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The Government of the Republic of Serbia

In the service of citizens

SIEPA gives €480,000 to “Eminent” as non-refundable investment incentive

Belgrade, 12 January 2007

Representatives of the Serbian Investment and Export Promotion Agency (SIEPA) and the textile company “Eminent” from Plandiste signed today a contract on hading over of non-refundable funds worth €480,000 to encourage investments by this company.

According to a statement by SIEPA funds for “Eminent’ were approved for expanding and equipping the company “Planteks” from Plandiste, recently bought by “Eminent”, in which they plan to invest €2.1 million and employ 240 employees.

The funds were allocated from the National Investment Plan, on the basis of the Decree on conditions and methods of attracting foreign direct investment.

In its second cycle of subsidy distribution for investments, SIEPA brought the decision to give funds to four foreign and six domestic companies worth a total of €3.4 million. The funds are intended for investment which will lead to the creation of 1,627 new jobs.

The company “Eminent” plans to continue its current rate of export, which makes up 30% of total production in the region and in Russia, in the new factory in Plandiste.

The investment will allow the textile products to get the “Euro 1” standard, which will lead to increased exports.

“Eminent” was founded in 1996 and is one of the most successful domestic firms in the sector of textile industry with its clothing line “Legend”, reads the statement.