The German company ZF (ZF Friedrichshafen AG) opened a factory of car, boat and rail components at the industrial zone in Pancevo today, which will employ around 300 workers in the initial stage.
Around EUR 100 million was invested in the construction of the factory in the first phase, with ZF announcing additional investments and hiring of more than 1,000 workers, as well as the construction of a scientific research centre spanning 5,000 square metres.
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The German company was allocated over 9 hectares of land by the Pancevo authorities without compensation, and the construction of the factory began in June 2018.
The opening of the factory was attended by Serbian President Aleksandar Vucic, who called the event important not just for Pancevo, Banat County and the province of Vojvodina, but for entire Serbia.
He also said that ZF would produce top-notch automotive components at its Pancevo country, and expressed hope that, once the company’s research centre was constructed, that would prevent brain drain from Pancevo and surrounding area.
Vucic invited ZF to bring more companies and suppliers to Serbia and added that, in the first five months of 2019, Serbia attracted 17% more direct foreign investments than in the same period last year. According to him, German companies in Serbia employ around 58,000 people.
ZF, a leading vehicle component manufacturer, employs more than 140,000 people in 230 locations in 40 countries, and its annual revenues amount to around EUR 36 billion.
This post is also available in: Italiano