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Gorenje Tiki gets state incentives to build boiler, radiator plant
Belgrade,
19 January 2007
Representatives of the Serbian Investment and Export Promotion Agency (SIEPA) and Slovenian Gorenje Tiki signed today an agreemenet on non-refundable investment incentive funds from the National Investment Plan for construction of a new boiler and radiator factory in Stara Pazova.
According to the decision of the committee for distribution of non-refundable investment incentive funds from the National Investment Plan, Gorenje Tiki will receive €310,000, or €2,000 per new employee.
Under the agreement, Gorenje Tiki will be obliged to invest €4 million and create 155 new jobs.
Executive Director of Gorenje Tiki Branko Apat noted that the production and business facility is being built on 12,500 square metres and stressed that after the completion of this plant, the whole production of boilers and radiators will be transferred from Slovenia to Serbia.
According to estimates of Gorenje, the share of Serbian suppliers will be above 60% whereas nearly 65% of production will be exported to the EU, Russia and elsewhere.
SIEPA Director Jasna Matic recalled that this is Gorenje’s second investment in Serbia, which shows that this company is satisfied with conditions for doing business in Serbia and added that new investments can therefore be expected.
State Secretary at the Serbian Ministry of Finance Vladimir Ilic announced €10 million for opening 5,000 new jobs, which will provide for over 10,000 families.
He also recalled that apart from SIEPA’s incentive measures, tax incentives of the Serbian Ministry of Finance in September 2006 should take credit for a new wave of employment in Serbia.
He said that income tax was reduced from RSD 74 to RSD 62.7 as of January 1, 2007 and noted that investors’ interest has grown due to incentives for employment of disabled persons, trainees, younger than 30 and older than 45.
By November 24, 2006, when the second cycle of distribution of funds announced by the SIEPA was concluded, SIEPA received a total of 43 applications for non-refundable investment incentive funds.
An expert committee decided on December 20, 2006 on distribution of funds to ten companies, four of which are foreign and six domestic, and a total of €3.43 million will be distributed for creating 1,672 new jobs.
An amount of €7.2 million was distributed during the first cycle for 3,600 new jobs. A total of 18 applications were submitted, and funds were distributed to three foreign companies and one domestic company.
Under the agreement, Gorenje Tiki will be obliged to invest €4 million and create 155 new jobs.
Executive Director of Gorenje Tiki Branko Apat noted that the production and business facility is being built on 12,500 square metres and stressed that after the completion of this plant, the whole production of boilers and radiators will be transferred from Slovenia to Serbia.
According to estimates of Gorenje, the share of Serbian suppliers will be above 60% whereas nearly 65% of production will be exported to the EU, Russia and elsewhere.
SIEPA Director Jasna Matic recalled that this is Gorenje’s second investment in Serbia, which shows that this company is satisfied with conditions for doing business in Serbia and added that new investments can therefore be expected.
State Secretary at the Serbian Ministry of Finance Vladimir Ilic announced €10 million for opening 5,000 new jobs, which will provide for over 10,000 families.
He also recalled that apart from SIEPA’s incentive measures, tax incentives of the Serbian Ministry of Finance in September 2006 should take credit for a new wave of employment in Serbia.
He said that income tax was reduced from RSD 74 to RSD 62.7 as of January 1, 2007 and noted that investors’ interest has grown due to incentives for employment of disabled persons, trainees, younger than 30 and older than 45.
By November 24, 2006, when the second cycle of distribution of funds announced by the SIEPA was concluded, SIEPA received a total of 43 applications for non-refundable investment incentive funds.
An expert committee decided on December 20, 2006 on distribution of funds to ten companies, four of which are foreign and six domestic, and a total of €3.43 million will be distributed for creating 1,672 new jobs.
An amount of €7.2 million was distributed during the first cycle for 3,600 new jobs. A total of 18 applications were submitted, and funds were distributed to three foreign companies and one domestic company.
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