Nidec company (commons.wikimedia.org/Raimond Spekking)
Japanese company Nidec is starting the construction of an electric motor factory in Novi Sad on Dec. 10.
This past February, Nidec signed a framework agreement with the Ministry of Economy and Novi Sad whereby it pledged to invest EUR72.9 million and employ 480 workers.
The Serbian authorities will provide financial incentives totaling EUR8.9 million, as well as the possibility of other benefits, such as income tax exemption.
Nidec representatives confirmed earlier that the construction of the factory in Novi Sad was the first step in the founding of Nidec's industrial park in Europe. They said that the company planned to invest EUR1.5 billion in all of Europe, while a considerable amount of the funds would be invested in Serbia.
Nidec Group operates in 40 countries and has 340 companies which employ 120,000 people.
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