Geox invests EUR 15.8 million in footwear factory in Vranje - Agreement on employment incentives signed

(agreement signing)

Serbia's Minister of Finance and Economy Mladjan Dinkic and Geox CEO Mario Moretti signed Monday in Vranje an agreement on awarding funding for direct investments, which will enable the hiring of 1,250 workers at a new factory in which Geox will invest EUR 15.8 million, Tanjug reports.

The contract was signed in the presence of Prime Minister Ivica Dacic. Geox intends to build a factory for producing high-quality women's fashion footwear, which will be making 1,250,000 pairs of shoes a year.

The Serbian government will support the investment through its program of incentives for direct investments, paying the investor EUR 9,000 for each new worker hired. Dinkic and Moretti also signed a project framework agreement on mutual rights and obligations between Serbia, the City of Vranje and Geox.

Geox Group operates in 103 countries and is one of the world's biggest footwear manufacturers. It produces women's and children's classic, business, sports and fashion clothing and footwear. The Italian company has production facilities in China, Vietnam, Indonesia, South Korea and Brazil.