Foreign investment to promote Macedonian textiles

Foreign investment to promote Macedonian textiles

An investment of $400 million would create one of Europe's biggest textile factories.

Macedonia hopes to be home to Europe’s biggest integrated textile production facility. [AFP]

An investment announced by textile giant Weibo Group is the latest project funded by foreign companies who are expending resources in the Balkans and using EU-member aspirant countries as routes to reach European Union markets.

The $400 million investment will include construction of four facilities in Rankovce, in Macedonia's northeast, and create one of Europe's largest integrated textile production facilities.

Weibo, headquartered in Guangzhou, China, is financing the deal primarily with Turkish capital. It said it selected Macedonia for investment because of the country's low labour and production costs and its considerable experience in the textile industry.

The company chose Macedonia over Turkey because of its location and the company's ability to initiate such an investment there, said Selcuk Alperen, president of the Weibo Group.

"Macedonia is at the centre of Europe. It would be possible to reach European countries, Russia and even the US from this region," Alperen told Hurriyet.

Alperen also said the Macedonia facility will produce well-known global brands as well as the company's own brand.

The Weibo Group focuses on producing shirts, jackets, suits, coats and pants.

Officials said they plan to sell the products produced in Macedonia -- between $600 million and $800 million annually -- in Great Britain, France, Germany, Russia, Italy, Spain, China, South Korea, Japan and the US.

Macedonian officials said the government expects great...