Agreement for state aid for the new investment cycle of the German company Dräxlmaier in North Macedonia was signed by the Deputy Prime Minister for Economic Affairs Fatmir Bitiqi and the company’s managers, Lucas Muehringer and Joseph Otto Eric Kaufmann.

The new investments will amount to €16 million and they include over 1 000 new jobs by expanding the capacities in Kavadarci and in the new plant that will be opened in Kumanovo.

According to Bitiqi, from September last year until now, a total of 48 agreements for state aid were signed with companies that are working in North Macedonia in accordance with the Law on financial aid for investments.

He reminded that 5 500 workers are employed at Dräxlmaier who are producing parts for world brands such as Mercedes and BMW.

With the agreement with Dräxlmaier, the state obliges to exempt the company from the salary tax obligation in the next 10 years, but also from the revenue tax in the same period, and a grant of 10% of the investment expenditures, but not above €1 million annually and a grant of €2 000 per each new employee in a new opened job with a monthly salary at least 50% higher than the  minimal wage” Bitiqi explained.