Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic announced yesterday at the European Automotive Components Expo in Stuttgart that South Korean automotive producer Yura Corporation will start construction of a new factory in Nis at the end of summer which will employ at least 1,500 workers.

A statement by the Ministry of Economy and Regional Development said that Dinkic visited this fair together with Yura Director Lucas Nam and Director of Fiat Automobili Srbija Giovanni de Filippis.

Speaking at a press conference dedicated to the promotion of Serbia as an attractive investment destination, held as part of the Stuttgart fair, Dinkic stressed that the automotive industry has strategic importance for Serbia’s future development.

This is why we want to bring new companies to invest in Serbia, employ people and increase exports of home-made car components, Dinkic pointed out and underlined that Serbia is the most attractive investment destination in southeastern Europe.

He expressed satisfaction with the fact that Yura has announced a new investment since it recently acquired the Zastava Elektro company from Raca.

The Deputy Prime Minister spoke today with representatives of more than 50 companies from the automotive industry, including Daimler, BMW, Mitsubishi Turbochargers, MAN Diesel, Robert Bosch, Denso and ZF.

The Stuttgart fair is visited every year by around 11,000 visitors. This year it has gathered more than 600 exhibitors mostly from Germany, Italy, France, Austria and Great Britain.

Today Dinkic also met with the Minister for Federal, European and International Affairs of the state of Baden-Württemberg, Wolfgang Reinhart.