Memorandum of understanding signed by "Fiat" and Kragujevac - 10 years without excises

Vice President of "Fiat", Alfredo Altavila, and Mayor of Kragujevac, Veroljub Stevanović, have signed the Memorandum of understanding today (May 6, 2008) in that city. That document frees the Torino-based automobile factory from paying local taxes and duties within next 10 years.

The Memorandum also anticipates free allotment of land to "Fiat" in case of broadening of production capacities.

Following the signing of the Memorandum, Mayor of Kragujevac, Veroljub Stevanović, said that the long-time dream of citizens of Kragujevac would be fulfilled.

- We are the children of "Fiat", the workers here are equally good and we will be producing automobiles of the same quality as the ones produced in Italy - said Stevanović.

Altavila repeated that the signing of that Memorandum represented one of the most important projects of "Fiat" as far as global strategy was concerned.

- Here in Kragujevac, in Serbia, two brand new models of automobiles will be produced and exported all over the world - said Altavila.