A seven-hectare lot in Serbia’s Northwest Work Zone, which has been a property of the Italian investor Vescovini Group since August 2011, got the status of free zone. The terms have been determined by the government commission that approved the free zone regime after performing a check.
As Sabac Mayor Milos Milosevic explained, the only way for the society to make a progress in all fields is to attract investors and build commercial and production facilities. “The city of Sabac is negotiating with a competent republic institution on turning 300 hectares of land in the Northwest Work Zone into a duty-free zone, thus trying to meet the investors’ requirements because they find operations in such regime more suitable”, the mayor of Sabac announced.The company SBE Srbija, an integral part of the company Vescovini, will start the construction of a factory of mechanical components for the automotive industry in March, expectining to finish it in 2012.
The investment will amount to EUR 5 million. Depending on the growth of production at Fiat’s automobile factory in Kragujevac, the production capacity will be expanded, so that the total value of the investment in this location may reach about EUR 10 million. Milos Milosevic says it is a direct invitation for construction companies in Serbia to prepare for the forthcoming work.Federico Vescovini, co-owner of Vescovini Group, said that Wednesday was a very important day for the operations of SBE Srbija.
Source Balkans
