Serbian Culture and Information Minister, Vladan Vukosavljevic signed on Thursday in China a Memorandum of Understanding with the proprietor of the Zhejiang Kangyi Sanitary Ware Company stipulating investments in the amount of 35 million USD and creation of 500 new jobs in Istra factory in Kula.
The Memorandum stipulates that, in the period from 2017 to 2020, the Chinese company will invest a total of 35 million USD in a tap and plumbing fitting factory in Kula, or rather on the premises of the former water tap factory Istra.
The investor is an international company that produces high quality taps, kitchen and plumbing fittings, and other bathroom equipment – the Ministry’s press release reads.
The Chinese plan to make taps and fittings from scratch at the Istra factory and the total annual production should be worth around 50 million USD.
The company enjoys the full support from the province Zhejiang and the Beijing government for this big undertaking which is an integral part of the Chinese project “New Silk Road”.
The Chinese investor has already conducted talks with the Ministry of Economy, the Serbian Development Agency, the Vojvodinian government and the municipality of Kula. Considering that this is an industrial investment and that there is no such facility in the region, the project got a green light from all government levels – the press release underlines.
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