Dongfeng and Serbia's JAT sign deal to manufacture trucks
(chinatrucks.com, Nov. 24, 2009)Dongfeng motors and Serbia's truck maker FAP signed a business cooperation pact for the production of heavy-duty trucks, which could lead to privatization of the Serbian company.
The companies signed the memorandum of understanding on Nov.23 during a China-Serbia investment forum in Belgrade.
"The Chinese partner intends to perform so-called CKD assembly, to supply us with parts for trucks, which we would mount in our plants, as with Punto cars in Kragujevac," FAP general director Mirko Stojovic told the domestic Novosti newspaper.
Cooperation could lead either to the privatization of FAP or creation of a joint venture. The Serbian government has expressed a willingness to help, Stojovic added.
The Serbian government is planning to invest 1 million euros in FAP, Economy Minister Mladjan Dinkic said.
Under the initial agreement, the two companies will begin manufacturing and technical cooperation that will eventually lead to assembly by FAP of four of the Chinese company's "Dongfeng" truck models, Dinkic told Novosti.
"In the second phase there will be joint investment, which means the trucks, with more than 50% of components, are produced in Serbia. This will allow FAP to export trucks, without customs, to countries with which Serbia has signed free trade agreements," he reported.
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