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German VOSS Automotive invests 15 million EUR in Lovech

October 9, 2018

VOSS Automotive is a German company that offers wiring and connecting electrical systems for use in the exhaust, fuel, hydraulic and pneumatic braking systems of passenger and heavy-duty vehicles. The company decided to invest in Bulgaria after more than half a year of extensive business climate analysis. At the briefing at Grand Hotel Sofia, representatives of the investor said that their first visit to the country was made by several factors: the educated and motivated people, the stable infrastructure, the membership of Bulgaria in the EU, and predictable political and economic environment.

The plant in the village of Bahovitsa, Lovech municipality, where the investor chose to realize the project, will be located at about 15 000 sq.m. The company already has its first order from a large automotive components producer for 3-4 million cable systems and technologies, which will be realized in its new factory in Bulgaria. For this reason, completely new facilities have been ordered for 15 million EUR. At the end of 2019, the company plans to create around 400-500 job positions in the factory, and by the end of 2020 their number will reach 1000. 80% of them will be employed in production and logistics, working in a clean and relaxed work environment and perform installation tasks. The remaining 20% ​​will be employed in the management of the company.

 

VОЅЅ are a strategic investor who brings innovation, jobs and production with high added value, and their presence stimulates the development of the entire Lovech region, said in their presence along with foreign investor the Executive Director of the Bulgarian Investment Agency Stamen Yanev.

According to Economy Minister Emil Karanikolov, automotive production is one of the priority high-tech sectors for attracting foreign investment in the country, with a high potential for developing exports, employment and regional economic activity. The industry is strategic for the economy of Bulgaria with a long-term perspective. He said that “for the period from 2005 until 2018 only under the Investment Promotion Act were issued 21 certificates in the automotive industry and the total amount of investment in projects exceeds BGN 1 billion.”  During the event, Minister Karanikolov awarded with Certificate of Preliminary Administrative Support  Roland Wies, Managing Director of “VOSS Automotive Bulgaria” and Dr. Stefan Oto, Managing Director of “VOSS Automotive”. It will provide full support and smooth completion of the certification procedure for an investor class which will subsequently support the successful implementation of the investment in Bulgaria.