Turkey Taypa Textile Group will invest 35 million euros (approximately $ 41.2 million) in the construction of textile mills in central Kelvin, in central Serbia. According to a Memorandum of Understanding signed by Taypa Chairman Misuto Plower and Serbian Minister of Economy Goranzovic in an event held in Belgrade, the investment will be conducted within five years.
According to Serbian media reports, the new plant is expected to create jobs for 2,500 Serbs.
In early July, Serbian President Aleksandar Vucic said that Taypa was considering opening a textile mill and a development center in Kralaway.
Taypa Textile Group is one of the leaders of the Turkish textile and apparel market, with six factories, four in Turkey, one in Bangladesh and one in Egypt.