Denmark’s Kentaur gets 1 million euro in subsidies from the state

Danish clothing manufacturer Kentaur, which has opened a production plant in Vranje, will receive almost a million euro in subsidies from the Serbian government, according to a contract concluded between the Danish company and the Serbian Ministry of Economy, reports Nova Ekonomija.

Under the agreement, concluded on October 29th, 2018, Kentaur Balkans, a subsidiary of Kentaur A/S, would receive just over 940,000 euro in state subsidies. The first tranche of subsidies of about 289,000 euro will be paid out this year, a further 387,500 euro will be disbursed next year, and the rest, 263,800 euro, in 2021.

The Danish company undertakes to pay at least the minimum salary to workers, which in October amounts to 28,575 net dinars per month, while the total salary has to be at least 120% of the minimum wage.

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The contract stipulates that Kentaur must employ at least 300 permanent, full-time workers.

The company must also invest at least 800,380 euro over the next three years, of which at least 25% must come from its own funds, i.e. funds that are not related to subsidies.

The opening of the facility in Vranje was announced by numerous media outlets at the beginning of the week. The opening was attended by the owner of the Kentaur Group, Bernt Dahl, the Danish ambassador to Serbia, Anders Hougaard and the local management, reported the local government in Vranje.

(N1, 27.10.2019)


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