South Koreans open factory in northern Serbian town

South Korean investors are welcome in Serbia, President Aleksandar Vucic said Thursday as an Essex Europe plant opened in Zrenjanin, northern Serbia.

Source: B92, Tanjug

"Six months ago, there was only a field here and people were looking at us with astonishment when we were saying we would open a factory by the end of the year that would hire 160 people. They will contribute to Serbia by exporting 132 million euros worth of products," Vucic said, according to Tanjug.

Vucic said this was an announcement of the arrival of new investments from South Korea and pointed out that many Korean companies are considering coming here.

As he said, this investment suggests a new phase: "that is, that we will have companies with higher technological development and from the countries that we have been attracting less, which is of particular importance, given that South Korea is becoming an Asian tiger."

Vucic then asked the ambassador of that country to Serbia to "further assist in making contacts."

"You have many different branches, why not open another factory in Serbia," Vucic told the owners of the company, and said that the state subsidized this investment with 1.6 million euros.

He said that the total investment, and this is only a third of it, will be worth 30 million euros.

Vucic also said that the net salary in this factory is RSD 90,000, "which is dramatically above the average of Serbia."

According to the company's website, Essex is the European division of Superior Essex, global leader for winding wire products and a leading supplier in Europe with a diverse range of products including round wire, flat enameled or covered wire and continuously transposed cable (CTC).

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