Italy's Vibac to invest EUR 50 million in Jagodina-based factory?

(Jagodina)

Italy's Vibac is considering investing between 30 and 50 million euros in the construction of a factory in Jagodina, which would employ between 200 and 300 workers, it was announced today after a meeting between the representatives of that company, Finance and Economy Minister Mladjan Dinkic and representatives of the Jagodina municipality.

Dinkic said he expected an agreement on this investment to be signed in early March, adding that the construction should commence in the spring. As he pointed out, that will be the largest foreign investment in Jagodina.

Dinkic stressed that Vibac had chosen Jagodina because of its excellent geographic position, free land that would be allotted by the municipality as well as support that the investment would receive from the Serbian government.

He noted that the company would be exempt from taxes on profit over the next ten years. The plan is also to pay up to 17 percent of the total value of the investment to the investor if it hires more than 200 workers.

Director of Vibac Serbia Patrizio Masini said that the company was considering the possibility of increasing the production and entering new markets, which would call for the production of polypropylene films, adhesive polypropylene tapes and cardboard.