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BELGRADE (Serbia), November 26 (SeeNews) - Chinese company Changzhou Xingyu Automotive Lighting Systems intends to invest 50 million euro ($55.1 million) in the construction of a factory in Nis, Serbian daily Juzne Vesti reported.
The company plans to hire 1,000 employees at the factory, Juzne Vesti quoted sources from the Office for Local Economic Development and Projects of Nis city government as saying on Monday.
"The investor stated in his letter of intent that he needed 13.5 hectares of undeveloped construction land in the Industrial Zone West in Nis," Juzne Vesti quoted the sources as saying.
Construction works are expected to start in the first quarter of 2020.
Xingyu, listed on the Shanghai Stock Exchange, is active in the research and development (R&D), design, manufacturing and sales of automotive lamps. The company is the largest Chinese car lighting manufacturer and is a partner to European, Japanese, American and Chinese carmakers, according to data published on its website.
($ = 0.908068 euro)