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Second factory of South Korean company Yura in Serbia confirms the possibility of economic recovery in the short term- Ciric

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Serbia`s Minister of Economy and Regional Development Nebojsa Ciric said yesterday that the opening of the second factory of South Korean company Yura in our country confirms the possibility of economic recovery in the short term.

At the formal opening of this factory in Nis, Ciric said that Serbia has established both partnership and friendship with representatives of this South Korean company.

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In Raca, Yura already employs 1,330 workers, and 550 in Nis at the moment, the Minister recalled and announced a plan to employ another 1,000 in the factory in Nis.

There are currently 22 active projects in Nis as part of which some 5,000 people will find work in the near future.

Serbian President Boris Tadic said that only new investments open quality jobs, which creates political and economic prospects for our country and citizens.

Tadic pointed out that overall business environment must be constantly improved and business climate enhanced in order to attract new investors.

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Such an approach to the Serbian government should provide a new perspective for citizens and improve living standards, Tadic underlined, adding that the economy in our country is improving, the metal industry is growing, the automobile industry is developing and new prospects are being opened.

In this factory 1,500 new jobs will be created. This investment of Yura, whose total value is €15 million, is very important for the city of Nis due to its position and strategic importance for regional development of Serbia.

Yura Corporation received a total of €10.5 million, or €7,000 per each new job created, through the Ministry’s programme of non-repayable assistance for encouraging investment.

Yura Corporation specialises in production of electronic components for the automotive industry, primarily cable installations and their components, but also automotive spark plugs, coils and cables. It currently covers more than 60% of the needs of the companies Hyundai and Kia Motors for cable installations.

This corporation was founded in 1992 and currently owns seven factories, one research and four distributive centres in South Korea, eight factories in China, five factories in Slovakia, one factory each in Russia, Tunisia and Vietnam, and two factories in Serbia.



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