South Korean company Yura officially informed Serbian Minister of Economy and Regional Development Mladjan Dinkic on Monday that it will start construction on its second factory in Nis, and third in Serbia, in March this year, Tanjug learned from the Ministry.

The factory will produce automobile industry cables and will acquire raw materials from a copper mill in Serbia, so that the entire production process will take place in the country. The company will hire at least 300 additional workers in Nis, said the Ministry of Economy.

Yura has already started construction on a new factory that will produce electric parts for cars.

The EUR 15 million greenfield investment is the biggest the city has seen in the last twenty years, and will create 1,200 jobs.

The South Korean company previously took over Zastava elektro in Raca, which currently employs 1,300 people, and plans to invest around EUR 8 million in the factory.

Yura is a global leader in electronic distribution systems, with 50,000 employees in Korea, China, Vietnam, the Czech Republic and Slovakia.