State Subsidies of EUR 7 Million for Srpska Fabrika Stakla Paracin with Mandatory Investment of EUR 44.4 Million and Employment of 200 Workers

Source: Nova ekonomija Tuesday, 30.01.2024. 13:52
Illustration (Photo: bibiphoto/shutterstock)Illustration
Srpska Fabrika Stakla Paracin d.o.o. (SFS) is getting a subsidy of around EUR 7 million for the reconstruction, construction and procurement of production equipment. The factory will get these funds under the condition of employing at least 200 people for an indefinite period of time.

SFS was founded on October 23, 1946, and it is now owned by Vaider Group AG, and it produces glass packaging. At the time of filing the application for the allocation of subsidies, the factory said that it had no employees.

Under the agreement signed with the Ministry of Economy of Serbia on December 12, 2023, the factory obliged to employ at least 200 workers for an indefinite period of time by the end of 2023 and to invest material and non-material assets worth at least EUR 44.4 million by the end of 2024.

The salaries of the employees over the two-year period will amount to a total of EUR 4.3 million, and they have to be at least 20% higher than the minimum wage, according to the standard.

Also, the factory is obliged not to reduce the number of employees for a period of five years from the completion of the project.

SFS has obliged to realize the investment project by the end of 2024 and that it will be “the exclusive user of the property acquired by the investment project.”

The subsidies will be paid in two tranches in dinar countervalue according to the middle exchange rate of the National Bank of Serbia.

Srpska fabrika stakla Paraćin
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