Serbia, ZF received 45.5 million euros in government subsidies from the Ministry of Economy

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The German company “ZF” received 45.5 million euros in government subsidies from the Ministry of Economy of Serbia, as well as free 16 hectares of land in Pancevo for the construction of the Center for the Production of Power Electronics, the portal Nova ekonomija reported.

The Ministry of Economy, Nova ekonomija writes, signed two contracts with the company “ZF” on the award of state aid, and the last one was signed in October of this year and refers to the award of 42.8 million euros of state subsidies.

The project for which state aid was awarded involves the construction of the Power Electronics Production Center, where at least 589 new workers should be employed by the end of 2027.

That company should invest at least 238 million euros in that period, within which at least a quarter should be financed from the company’s funds without using state subsidies.

For the purpose of building that Center, “ZF” also received 16 hectares of free land in Pančevo from the Republic Directorate for Property, and the value of the land is estimated at 1.2 million euros, that is, 863 dinars per square meter of land.

“ZF” received state aid from the Ministry of Economy in August this year for the establishment of a service center in Novi Sad in the field of e-mobility and the development of inverter hardware and software.

That company was awarded 2.7 million euros with the obligation that the company hire 370 new workers by the end of 2025 and invest at least 6.8 million euros in the same period, and a quarter of the investment must not contain any state aid.

New Economy writes that “ZF” received 25.6 million euros in state aid in 2019 and 2020, N1 writes.

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