German company to get EUR 4,200 in state subsidies for each new job it creates in Serbia

The Serbian government will award the German company, Auto-Kabel a grant of 630,000 euro, according to an incentive agreement signed in December; the company, in turn, has committed to employ at least 150 workers by the end of 2021, which means that the company will be paid 4,200 euros per new job.

The money is intended for the implementation of an investment project relating to the opening of a factory for the production of wiring.

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Auto-Kabel, which is engaged in the production of electronic and electrical cables, had 24 employees in Serbia at the time of submission of the grant application. The agreement with the Ministry of Economy obliges the company not to reduce the total number of employees to less than 174 within a period of five years from the completion of the investment project.

The German company generated an estimated consolidated turnover of 344.5 million euro in 2018/2019, employing about 3,100 workers in all plants of the group.

(Blic, 19.12.2019)

This post is also available in: Italiano

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