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The Government of the Republic of Serbia

In the service of citizens

Grants to be approved to Italian companies Pompea and Fulgar

Zrenjanin, 6 November 2006

Serbian Minister of Finance Mladjan Dinkic attended today in Zrenjanin the signing of an agreement between the Serbian Investment and Export Promotion Agency (SIEPA) and Italian companies Pompea and Fulgar on the approval of non-repayable funds from the National Investment Plan for encouraging investments.

Pompea, one of the leading European producers of socks and underwear, and Fulgar, a producer of yarn, are building production plants in the free business zone in Zrenjanin, in which they will invest over €25.5 million over the next three years and employ 370 workers, while SIEPA will invest €600,000, ie €2,000 for every new job.

After the signing ceremony, Dinkic said that the creation of small and medium-sized enterprises will help reduce unemployment, which is Serbia's major problem.

He pointed to the importance of business cooperation with Italian companies and explained that Italy is Serbia's largest export market, adding that this year Serbia exported goods worth €513 million.

Pompea's investment includes the construction of a plant for production of socks and follow-up accessories. The total area of the hall with infrastructure is 30,000 square metres, and the completion of the construction process is planned for late February 2007.

The project's total value is €17.044 million and it will secure 300 new jobs.

The project will be carried out by the company Pompea, which was founded in 1996, through the company Pompea Serb, and has a 65% ownership in Pompea. Pompea Serb was founded in 2002 and does business in the territory of the municipality of Brus. In 2005 the company had a turn-over of €3.17 million, with 100% exports to Italy.

A specialised work force will be employed in the factory in Zrenjanin, which requires additional education for workers. The larger part of production is intended for export to EU countries, southeast Europe and Russia.

The investment project “Fulgar” envisages the construction of a factory for producing polyester yarn in Zrenjanin, spanning an area of 74,268 square meters, of which 12,600 square meters will be covered space.

The planned date for the completion of this investment project is August 2007, and the total value of the investment is €8.5 million; it will create 70 jobs in the upcoming three years.

The project will be conducted by “Fulgar” which was founded in 1979 and is a polyester yarn producer. The larger part of the total production is meant for export to EU countries, southeastern Europe and Russia, and according to the decision by the commission; Fulgar has received €140,000 from the National Investment Fund.