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2009-12-22 00:00:00
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Marko Subotic in Belgrade - 22.12.2009
Italian car maker Fiat will invest 100 million euros in Serbia's Zastava car assembly plant by the end of the year.
"Fiat will by the end of the year pay the first 100 million euros in line with the contract on joint investment between that company and the state of Serbia," Serbian President Boris Tadic told a news conference in Turin, Italy.
"This will be a major investment in the domestic economy especially because from 2011 Fiat will produce two new models in Zastava with initial production of around 200,000 cars a year."
During his trip to installations of Fiat (www.fiat.com), Tadic reported that an annex to the contract between the carmaker and the state of Serbia would be signed on Dec.23.
Output will start in early 2010.
"The reason why this process was postponed for more than we expected was the economic crisis. The new car model that president Tadic saw is recession-proof," Fiat CEO Sergio Marchionne said.
Source: Balkans.com Business News
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