Serbian Minister of Economy and Regional Development Mladjan Dinkic met today with a delegation of the Chinese company First Automotive Works (FAW), which has shown interest in participating in the privatisation of Kragujevac-based Zastava factory. FAW representatives informed Minister Dinkic that they are highly satisfied with visit to Kragujevac, and with the tour of the Zastava factory, particularly with the Zastava line, and the highly experienced workforce.

FAW expressed interest in Serbia as a strategic point for developing their company in South East Europe. Representatives of the company will visit the truck factory FAP in Priboj. Dinkic told FAW representatives about the several advantages which foreign investors have in Serbia and stressed that developing the automotive industry is one of the priorities for the industrial development of Serbia. He also said that the Ministry of Economy and Regional Development will propose that the industrial zone in Kragujevac be declared a zone of national importance, which would give it the status of a customs free zone, and make it possible to import intermediate goods required for production in the zone.

This year FAW plans production of 1.8 million vehicles, which is 22% more compared to 2007. The company employs 130,000 workers in six factories throughout China, and last year it started construction on a factory in Mexico which will produce 100,000 vehicles annually, reads the statement.

Source: economy.co.yu