Kosmos Aviation Institute Banjaluka preparing new agreement with Serbia worth EUR 1 million – Opening of two companies in Belgrade planned

The Kosmos Aviation Institute in Banjaluka is continuing the business cooperation with the Ministry of Defense of Serbia and is to open a new company in two months, Kosmos d.o.o. Srbija, headquartered in Belgrade, announced the director of Kosmos, Dusan Vjestica.

– We are opening this company in order to penetrate deeper into the market of Serbia, which is interesting to us, and increase the income in that country. It will certainly improve our business results, simplify the export-import and customs procedures and make us more efficient and available in the market of Serbia, which has been making substantial investments in the arms industry in the past years. They also approved the investment plan, so we expect a new agreement, financially similar to the previous one, which would be around BAM 2 million (EUR 1 million), to be signed by the end of the month – Vjestica said and added that he hoped that the global events would not jeopardize the company's affairs in third markets.

Vjestica emphasized that Kosmos employed new workers per need and that its current capacities met the business and market challenges.

When it comes to the institute's operations, Vjestica says that the Institute has been operating successfully for the third year in a row and that the company's profit in 2019 amounted to BAM 852,435 (around EUR 426,000).

He adds that this company is regularly settling the liabilities incurred in the previous period.

– The obligations towards the employees from the previous period were BAM 4.2 million (around EUR 2.1 million), and we have settled around BAM 2.4 million (EUR 1.2 million) so far. The inherited obligations towards the suppliers and the employees were around BAM 25 million (around 12 million), and BAM 6.5 million (around EUR 3.2 million) has been paid so far – Vjestica said.

He emphasizes that the company complies with the restructuring plan and that last year was difficult in business terms.

– Globally, the activities in the automotive industry were low. In 2018, we had arrangements worth around BAM 2.5 million (EUR 1.2 million) in that sector, whereas, in the local market, we lost an important system we used to cooperate with, Rafinerija Nafte Brod. Regardless of these problems, we ended the year successfully. We paid all the last year's salaries. Of course, sometimes they are paid earlier and sometimes later, but the employees do get 12 salaries for a year – Vjestica said.

Production of filters

Dusan Vjestica said that Kosmos was looking at a new business challenge, the production of air filters with the Russian company Kret.

– According to our rough parameters, we will start getting orders for the delivery of these filters in our market as soon as early April. This will lead to new employments in Kosmos – Vjestica said.

Kosmos Aviation Institute Banjaluka

Kosmos doo Srbija Belgrade

Ministry of Defense Serbia

Kret Russia

Dušan Vještica

production of air filters

air cleaning filters

arms industry