Mayor of Novi Sad, Miloš Vučević, General Manager of Vossloh Kiepe Austria, Peter Pichler, Director General of Serbian Railways, Dragoljub Simonović, and Director General of the Railway Vehicles Factory Želvoz, Zoran Jokić, signed the Memorandum of Understanding, in the presence of First Deputy Prime Minister, Aleksandar Vučić, and President of the Serbian Chamber of Commerce, Željko Sertić. The Memorandum implies that the City and Austrian agency explore the possibilities of cooperation in the production of heating, ventilation and air conditioning for all types of railway vehicles, while the City will support Vossloh Kiepe in finding the suitable production site in the Novi Sad Free Zone, as well as in searching for the qualified workforce and suppliers. Great support in this project has been provided by the Local Economic Development Office of the City of Novi Sad and the Novi Sad Free Zone.

• By signing this Memorandum, we are investing in the better future of our city, our region and our country. The effects of this agreement will be evidenced in the increase in export, new job opportunities and development of technology, as well as the development of numerous business entities. It is our pleasure that the City of Novi Sad has been recognized as a favorable place for investment of a renowned European company. Investments such as this one are necessary for Serbia and Novi Sad – said Mayor Miloš Vučević, adding that the cooperation reflects mutual interest, especially from the point of economic prosperity of the City of Novi Sad and the entire country.

The Memorandum was signed during international conference “Quantum Leap – Serbian Economy Moves Forward”, organized by the Serbian Chamber of Commerce, and Aleksandar Vučić commented on the signing of the Memorandum by saying that the existence of sustainable business in Serbia is of utmost importance, which is the very value provided by this agreement.

Vassloh Kiepe Austria currently negotiates the establishment of a production facility in Serbia, particularly in the Novi Sad Free Zone, at the total area of 25.000 m², with the possibility of employing up to 600 national workers. Initial value of the investment is 1.25 million EUR, while the facility will feature the production of cooling devices and heating and ventilation systems for all kinds of railway vehicles, and it will provide the company with presence at the markets of the Russian Federation, Belarus, Kazakhstan, Turkey, CEFTA and EU, whilst employing the current free trade agreements on the level of individual countries and unions of countries.

Novi Sad, October 3^rd, 2013