BELGRADE (Serbia), March 13 (SeeNews) - Serbia's state aid commission has approved the allocation of 16.4 million euro ($18.3 million) in government financing to Chinese company Changzhou Xingyu Automotive Lighting Systems for the construction of a car lighting equipment factory in Nis, in eastern Serbia, it said.
The state aid to Xingyu for the construction of a 60 million euro factory in Nis is in accordance with the regulations, the commission said in a notice posted on its website on Thursday.
The Chinese investor pledges to invest 7.5 million euro in the acquisition of land by the end of 2023, 32.7 million euro and 19.6 million euro for new equipment for the construction of facilities, the commission said.
Costs for wages for new employees within a two-year period after the launch of the factory will amount to at least 13.8 million euro, the commission added.
Xingyu, listed on the Shanghai Stock Exchange, is active in the research and development, design, manufacturing and sales of automotive lamps. The company is the largest Chinese car lighting manufacturer and a partner to European, Japanese, American and Chinese carmakers, according to data published on its website.
($ = 0.896466 euro)