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The Government of the Republic of Serbia

In the service of citizens

Seven companies sign contracts on non-refundable financing

Belgrade, 22 November 2007

Serbian Minister of Economy and Regional Development Mladjan Dinkic and representatives of seven domestic and foreign companies signed today contracts on allocating non-refundable assistance for stimulating direct investments, which will lead to 3,099 new jobs in seven municipalities.

Author: Fonet

The contracts will be realised with funds from the National Investment Plan and, in line with the Decree on conditions and terms for attracting direct investments, it will enable investments of €60.8 million in these municipalities. As much as €7.272 million has been set aside from the National Investment Plan for these purposes.

Due to a huge interest of investors for these funds, €300 million of investments was set aside in the course of the first year and around 11,000 new jobs created.

Within the 4th cycle of the investor stimulation programme, implemented by the Serbian Investment and Export Promotion Agency (SIEPA), 26 applications were submitted and seven were approved, of which four were from abroad and three from Serbia.

Contracts were signed with companies Drvopromet from Serbia, Vali – Golden Lady from Italy, Grammer from Germany, KSK Clothing from Cyprus, Makom from Serbia, Medaki from Serbia and Seavus (Macedonia–Sweden), which will be realised in Despotovac, Loznica, Aleksinac, Leskovac, Irig, Novi Pazar and Nis.

The municipalities of Loznica, Novi Pazar and Irig have extremely high unemployment rates, therefore the positive effects of these investments will also have an influence on equal-balanced regional development.

A total of 100 demands were submitted in the first three application cycles for investment stimulation. The expert committee decided to allocate stimulation funds to 31 companies, 17 of which are foreign companies and 14 from Serbia. A total of €15.650 million was set aside from the National Investment Plan for investments worth €231.5 million and the opening of 7,657 new jobs.

The 5th application cycle is currently open and interested investors may apply for it by December 7. Thanks to the high degree of interest and the good dynamics of the implementation of the Decree, up to 10,756 new jobs will be opened in the course of the first year, out of the projected three years, through investments worth €292.026 million. A total of €22.922 million was set aside from the National investment Plan for these purposes.