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The Government of the Republic of Serbia

In the service of citizens

German textile company to open factory in Serbia

Belgrade/Hamburg, 29 March 2006

Serbian Minister of Economy Predrag Bubalo said today that the German company “Dozel Germany” will open a textile factory in Serbia which will employ nearly 2,000 workers from Serbia.

Predrag Bubalo

In a statement given from Hamburg to the news agency Tanjug, Bubalo said that representatives of the company confirmed that they have brought a definite decision on realising this greenfield investment in Serbia, because they have estimated that of all countries in the region, conditions in Serbia are best suited to their interests and ambitions. Bubalo is attending “Days of Serbian Economy” in Hamburg. The event is being held under the organisation of the Hamburg Chamber of Commerce.

Bubalo confirmed that representatives of the company will revisit Serbia during May. On that occasion they will decide in which city of Serbia the factory will be located. He added that the company plans to employ around 2,000 workers in a period of three to four years, and the entire production programme is export oriented.

Bubalo said that at the gathering “Days of Serbian Economy” great interest has been shown concerning the presentation of opportunities and investment framework in Serbia.

He said that these business meetings are taking place at the right moment because positive results that have been achieved in the creation of a business climate, which were verified by the World Bank and the European Bank for Reconstruction and Development, as well as the conclusion of the agreement with the IMF and the beginning of negotiations with the EU, have greatly contributed to building the confidence of potential investors.

Today’s gathering was attended by representatives of 15 Serbian companies, Serbia-Montenegrin Ambassador to Germany Ognjen Pribicevic, Hamburg Chamber of Chamber President Karl-Joachim Dreyer, President of Foreign Investors Council in Serbia-Montenegro Mike Ahern, Vice President of the Serbian Chamber of Commerce Radmila Milivojevic and Senior Vice President of Commerzbank AG Per Fisher.

Minister Bubalo will also meet today with State Secretary of the German Federal Ministry of Economics and Technology Joachim Würmeling to discuss further work of the Business Council of Serbia-Montenegro and Germany as well as other economic issues.