MoU signed with Germany's Continental

A memorandum of understanding was signed on Wednesday between the Serbian government, the city of Subotica, and Continental.

Source: Tanjug

The German company is "a leading car industry supplier," while the document signed today is "expected to result in the opening of 500 new jobs and a EUR 17 million investment," according to Tanjug.

The memorandum was inked by Serbian Economy Minister Zeljko Sertic, Continental Serbia General Manager Zivko Topalovic, and Subotica Mayor Jene Maglai.

“Germany's best have come to Serbia,” said Serbian Prime Minister Aleksandar Vucic, who attended the signing ceremony.

Sertic said that an investment agreement will be signed in the next 30 days, while a production facility is planned to be opened in the second half of 2016. The government will back the investment with EUR three million, and the city of Subotica will provide 2.5 hectares of land for factory construction.

The company is required to hire 500 people in the next three years, and to employ at least 1,150 workers over the next five years, he said.

Deputy President of Continental ContiTech Group Markus Murk, who also attended the signing, said that the company hopes that its successful operation in Serbia will continue. We started from scratch in 2011, and now we have 650 employees and we are highly competitive on the market, he said.

Business & Economy

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