October 24 (SeeNews) - Serbia's economy ministry said on Monday it signed an incentives deal with Bulgarian textile producer Kalinel which is due to open a factory in the Serbian town of Bosilegrad and employ 200 people.
Kalinel, which has been present on the Serbian market since 2012, will invest 1.9 million euro ($2.1 million) in expanding its production capacities and workforce in Serbia, the economy ministry said in a statement.
The Serbian government will back the investment with 710,000 euro.
The Bulgarian company will purchase an existing production hall in Bosilegrad where it will employ 100 people by the end of the year and a further 100 over the next 3 years.
Kalinel employs 52 people in Serbia's municipality of Vrnjacka Banja.
($=0.917814 euro)