South Korean Yura Corporation will build a factory in industrial zone Donje Međurovo and invest 10m EUR in it within next three years.
The City of Niš will back this project by allotting free land, while the Serbian Investment and Export Promotion Agency (SIEPA) will grant EUR 5,000 per each newly employed person.
The plan is that about 1,500 jobs be created. The construction memorandum was signed on April 23, 2010, in Niš by the Minister of Economy of Serbia, Mlađan Dinkić, the Mayor of Niš, Miloš Simonović, and Yura’s CEO Jongwoo Nam.
Yura is one of the world’s leaders in the production of electronic distribution systems for automotive industry.
The company has total of over 50,000 workers and its turnover on the level of the whole group in 2009 amounted to about EUR 700m.
This company has also bought Zastava Elektro in Serbia for about EUR 3m.