site.btaInternational Armored Group Invests BGN 20 Mln in Armored Vehicles Plant in Bulgaria

Leading producer of armored vehicles International Armored Group (IAG) starts preparations for building a plant in the seaside city of Burgas, IAG said in a press release Wednesday. The future plant in Burgas is IAG's second direct investment in Bulgaria's defence industry after in 2021 the company chose a training field to conduct NATO STANAG certification tests for armored vehicles. IAG founder and owner is expatriate Bulgarian Anton Stefov. 

The construction of the plant is planned to begin at the end of the year. The main production facility is expected to be finished in 2024. So far the investor has signed an agreement on the acquisition of the land lot of 150,000 sq m where the plant will be located. 

The initial investment in the facility is estimated at 20 million leva. This will be the fourth and biggest production plant of IAG and will manufacture the entire product range of the company, including the latest Rila 8X8 Infantry Fighting Vehicle. 

The future plant is expected to employ more than 300 people. IAG will also finance training programmes for at least 20 experts in its plants in the United Arab Emirates and Turkey, as well as in Bulgaria. 

IAG has applied to receive a Class A Investor certificate. 

Stefov is quoted as saying that he is pleased with the fact that his home country promotes big investors in setting up permanently in Bulgaria. Stefov also said that he is committed to increasing IAG's contribution in Bulgaria's development. 

Innovation and Growth Minister Daniel Lorer for his part stressed the importance of investments in innovative productions and of export-oriented companies' choosing Bulgaria as a place to set up shop. 

Burgas Mayor Dimiter Nikolov said that the investors in the city can rely on full administrative support from the city hall and from him personally. 

IAG is an industry leader in the manufacturing of specialized armored vehicles with over 20 years of extensive experience in the industry, and a global footprint with locations in USA, Canada, UK, Bulgaria, U.A.E., Turkey, Pakistan and Iraq.