Minister Karanikolov: German company is investing 15 million EUR nearby Lovech

Minister Karanikolov: German company is investing 15 million EUR nearby Lovech

A German company is investing 15 million EUR and will create 1000 new jobs near the town of Lovech. “VOSS Automotiv” plans on starting production within six months from now. That became clear during the company’s official presentation in Bulgaria, where the Minister of Economy, Emil Karanikolov, was present.

During the event Minister Karanikolov presented Mr. Roland Weiss, managing director of “VOSS Automotiv” and PhD. Stephan Otto, managing director of “VOSS Automotiv” with a Certificate of Preliminary Administrative Assistance which will allow the investor to receive complete assistance on obtaining documents required for the attainment of Certificate for class Investment.

The Minister of Economy highlighted that over 170 countries operate in the country, producing components and systems for the leading international automotive brands. “The number of employees in this sector keeps growing and exceeds 40 thousand people working not only in this sector but in branching sectors as well”, he added.

“For the period between 2005 – July, 2018, only through the Investment Promotion Act there are 21 certificates issued in the automotive industry and the total amount of investments in projects exceeds 1 billion BGN.”, Karanikolov pointed. In his words, the automotive industry is one of the priority high-tech sectors for attracting foreign investments in our country with great potential in improving export, employment and regional economic activity. Industry is strategic for Bulgaria’s economy in long-term perspective.

VOSS Automotive’s factory in the village of Behovitsa, Lovech municipality, will be situated on 15 000 m2. The company will produce components for the automotive industry in the former factory of “Litex motors”. Its’ production will be mainly focused on car components. Volkswagen and its’ subsidiaries MAN, Audi, as well as GM, Chrysler, Navistar and others are amongst the main clients of the concern.