The South Korean company Yura opened on Monday its second factory in Serbia in Nis. The total value of the investment is EUR 15 million. That factory will employ 1,500 workers and, thanks to the Ministry of Economy and Regional Development, Yura has received subsidies in the amount of EUR 10.5 million, that is, EUR 7,000 for each newly created job, from the budget of the Republic of Serbia.
President of Yura Corporation De Jel Om said at the opening ceremony that the factory in Nis would be Yura's main manufacturing base in Europe.
The factory was opened in the presence of Serbian President Boris Tadic, Minister of Economy and Regional Development Nebojsa Ciric, and leader of the United Regions of Serbia Mladjan Dinkic.
Yura Corporation is engaged in the production of electronic components for the automotive industry, primarily cable installations and their components, as well as automotive spark plugs, coils and cables. It currently covers more than
60% of the needs of the companies Hyundai and Kia Motors for cable
installations. Yura operates in Serbia since April 2010 when it took over the Raca-based plant Zastava Elektro. It was an investment worth about EUR 3 million.