Nis and Yura signed contract on land for factory - Construction of unit worth EUR 15m starts in mid-August

City of Nis and South Korean Yura Corporation signed the contract today (August 12, 2010) on free use of six hectares of land for construction of a factory of automotive parts in Nis.

The contract was signed by Nis Mayor Milos Simonovic and Yura Corporation CEO Jongwoo Nam.

Yura got the land for construction of the factory for free for the period of 99 years. The future factory will be producing electric installations for automobiles.

Mr. Jongwoo announced that construction of the factory would commence the next week and that about 1,500 people would get jobs in that factory.

- The investment is worth 15 million euros, 10m of which will be spent on construction works, while 5m will be invested in the factory's equipping - he said.

Yura's first factory in Serbia is situated in Kragujevac's Rača, in the units of former Zastava-elektro.