Kalo & Associates has advised the YURA Corporation, a South Korean auto-supplier, on launching the first stage of the operation of its plant on a 4.9 hectare site near Fier, in southwest Albania.
The YURA Corporation will produce electric, electronic, and ignition components for the automotive industry. The initial investment is estimated at EUR 6.5 million.
Kalo & Associates is a member of the SEE Legal law firm alliance, and according to a SEE Legal press release, "the YURA Corporation was granted the status of strategic investor by the Albanian Government following a thorough examination of the project by the Albanian Investment Development Agency."
SEE Legal reports, “such a special status is associated with significant incentives, including the right to use state land against a rather low rental and facilitation in permitting and licensing procedures. This decision of the Albanian Government contributes to the increase of interest of new investors, who have ambitious projects with mutual benefits.”
The Kalo & Associates team was led by Partner Jola Gjuzi.
