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The Government of the Republic of Serbia

In the service of citizens

Chinese investor to invest $35m in factory in Kula

Belgrade/Beijing, 30 March 2017

Minister of Culture and Media Vladan Vukosavljevic signed today in Beijing with the owner of "Zhejiang Kangyi Sanitary Ware" Jing Guoling from Yuhuan a Memorandum of Understanding on implementation of an investment project of that company in Serbia.

This document stipulates that the investor in the period from 2017 to 2020, implement a business venture on the territory of Serbia and employ a total of 500 workers and invest $35 million in a plant of metal sanitary ware products in the facilities of the former factory of faucets "Istra" in Kula.

The aforementioned international company specialises in the production of high quality faucets, kitchen and bathroom fittings and other sanitary equipment and is the third largest manufacturer of these products in the most populous country in the world.

The factory in Kula is planned to carry out the complete technological process, from casting to finishing. The annual production would be approximately $50 million and would mostly be intended for export.

For this big investment in Serbia, the company has support of its province Zhejiang and the Beijing administration, as part of the project “New Silk Road”.

Given that it is a project that involves real production and the opening of a large number of new jobs, and that a similar plant does not exist in the wider region, the project has received the support at all levels.

Our country is strategically committed to attracting foreign investment and is ready to provide full support and statutory deductions and incentives for the realisation of investments. Vukosavljevic is in China on behalf of the Serbian government, as a member of the delegation of President of the Republic of Serbia Tomislav Nikolic, who is on an official visit to China, according to a statement of the Ministry of Culture and Media.