On Wednesday March 15th, 2023 International Armored Group officially took the next big step in the growth and expansion of the organization by officially commencing the grand construction project of the company’s largest manufacturing facility, in Burgas, Bulgaria.
IAG received a Class A investor certificate from the Bulgarian Investment Agency (IBA), as it plans to expand its manufacturing capacity in Bulgaria with two armored vehicle manufacturing plants, each commanding an estimated initial investment of 25 million levs (approx. $13.5 million/12.8 million euro).
CEO and Chairman of International Armored Group, Dr. Anton Stefov stated that, “I believe that the manufacturing facility will accelerate the growth and increase many opportunities for the defense industry in Bulgaria. It is important and much more financially profitable for Bulgaria to have our own production and to invest in our own defenses. We aim to contribute to increasing exports, introduce innovations in the Bulgarian defense industry and create Bulgarian specialists in this ever important field globally. This is only the beginning, and we plan to build two more facilities in Bulgaria in the near future.”