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ITM Izolirka opens in Sid
Sid,
22 September 2004
Serbian Deputy Prime Minister Miroljub Labus said at the opening of the ITM Izolirka insulation material plant in Sid that around $400 million in direct investments arrived in Serbia over the past seven months, a minority part of which went for production.
Slovene companies TIM Lasko and Ljubljana-based ITM Izolirka invested €5 million in the construction of the plant in Sid, which according to Labus, has already made almost €1 million in profit in the past six months. The plant employs 46 workers.
Labus said that the construction of this plant resulted from the free trade agreement between Serbia-Montenegro and Slovenia, adding that this company will be the first one to make use of the free trade agreement with Russia.
He said that this factory symbolises the country’s renovation because after it was in receivership, it found a foreign investor and went private. Labus said that products of ITM Izolirka will be exported to neighbouring countries as well as on the EU market.
The ceremony in Sid was also attended by Slovene Ambassador to Serbia-Montenegro Boris Suljko, TIM Lasko General Manager Jan Zizak, ITM Izolirka General Manager Branko Radulovic and acting president of Sid municipality Ljubomir Valentinovic, the Tanjug news agency reported.
Labus said that the construction of this plant resulted from the free trade agreement between Serbia-Montenegro and Slovenia, adding that this company will be the first one to make use of the free trade agreement with Russia.
He said that this factory symbolises the country’s renovation because after it was in receivership, it found a foreign investor and went private. Labus said that products of ITM Izolirka will be exported to neighbouring countries as well as on the EU market.
The ceremony in Sid was also attended by Slovene Ambassador to Serbia-Montenegro Boris Suljko, TIM Lasko General Manager Jan Zizak, ITM Izolirka General Manager Branko Radulovic and acting president of Sid municipality Ljubomir Valentinovic, the Tanjug news agency reported.
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