China’s Lianbo Precision Technology Serbia to get EUR 6mn in state subsidies

The Chinese company Lianbo Precision Technology Serbia d.o.o. from the town of Kać near Novi Sad will receive subsidies from the Serbian government in the amount of EUR 6.04 million. The company signed the contract on the allocation of funds with the Ministry of Economy on March 11 of this year.

Lianbo Precision Technology Serbia was incorporated on June 29, 2023, and is owned by the company Jiangsu Lianbo Precision Technology CO LTD from the People’s Republic of China. The company is engaged in the production of parts and accessories for motor vehicles.

It also has facilities in China which is also its main market. The contract signed with the Ministry of Economy states that in 2022 the company generated an estimated consolidated income of EUR 101.9 million and that it employs 656 workers.

In September of last year, the company submitted an application to the Development Agency of Serbia for the allocation of incentives, as financial support for investment in equipment to start the production of rotors and stators for the automotive industry in its Kać production plant.

The company has committed to invest in tangible and intangible assets worth EUR 57.48 million by the end of 2026 and hire 100 new workers for an indefinite period.

Also, according to the contract, the number of workers must not be reduced below one hundred within a period of five years from the end of the investment project. The company also undertook to pay wages that are at least 20% higher than the minimum wage in the country.

(021.rs, 09.04.2024)

https://www.021.rs/story/Novi-Sad/Vesti/372280/Kompanija-za-auto-delove-iz-Kaca-dobice-sest-miliona-evra-subvencija-Prvi-deo-bice-isplacen-2025.html

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