The state will pay 2.9 million subsidies to the Chinese company Yusei Machinery for the opening of a plant for the production of car parts in Niš, according to the contract the company signed with the Ministry of Economy in August.
The plant will work on injection molding and aluminization of plastic car components.
The company has committed to employ at least 280 new workers for an indefinite period by the end of 2026 and to invest at least 20.8 million euros in the same period.
Employment and investment will be successive, in accordance with the payment of tranches of state aid, from 2024 to 2027.
Obligations related to employment and investment in the company are calculated from the date of submission of the application.
Since Yusei submitted an application to the Development Agency of Serbia for subsidies in February 2022, and at that time he had no employees in Serbia – all employees employed so far will be included in the fulfillment of the employment obligation.
Based on the application, the Economic Development Council made a decision in June 2023 approving 2.9 million euros in incentives.
Yusei Mashineri, as a branch of the company in Serbia, is owned by Zhejiang Yusei Plastic & Modul Group. The group’s main markets are the countries of the European Union and Turkey.
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