China’s Zhejiang Kangyi Sanitary Ware plans to invest 35 million dollars and employ 500 workers in the town of Kula, in northern Serbia.
Serbian Minister of Culture and Media Vladan Vukosavljevic and Zhejiang Kangyi Sanitary Ware owner Jing Guoling on Thursday signed a memorandum of understanding to this effect.
According to the Serbian government, the document stipulates that the investor will, from 2017 to 2020, “implement a business venture on the territory of Serbia and employ a total of 500 workers and invest USD 35 million in a plant of metal sanitary ware products in the facilities of the former factory of faucets Istra in Kula.”
The international company “specializes in the production of high quality faucets, kitchen and bathroom fittings and other sanitary equipment and is the third largest manufacturer of these products in the most populous country in the world,” according to a statement.
The factory in Kula is planned to carry out the complete technological process, from casting to finishing. The annual production would be approximately USD 50 million and would mostly be intended for export.
“For this big investment in Serbia, the company has support of its province Zhejiang and the Beijing administration, as part of the project New Silk Road,” the statement said, and added:
“Given that it is a project that involves real production and the opening of a large number of new jobs, and that a similar plant does not exist in the wider region, the project has received the support at all levels.”