The Macedonian Tendency: Norway :Direct Investment in Macedonia

Friday, July 13, 2007

Norway :Direct Investment in Macedonia

Makfax vesnik
Tetovo /12/07/ 14:30

Tetovo-based textile company Teteks and Norwegian partners signed today an agreement for establishing a joint company, Makfax's correspondent reported.

Norwegian Sandnes Uldvarefabrikas AS and Wiggo Holding AS are the co-founders of the joint venture named Tetexjarn.

The founding capital of the new textile production facility, due to become operational as of 1 August, totals 1.050.000 euros. According to the agreement, each of the partners will share an equal 1/3 stake, wherein Norwegian partners are bind to make cash investment and Teteks to provide raw materials and real-estate assets.

The new company is planned to employ as many as 256 workers, currently working in the Teteks's spinning mill facility.

Gligorie Gogovski, the CEO of Teteks, said that the 'joint venture has been underpinned by the tax exemptions and other favorable conditions in the frameworks of the government's campaign Invest in Macedonia'.

Carl Wibye, the Norwegian Ambassador to Macedonia who attended the ceremony of signing of the agreement, said that Norway approved 6 million euros financial assistance to Macedonia in the cours"

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