Serbia’s economy ministry said on Monday it signed an incentives deal with Bulgarian textile producer Kalinel which is due to open a factory in the Serbian town of Bosilegrad and employ 200 people.
Kalinel, which has been present on the Serbian market since 2012, will invest 1.9 million euro ($2.1 million) in expanding its production capacities and workforce in Serbia, the economy ministry said in a statement.
The Serbian government will back the investment with 710,000 euro.
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The Bulgarian company will purchase an existing production hall in Bosilegrad where it will employ 100 people by the end of the year and a further 100 over the next 3 years.
Kalinel employs 52 people in Serbia’s municipality of Vrnjacka Banja.
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