Leading armored vehicle maker International Armored Group (IAG) is starting preparations for the construction of a factory in the coastal city of Burgas, IAG announced today in a press release. The future plant in Burgas is IAG’s second direct investment in the Bulgarian defense industry, after in 2021 the company chose a training field to conduct NATO STANAG certification tests for armored vehicles. The founder and owner of IAG is the expatriate Bulgarian Anton Stefon.
Construction of the plant is scheduled to begin at the end of the year. The main production plant is expected to be completed in 2024. To date, the investor has signed an agreement to purchase 150,000 square meters of land where the plant will be built.
The initial investment in the plant is estimated at BGN 20 million. This will be IAG’s fourth and largest manufacturing plant and will manufacture the entire range of the company’s products, including the latest Rila 8X infantry fighting vehicle.
The future plant is expected to employ more than 300 workers. IAG will also fund training programs for at least 20 specialists at its plants in the United Arab Emirates, Turkey, and Bulgaria.
IAG has applied for a Category A Investor Certificate.
Stephen said he was pleased that his homeland was promoting large investors to settle permanently in Bulgaria. Stephen also said he was committed to increasing IAG’s contribution to Bulgaria’s development.
For his part, Minister of Development and Innovation Daniel Lorer stressed the importance of investing in innovative productions and export-oriented companies that choose Bulgaria as their location.
Burgas Mayor Dimitar Nikolov said investors in the city could count on the full administrative support they would receive from the mayor and himself.
IAG is a leader in the specialized armored vehicle manufacturing industry with more than 20 years of extensive industry experience and global footprint with locations in the United States, Canada, the United Kingdom, Bulgaria, the United Arab Emirates, Turkey, Pakistan and Iraq.
SOURCE: AMPE
Source: Capital
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