CHISINAU (Moldova), September 7 (SeeNews) – German industrial concern Magnetec has opened a manufacturing plant in Moldova’s Balti Free Economic Zone (FEZ) following a $5 million (4.2 million euro) investment, Moldova’s economy ministry said.
The new plant will employ 70 and wil be operated through local subsidiary Magnetec Components SRL, the economy ministry said in a press release on Friday.
“We are making efforts to create comfortable conditions for foreign investors, and the fact that they choose our country as a destination for business, is a confirmation that we are succeeding,” economy and infrastructure minister Sergiu Railean said in the statement.
Magnetec Components SRL is specialized in the production of non-ferrous metals, electronic components, electric motors, generators and transformers, fiber optic cables as well as in the manufacture of electrical and electronic equipment for motor vehicles, according to data published on the Moldovan companies’ web portal Infobase.
FEZ Balti was constituted in 2010 as the seventh free economic zone in Moldova.
Magnetec-Gesellschaft für Magnettechnologie mbH is a German company specializing in the production of inductive coils for the machine building, renewable energy, electrical engineering and automotive industries. Its customers include companies such as Siemens, Aptiv, Bosch, as well as customers in the automotive industry such as Volkswagen, Daimler and Ford.
($=0.8437 euro)
