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BELGRADE (Serbia), October 12 (SeeNews) - German cable and wiring systems manufacturer Leoni broke ground on Thursday for a 60 million euro ($69.5 million) plant in Serbia's Kraljevo, the Kraljevo city government has said.
The plant, Leoni's fourth one in Serbia, will employ 5,000 people in 2023 when its development is completed, the Kraljevo city government said in a statement on Thursday.
At the end of 2019, it is expected to have about 1,000 employees at the plant, Serbian president Aleksandar Vucic said during the official groundbreaking ceremony.
The German company has so far invested 90 million euro in buildings and equipment in Serbia, Leoni board member Martin Stuettem has said.
Last year, Leoni opened its third plant in Serbia, in the city of Nis. Currently, the company employs 1,000 people in Nis and plans to increase its workforce in the city to 2,200 by the end of 2019.
($ = 0.8633 euro)