İha.com.tr: "Eur 20 million worth investment to North Macedonia from a Turkish company"

Teknopanel, which is the leading company of Türkiye through its sandwich panel and EPS products export to 102 countries in 5 continents, made its first overseas investment worth EUR 20 million in North Macedonia. Dimitar Kovačevski, Prime Minister of North Macedonia, attended the signing ceremony of the facility in the capital city Skopje on Friday, November 18th.

As one of the leading brands of the building materials industry with its 4 facilities, Teknopanel held the signing ceremony of its 5th facility worth EUR 20 million in Skopje, the capital city of North Macedonia. Prime Minister of the North Macedonia Dimitar Kovačevski, Ambassador of the Republic of Türkiye to Skopje Hasan Mehmet Sekizkök, Technological-Industrial Development Zones (TIDZ) Director Jovan Despotovski, Teknopanel General Manager Orhan Kahveci, Teknopanel Board Members, and numerous notable guests attended the signing ceremony of the facility with a total area of 55 thousand square meters of which 16 thousand square meters is closed. The official agreement between Teknopanel and North Macedonia for the investment, which features the Europe's highest technology to manufacture sandwich panel and EPS products, was signed by TIDZ Director Despotovski and General Manager Kahveci.

In his speech, Prime Minister Kovaçevski stated that it was an important day because of the arrival of a new investment in the country, and emphasized that they, as the government, give priority and provide opportunities for foreign investment in North Macedonia.

Expressing that Teknopanel is among the leading companies in Europe with its 460 employees, Kovaçevski said, "What matters here is that buyers in the Europe market will procure products from our employees, from Skopje. It is expected that the exportation will amount to EUR 170.5 million in the next 9 years. Teknopanel invests EUR 20 million for its new facility. It will start production next year by providing 120 employment opportunities."

Thanking the authorities for the investment, Kovaçevski said, "In addition to the greetings I send to the people present here, O also send my greetings to the President of Türkiye, Erdogan, to the Speaker of the Grand National Assembly of Türkiye, Şentop, and to the Foreign Affairs Minister Çavuşoğlu. Thanks to the sincere and constructive contacts between North Macedonia and the Republic of Türkiye, Turkish investors prefer to invest in our country."

Ambassador Sekizkök said, "Turkish companies invest in several industries in North Macedonia and represent Türkiye successfully. Turkish investors have become the demanded and needed solution partners in this country. Teknopanel will add a new color and dynamism to the economy of North Macedonia from this day on, and will create employment opportunities. In brief, it will provide added value."

Teknopanel General Manager Kahveci said that the investment in Skopje is the company's first overseas factory and that it is ready to start operations with an investment of EUR 20 million. He also said, "The production capacity of our facility, which has a closed area of 16 thousand square meters and a total installed area of 55 thousand square meters, is 3 million in sandwich panels and 350 thousand cubic meters in EPS products annually. Our annual turnover target is EUR 35 million with our sales and marketing activities carried out in all European and Balkan countries. We plan to generate 80 percent of this turnover from exports."

 Continuing his words, Kahveci said, "We are ready to work with our new team which will consist of a minimum of 120 people. As a company that exports to 102 countries in Asia, Europe, Africa, North and South America in the world market today, we will become a well-known brand in the European market by operating in North Macedonian industry."
TIDZ Director Despotovski stated that 120 employment opportunities to be provided by Teknopanel will substantially contribute to the economy in line with the development strategies. He also expressed that Teknopanel will not remain with its current capacity and investment worth EUR 20 million, and will start negotiations in the next period.

• News Date: November 2022
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