Teknopanel Completes EUR 20 Million Investment

Teknopanel, which exports sandwich panels and EPS products to 102 countries across 5 continents, has made its first foreign direct investment worth EUR 20 million in North Macedonia. The signature ceremony for the facility in the capital Skopje was attended by North Macedonia Prime Minister Dimitar Kovaçevski. Teknopanel, one of the leading brands in the construction materials sector with 4 facilities operating in Turkey, held the signature ceremony for its 5th facility worth EUR 20 million in Skopje, the capital of North Macedonia. Prime Minister Kovaçevski, who attended the ceremony, said that the government has provided priority and opportunities for foreign investment in North Macedonia.

Kovaçevski, noting that Teknopanel is among Europe's leading companies with 460 employees, made the following remarks on the matter:

"What is important in this case is the following: buyers in the European market will procure products from our workers, from Skopje. Over the next 9 years, exports are expected to reach EUR 170.5 million. The company is investing EUR 20 million in the new facility. It will start production next year, providing 120 jobs."   Thanking the authorities for the investment, Kovaçevski said, "I send my greetings from here to Turkish President Erdoğan, to Parliamentary Speaker Şentop and to Foreign Minister Çavuşoğlu. Thanks to the sincere and constructive contacts we have established between North Macedonia and the Turkish Republic, Turkish investors prefer to invest in our country."

Turkey's Ambassador to Skopje Hasan Mehmet Sekizkök, speaking at the ceremony, made the following statements:

"Turkish companies are investing in many sectors in North Macedonia and successfully representing Turkey. In this country, Turkish investors have become sought-after and needed solution partners. Our company Teknopanel will bring a new color and dynamism to the North Macedonia economy starting today, while also creating employment and providing added value," he said.

First foreign factory

Teknopanel General Manager Orhan Kahveci said that the investment in Skopje is the company's first foreign factory and that it is ready to commence operations with the EUR 20 million investment, continuing as follows: "Our facility, with 16,000 square meters of enclosed space and a total built-up area of 55,000 square meters, has a production capacity of 3 million square meters annually for sandwich panels and 350,000 cubic meters for EPS products. With sales and marketing activities we will conduct to all European and Balkan countries, our annual turnover target is EUR 35 million. We plan to obtain 80 percent of this turnover from exports." Noting that they are ready to work with a new team of at least 120 people, Kahveci said, "Today, as a company exporting to 102 countries across the continents of Asia, Europe, Africa, North and South America in the global market, by operating in North Macedonia's industry we will become a recognized brand in the European market." Despotovski, Director of the Technological Industrial Development Zone (TIDZ), noted that the 120 jobs provided by Teknopanel in accordance with development strategies will contribute significantly to the economy. He expressed that he does not believe the company will remain at just EUR 20 million in investment and current capacity, and stated that discussions will begin in the coming period. The signature ceremony for the facility with 16,000 square meters of enclosed space and a total area of 55,000 square meters was attended by North Macedonia Prime Minister Dimitar Kovaçevski, Turkey's Ambassador to Skopje Hasan Mehmet Sekizkök, Technological Industrial Development Zone (TIDZ) Director Jovan Despotovski, Teknopanel General Manager Orhan Kahveci, board members and numerous other important guests. The investment featuring Europe's most modern technology, which will produce sandwich panels and EPS products, was officially signed by TIDZ Director Despotovski and General Manager Kahveci for Teknopanel Doo North Macedonia.