Q:
A:
Construction of factory for truck and ship diesel engine parts in Simanovic
Belgrade,
23 June 2006
The Serbian Investment and Export Promotion Agency (SIEPA) stated today that owner of the company Albon Engineering PLC, Lawrence Albon and president of the municipality of Pecinci Nikola Pavkovic signed an agreement on the realisation of a Greenfield investment for constructing a factory in Simanovic.
According to the statement the investment is worth €8 million, and the factory will employ 200 domestic workers by 2010. The entire production is meant for export, to markets in the US and Great Britain, and it is estimated that the annual value of the export will be more than €10 million.
Following the US and England, Serbia is the third country in the world where this company, which produces parts for truck and ship diesel engines, has established production.
Serbia was preferred to Romania and Bulgaria regarding this investment, and it is planned that one more factory worth €10 million will be constructed which will employ 200 workers.
This business arrangement is an excellent example of the growth and development of a foreign direct investment, which was initially realised owing to the highly qualified work force of Serbia, and has brought the latest technology to the country which will contribute to the growth of Serbian exports.
According to a report of PricewaterhouseCoopers published by Sunday Times, Albon Engineering PLC is among first 50 largest companies in UK and among leading ones in the region of Essex.
SIEPA said in a statement that representatives of this company first contacted SIEPA in February 2005 and two months later opened a project office in Belgrade and hired 11 local engineers.
Albon Engineering and SIEPA chose the municipality of Pecinci for building a plant there. Local authorities showed readiness to meet the investor’s requests.
The Pecinci plant will manufacture engine components for trucks of Volvo, Renault, Iveco and Caterpillar, according to the statement.
Following the US and England, Serbia is the third country in the world where this company, which produces parts for truck and ship diesel engines, has established production.
Serbia was preferred to Romania and Bulgaria regarding this investment, and it is planned that one more factory worth €10 million will be constructed which will employ 200 workers.
This business arrangement is an excellent example of the growth and development of a foreign direct investment, which was initially realised owing to the highly qualified work force of Serbia, and has brought the latest technology to the country which will contribute to the growth of Serbian exports.
According to a report of PricewaterhouseCoopers published by Sunday Times, Albon Engineering PLC is among first 50 largest companies in UK and among leading ones in the region of Essex.
SIEPA said in a statement that representatives of this company first contacted SIEPA in February 2005 and two months later opened a project office in Belgrade and hired 11 local engineers.
Albon Engineering and SIEPA chose the municipality of Pecinci for building a plant there. Local authorities showed readiness to meet the investor’s requests.
The Pecinci plant will manufacture engine components for trucks of Volvo, Renault, Iveco and Caterpillar, according to the statement.
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