Prime Minister Mirko Cvetkovic opened a business incubator centre in the Yumco textile factory in Vranje for the occasion of the factory’s 50th anniversary and underlined that the government will support development of entrepreneurship in Pcinja district.

The business incubator centre is a joint project of the Serbian government, the city of Vranje and Yumco.

The Serbian government supports the work of Yumco and is trying to stabilise the production of the factory, which employs 2,000 workers, the Prime Minister said and added that creation of new jobs and increase of exports are the government’s priorities for the near future.

He noted that although salaries of employees in Yumco are not high, ranging between RSD 12,000 and RSD 15,000, the basis has been created for production of first amounts of goods for exports.

Minister for the National Investment Plan (NIP) Verica Kalanovic said that NIP, in cooperation with other state institutions, has financed the opening of the business incubator centre, in which eight companies will be opened and 40 workers employed.

This centre has space for 14 small enterprises, she explained and specified that RSD 20 million has been invested so far from NIP in the opening of this centre and RSD 6.4 million are intended for this purpose in 2010.

Yumco Director Zoran Stosic said that the factory currently has a contract on production with the state worth €3 million, as well as contracts with Elektroprivreda Srbije, Telekom Srbija and Belgrade water supply company.

Stosic underlined that 60% of the factory’s production capacity is engaged at the moment and voiced hope that its full capacity will be activated by the end of the year.