Germany's PWO Group opens factory in Cacak

CACAK - Germany's car parts maker PWO Group opened a factory in Cacak, central Serbia, on Thursday.

At the opening ceremony, Serbian President Aleksandar Vucic said the high-tech company, which currently employs 137 workers, would increase its workforce to up to 800 in the second stage of operations.

During a tour of the factory after a meeting with the company's executives, Vucic noted that the cornerstone for the plant had been laid in May last year.

"They said they would not have come here if there was no motorway. This factory is a big thing for this city and the entire central and western Serbia," Vucic said.

He said the investment was worth 89 mln euros, including substantial subsidies provided by the Serbian government.

"It is always good when a German family-owned business comes to Serbia because companies like those always plan to stay and operate in Serbia for the long term," he said.

He said the company would export the bulk of its products to Germany and noted that, for the first time ever, Serbia had a trade surplus with the country.

"It is the first time in history, because we have German companies," he added.

Vucic and the company executives officially marked the start of production at the plant.