A Pakistani investor who produces sportswear, jeans and leather jackets in Germany plans to build a large textile and clothing factory in Knezha, Bulgaria.
Vakas Malik has registered his company as Avanstar Bulgaria and has received a Class A investment certificate from the InvestBulgaria Agency.
Malik has committed to invest BGN55.1m (US$37.7m) for a period of three years and to create 4,900 new jobs, which will make it the largest project in Bulgaria over the past 10 years in terms of employment.
It is envisaged that after the first year around 1,000 people will be employed in the plant, with full employment being reached after five years.
For the full story, see the September 2014 edition of Textiles Eastern Europe. Not a subscriber? Sign up HERE