The Italian company Itek launched Thursday a construction of its production plant in the technological and industrial development zone (TIDZ) in Tetovo.

The EUR 3,8 million-investment is expected to create 120 new jobs. The factory, covering 4.000 sqm, is the first investment in Tetovo TIDZ.

The investment will be realized through the local company "PRO COMP ADVANCE TECHNOLOGIES" and foresees opening of five production lines for composite materials which are used in construction, automotive industry and agriculture.

"Thanking to the new investments, the TIDZs export in the first six months of this year is exceeding EUR 550 million, twice as much in comparison to the same period of 2013. The TIDZs export should hopefully reach over EUR one billion by the yearend," Prime Minister Nikola Gruevski said at the ground-breaking ceremony.

The PM said that many companies had thus far expressed interest to invest in Macedonia, with some of them announcing decisions to soon start building their plants in the country, such as Italian Diatec, US Key Safety Systems, German Technical Textile, Turkish-Chinese Weibo, British BPO...

Favorable conditions for foreign businessmen and efficient administrative procedures have attracted Itek to invest in Macedonia, the company’s Director, Roberto Oskiri said.

Today's investment is rather significant as it revives the efforts for equitable economic development, opening of jobs and better living standard, Economy Minister Bekim Neziri said.