The Austrian company Gebauer&Griller announced its intention to open a new cables and wires factory in the Balti Free Economic Zone. The issue was discussed by Prime Minister Pavel Filip in a meeting with representatives of the company, IPN reports.

According to the Government’s press service, Gebauer&Griller executive director Eva Schinkinger said the investments will amount to €10 million. At the initial stage, there will be created over 400 jobs. Afterward, the figure could rise to 1,000.

The Premier welcomed the Austrian company’s intention to enlarge the investments in Moldova, appreciating the role of the business sector in the country’s development. “The investments represent one of the three main pillars of economic development, alongside the rule of law and the anticorruption measures,” stated the Premier.

The interlocutors discussed a number of economic development aspects, especially the measures taken by the Government of Moldova to improve the investment climate. In this connection, the Premier referred to the reform of inspection bodies and the efforts made to optimize the regulations by reducing the number of authorizing documents for developing businesses.

Present in Moldova since 2013, Gebauer&Griller is one of the most important producers of cables and wires for the automotive industry on the international market. It now employs over 3,200 persons, while its annual turnover exceeds €425 million.