new jobs.

Underlining the commitment to supporting both domestic and foreign investors, Minister Bogdanov reiterated the availability of real and predictable support, with incentives reaching up to 60% of eligible investment costs. This substantial backing aims to incentivize further investment and bolster economic development across Bulgaria.

The construction timeline for the new plant near Plovdiv is projected to span one year, with completion expected in due course. Upon its operationalization, the facility will leverage cutting-edge technologies, modern equipment, and sustainable practices, including the integration of carbon-neutral construction materials and renewable energy sources.

The ceremony was attended by His Excellency Joël Meyer, Ambassador of France to Bulgaria, underscoring the significance of international collaboration and investment in driving economic progress.

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Tags: Schneider Electric, investment, Plovdiv, economic


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