Yura Shin Won starts production in Nis in autumn 2011

The company Yura Shin Won from South Korea will start the production in Nis in September of this year, Yura Deputy CEO Sung Kil Park announced today.

He and Nis Mayor Milos Simonovic signed an agreement today on free allotment of land in the industrial zone Donje Medjurovo where the construction of Yura's new plant should commence later this month.

Yura Shin Won produces cables for the automotive industry and it will invest EUR 8 million and employ 300 people in the plant in Nis.

Yura is also close to finish the construction of another factory of automobile parts in Donje Medjurovo industrial zone.

- Yura's entire chain of production will be situated in Serbia since our company will be buying copper from local manufacturers - said Mr. Kil Park.

The mayor of Nis said that the best proof of the trust foreign companies placed in the city administration was the company's decision to have another plant built in the city after successfully finishing the construction of the first one.

- Yura will be buying 15% of the production at Mining Smelter Basin (RTB) Bor and using it as raw materials in its new plant - said Mr. Simonovic.

Yong Wu Nam, a representative of Yura, said to the press that first jobs in the new plant would be given in May to about 60 engineers who would previously complete a training in South Korea.

He said that the final projections of the amounts of salaries in the new plant were still not ready, but he added that the salary would definitely not be below EUR 200.

Mr. Wu Nam also said that Yura Shin Won had applied for employment subsidies from the Investment and Export Promotion Agency and that he had not received a contract yet, as well as that the final decision on subsidies was to be made by the Government of Serbia.