The representatives of Changzhou Xingyu Automotive Lighting System Co, Ltd., Serbia’s Economy Ministry and the southern city of Nis signed a memorandum on understanding after the company said it was interested in opening a factory in Serbia which would supply its clients in Europe, the Beta news agency reported on Tuesday.
A total investment, worth, as was said, some 50 million Euros, would be the first Xinyu factory outside China.
The first phase could begin next year in Nis, employing 1,000 workers. Further employment would depend on market demand.
The company’s products range includes beam moving heads, LED lights, outdoor lights, laser lights and light control systems.
According to Serbia’s President Aleksandar Vucic, the European clients include Volkswagen, BMW, Audi and Reno.
Vucic, who witnessed the signing, said the company’s interest in Serbia showed China saw the country as a reliable partner.