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PM opens business incubator centre in Yumco factory
Sep '10
Prime Minister Mirko Cvetkovic opened a business incubator centre in the Yumco textile factory in Vranje on the factory's 50th anniversary and underlined that the government will support development of entrepreneurship in Pcinja district.

The business incubator centre is a joint project involving the Serbian government, the city of Vranje and Yumco.

The Serbian government supports the work of Yumco and is trying to stabilise the production of the factory, which employs 2,000 workers, the Prime Minister said and added that the creation of new jobs and an increase in exports are the government's priorities for the near future.

He noted that although salaries of employees in Yumco are not high, ranging between RSD 12,000 and RSD 15,000, a basis has been created for the production of the first amounts of goods for export.

Minister for the National Investment Plan (NIP) Verica Kalanovic outlined that the NIP, in cooperation with other state institutions, has financed the opening of the business incubator centre, in which eight companies will be opened and 40 workers employed.

This centre has space for 14 small enterprises, she explained and specified that RSD 20 million has been invested so far from the NIP in the opening of this centre and RSD 6.4 million is intended for this purpose in 2010.

Yumco Director Zoran Stosic confirmed that the factory currently has a production contract with the state worth €3 million, as well as contracts with Elektroprivreda Srbije, Telekom Srbija and the Belgrade water supply company.

Stosic underlined that 60% of the factory's production capacity is engaged at the moment and voiced the hope that its full capacity will be utilised by the end of the year.

YUMCO A.D. is one of the largest textile companies in this part of Europe and it employs 3.000 employees in its complete production program, which ranges from the basic fiber to the completed garment.

Serbian Government

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