textile final small

8132019 Textile Final Small

httpslidepdfcomreaderfulltextile-final-small 119

Competitive Manufacturing amp Tradition

SERBIA

TEXTILEINDUSTRY





02 03

Serbia is located in the centralpart of the Balkan Peninsulaoccupying an area of 88407 square

kilometers The length of Serbiarsquosborder is 236440 kilometers (landborder 1570 km river border7511 km and lake border 433km) which it shares with Bulgariato the east Romania to thenortheast Hungary to the northCroatia and Bosnia-Herzegovinato the west Montenegro tothe southwest and Albania and

Macedonia to the southSerbia is positioned on the mostimportant route linking Europeand Asia and is often referredto as the cross-roads of EuropeInternational roads and railwayspassing down along its river valleys

make up the shortest link bet weenwestern and central Europe onone side and the Middle East Asiaand Africa on the other CorridorNo 10 is the shortest land route(highway) connecting westerncentral and eastern Europe withGreece Turkey and the near eastcountries It runs the full length ofSerbia separating into two routesnear the city of Nis - one routetowards Thessaloniki while theother leads to Sofia and IstanbulSerbiarsquos rivers belong to the basins ofthe Black Adriatic and Aegean Seaswhere the Danube (water corridorVII) is a natural connection between

the Middle East central Europe andthe developed countries of westernEurope The country is also linked tothe Adriatic Sea and Montenegrovia the Belgrade-Bar railway

EU accession is one of the toppriorities of the Serbian GovernmentAfter the European Commission

recommended Serbia to receiveEU candidate status in October2011 Serbia officially became an EUmembership candidate on March1st 2012 and in late June 2013 EUleaders decided accession talks withSerbia should begin by January2014 Based on the National Programfor EU Integration the countryrsquos

regulatory framework is wellunderway to be fully harmonizedwith Acquis CommunautaireRegardless once negotiation talkscommence it would take severalyears to fully adjust the system toEU regulations

Over the past several years the Serbianeconomy has experienced growthdue to strong foreign investmentand continuous improvement of itsbusiness environment even duringthe crisis and recession of 2009 In2011 the economy grew by 16(Source National Bank of Serbiawwwnbsrs) and Serbia was theleader in CEE in attracting FDI witheuro22 billion of inbound investments

This growth was interru pted in 2012as a result of the recession in the Euroarea Serbiarsquos main export partnerhowever success in attracting FDIcontinued according to the Ernstamp Youngrsquos attractiveness survey for2013 (Source wwweycom) andSerbia was one of the countries withthe greatest capacity to attract large job-intensive projects b oth in ter msof number of projects and number of jobs created The country attracted78 projects in 2012 up by 164year-on-year creating 10302 jobs

which placed Serbia in sixth place inEurope in FDI job creation Serbianprojects were among the mostlabor intensive in Europe creatingon average 132 per project Nearly90 of projects in Serbia came fromEuropean companies Italian firmsprovided more than half of the new jobs with German and Austriancompanies also proving to be big

investors mostly in manufacturing ofautomotive components machineryand equipment as some of theleading divisionsIt is estimated that increased netexports will further boost grossdomestic product in the following

years largely due to the impendingrealization of agreed investmentsnotably in the automotive industry

The World Bank estimates thatSerbiarsquos economic growth in 2013will exceed 2Furthermore even though publicrevenues declined taxes did notincrease until 2012 and real wages andcontributions related to salaries werereduced Specific actions were takento strengthen fiscal responsibility andimprove transparency of policies andadministration This remains a keypriority for the future Major reformsin the pension and social systemare on the Governmentrsquos agenda

whose aim is to increase incentivesfor employers and decrease taxationon wages In 2013 the Governmentreduced the sales tax rate to 10 tofurther relieve businesses

ABOUTSERBIA

1A PERFECT PLACEFOR ALL TYPES OFMANUFACTURING

3FASTFORWARD

2ON THE EUPATHWAY



04 05

RSD 88123

224 8

Unemploymentrate 2012Trade

RSD 113132

euro 413375

1227

1euro1$

GDP pc2012

Annualized inflationrate (2012)

Serbian

euro 29933 million4

-17 6

GDP2012

Real GDP growth2012

7186 8621

(excluding Kosovo-Metohija)

Central European Time zone (GMT + 1)

temperature is continental with a gradual transitionbetween the four seasons of the year

Major Cities Belgrade 16 millionNovi Sad 034 million Nis 026 million

88361 km2

1h

2h

3h

BELGRADE

Exports (2012) 88 billion EUR

Imports (2012) 148 billion EUR9

Main export products Cereals and cereal products electrical machinesand appliances non-ferrous metals road vehiclesfruits and vegetables These five fields account for307 of overall exports

Main import productsoil and oil derivatives natural gas road vehicleselectrical machines and appliances medical andpharmaceutical products These fields togetheraccount for 298 of overall imports

Major export partners (listed by value in exports) are Germany (euro10 billion 116 of total exports) Italy(euro9332 million 106 of total exports) Bosnia andHerzegovina (euro8426 million 95 of total exports)Romania (euro7276 million 82 of total exports) andthe Russian Federation (euro6758 million 76 of totalexports) On the import side top five major partners

are the Russian Federation (euro16 billion 109 oftotal imports) Germany (euro16 billion 109 of totalimports) Italy (euro14 billion 97 of total imports)China (euro11 billion 73 of total imports) Hungary(euro7282 million 49 of total imports)

1 Statistical Office of the Republic of Serbia Census of 20112 National Bank of Serbia3 National Bank of Serbia4 Ministry of Finance and Economy5 Ministry of Finance and Economy6 National Bank of Serbia7 National Bank of Serbia8 Ministry of Finance and Economy9 Serbia Investment and Export Promotion Agency (SIEPA)





9

Textile and garment production has along history and admirable traditionof fruitful collaboration with foreignpartners Before the disintegrationof Yugoslavia textiles were one ofthe leading exports with annualindustry export revenues of aroundUS$1 billion Over 70 of the exportrevenues originated from the westernEuropean market The majority ofthese textile companies were locatedon the territory of SerbiaDuring the eighties of the last centurySerbian companies produced

garments for a wide range of USand western European companiesProduction was mostly conducted ona cut-make-trim (CMT) basis wherethe materials are imported and onlylabor is added before re-exportOver the last 10 years the Serbianfashion industry has evolved froma domestic manufacturing-basedindustry into a design-orientedsector operating in the globalmarketplace Over 1500 companiesemploying 30000 personnel operatein the Serbian textile industry whichincludes garment textile and leatherproduction This is nearly 2 of thetotal number of companies and 29

of the total number of employees inSerbia or 87 of employees in themanufacturing sector The companiesin the textile and garment productiongenerate 07 of Serbiarsquos turnover

TEXTILEINDUSTRYIN SERBIA

1SECTOROVERVIEW

Total Manufacturing Textile

productionGarment

production Textile

industry10

Enterprises

87787 17282 486 1054 1540

Employees

1024796 345719 8178 21743 29921

Turnover6303515 1880400 15734 32822 48556

Basic indicators of textile industry enterprises in Serbia (2010)

10 subtotal of textile production and garment production

09



10 11

Educational programs for garment are organized at

Faculty of Technology Leskovacwwwtfniacrs

Faculty of Applied Arts Belgradewwwfpuedurs

Technical Faculty ldquoMihajlo Pupinrdquo Zrenjaninwwwtfzrunsacrs

The College of Textile ndash Design Technology and Management Belgradewwwvttsedurs

High Vocational Textile Technical School Leskovacwwwvsstleedurs

Vocational Technical School Zrenjaninwwwtehnickazredurs

Vocational Technical School Ariljewwwahilijeznanjeinfo

Vocational School for Textile Design Belgradewwwskolazadizajntekstilaedurs

Vocational School Somborwwwss-svetisavaedurs

Vocational Textile and Leather School Rumawwwsssbredurs

Vocational Textile Technical and Agricultural School Smederevowwwdespotedurs

Vocational Technical School Prijepolje

wwwtsprijepoljeedurs Accademia del Lusso School of Fashion Belgrade

wwwaccademiadellussocom

The textile industr y in Serbia boasts a highly qualified labor force on account of on its educational system includingboth high-school and university levels Tailors and technicians are educated in specialized high schools evenly spreadthroughout the country Higher levels of education at specialized university departments offer post-graduate educationin related fields Design experts are educated in numerous secondary schools colleges and universities

Serbiarsquos strong tradition of textile manufacturing and exports yielded business-minded companies with highly skilled workforceCompanies have proven they have experience in maintaining customer relations and meeting customer requirementsaccording to international standards This was substantiated by the stable number of employees within the industryduring the period 2010-2012 following the initial contraction in 2010 which resulted from the global economic downturn

Number of employees in textile industry in the period 2009-2011

2009 2010 20110

5000

25000

20000

15000

10000

Textile production Garment production

Source Statistical Office of the Republic of Serbia

Number of enterprises and employees within textile industry enterprises classified by size (2010)

Micro(0-9 employees)

Small(10-49 employees)

Medium(50-249 employees)

Large(250+ employees)

T e x t i l e

p r o d u c t i o n

T o t a l i n t e x t i l e

i n d u s t r y

G a r m e n t

p r o d u c t i o n

770 214 56 14

2200 5205 5675 8663

1168 276 78 18

3272 6689 7987 11973

398 62 22 4

1072 1484 2312 3310



jackets menrsquos jackets womenrsquos cottontrousers menrsquos cotton trousers menrsquoscotton shirts etc The most significant imports originatefrom Italy (230 US$199 million)China (189 US$163 million) Turkey(13 US$113 million) and Germany(8 US$69 million) The leading import co untries mainlyprovide materials such as

clothes integral parts of textileproducts ribbons and leather(Italy)

clothes bags different kinds of

fabrics yarns and fiber (China) yarns fibers and fabrics (Turkey)

yarns and fabrics (Germany)

Other imports are distributed amonga greater number of importingcountries with a maximum percentageof 33 individually Some leadingimport countries from this group areRomania Bangladesh India SloveniaBelgium and the UK (2012)More than 60 of the textile industryimports arrived from EU memberstates mostly covering various typesof yarns and fabrics The foreign trade exchang e w ithinthe textile industry has had aconstant growth starting from

2005 ever since the free tradeagreement was signed between

the EU and the Republic of Serbia

Nevertheless the foreign tradebalance of textile products stillremains negative as it amountedto US$2029 million in 2012Exports covered only 766 ofimports This was mainly a result of alarge scale of imports in goods suchas yarns and fabrics while 90 of rawmaterials from the textile industrywere importedOn the other hand when consideringclothing items the foreign tradebalance is positive In 2012 thesurplus was made by producers of

clothing underwear and hosieryindicating that the textile industry is

ahead of the primary industry

Export Import Balance

Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2012

Manufacturing 109045 105268 97 162741 153971 95 - 48703

Textile production 3707 4112 111 6511 6079 93 - 1967

Garment production 2561 2516 98 2616 2578 99 - 62

Total for textile industry 6268 6628 106 9127 8657 95 - 2029

Source Chamber of Commerce and Industry of Serbia

Export and import of Serbian textile industry in 2012 (in million US$)

In 2012 exports from the Serbiantextile industry were valuedat US$6628 or 6 of totalmanufacturing exports It increasedby 6 compared to the same periodin 2011 The textile productiongenerated US$4112 million andthe garment industry generatedUS$2516 million in export in 2012 The most dominant export productsfrom the textile industry are hosieryleggings bras cotton vests polyethylenebags and sacks gimped yarns tarpaulinswoven roofs tents sails camping goodsshorts from synthetic fibers rubberized

fabric womenrsquos sweaters womenrsquosdresses from synthetic fibers menrsquoscotton shirts menrsquos trousers knit shirtsmenrsquos sweaters and pullovers menrsquos jackets and blazers

Major export markets Italy andGermany absorb more than 50(517) for an annual value of nearlyUS$350 million in exports in the lastthree consecutive years (2010-2012) These figures demonstrate consistentcooperation and client satisfactionOther key export markets includingBelgium Bosnia and HerzegovinaCroatia France MontenegroRomania Russia and Sloveniacontribute to another 354 share ofSerbian exportsSignificant growth can be noted inexports to the Slovenian market with a

270 growth over the same three yearperiod while Romanian and Russianmarkets indicated a growth of 120As a whole in 2012 the Serbian textileindustry imported about US$866

million in textile goods which is 5lower than the import of the sameitems in 2011 The textile industrycontributed to 56 of total importsfor the purpose of production Textile production imported US$6079million which is 7 less than in2011 At the same time the garmentproduction imported goods in theamount of US$2578 million 1 lessthan in 2011Main import products from thetextile industry are hosiery madefrom synthetic fibers single yarndyed cotton materials cotton

undershirts gimped yarn nylontextured yarn quilts impregnatedfabric polyurethane fabric bras andparts for bras knitted fabric denimfabric womenrsquos sweaters womenrsquos

12 13

THE TEX TIL E I NDU STRY I S AN I MPORTAN T E CONO MIC SEC TOR IN S ERB IA

EXPORT983085ORIENTED AND LABOR INTENSIVE WITH TRADITION

ON THE EUROPEAN AND GLOBAL MARKETS

EXPORTS REACH US$660 MILLION 70 ABSORBED BY THE EU MARKE T

Import value per market (US$1 mill 2012)

50 100 150 200 2500

UK

Belgium

Slovenia

India

Bangladesh

Romaia

Germany

Turkey

China

Italy

S o u r c e C h a m b e

r o f C o m m e r c e a n d I n d u s t r y o f S e r b i a

Export value per market (US$1 mill 2012)

50 100 150 200 2500

Belgium

Slovenia

Romania

France

Croatia

Montenegro

Bosnia and Herzegovina

Russia

Germany

Italy

S o u r c e C h a m

b e r o f C o m m e r c e a n d I n d u s t r y o f S e r b i a

2EXTERNAL TRADE



14 15 01

3KEYCOMPETENCES

primary textiles and cotton fabrics

men women and kids clothing

cotton sportswear

knitwear

hosiery

underwear

home and technical textiles

leather processing and leather clothing

SERBIAN

TEXTILE

INDUSTRY

HAS THE

STRONGEST

CAPACITY IN

Traditionally Serbian companiesprovide the following types ofproducts and services

quality CM and CMT servicesprovided by Serbian companies is wellknown internationally confirmed bythe presence of renown global brands

(Pompea Spa Italy DolceampGabbanaItaly Patricia Pepe Italy SchiesserGermany Schoffel Germany EKDenim Slovenia Glitz USA LiscaSlovenia Modea Nova Croatia GSTsri Italy Tex Zeta Italy Fipko tradeMacedonia Dimitri Greece Nasta KidsBelorussia Toprey Turkey CountryLine Germany Habitex BelgiumBrothers and friends Germany LeonStreet Design Germany)CMT (cut-make-trim) or CM (cut-make) are typically mode ofcooperation where a manufacturerproduces garments for a customerby cutting fabric provided by thecustomer and sewing the cut fabric

into garments following customerspecifications while not beinginvolved in the actual design Original Equipment Manufacturer(OEM) services are provided to a

lesser degree than CM and CMTservices however there is a potentialinterest from Serbian companies toextend their services toward OEM(Concordia Belgium BikkembergsBelgium Decathlon France ClickFashion Poland Benetton Italy

Armani Italy HIS Germany PionirGermany Karolina vanity GermanyAtair Germany Nikolis Greece Fipkotrade Macedonia Garesnica CroatiaIvancica Croatia Labod SloveniaOlala Slovenia Velana Slovenia Trinity Yoga Wear Netherlands ExitPoland Euro-style Russia MangoRussia Penti Turkey Metro Europe)OEM-related cooperation with foreignpartners which typically consists ofmanufacturing according to customerdesign and specifications in many casesalso includes the use of raw materialsalso specified by the customer

Brands ndash majority of Serbian brandsare perceived as brands of good

quality available at competitiveprices Traditionally Serbian brandshave had a strong presence on theregional markets while leaders in thissector have a stronger international

presence including the EU USApost-Soviet states Turkey andother marketsExisting Serbian brands are thefollowing AMC Exterra BisaAzzaro Guiseppe Leva LegendWorld Wide Infinito Moda Futura

Ivko Jagger Extreme IntimoExtreme Collection Line X Girl XBoz X Jasmil Kooi-knit LeonardoLuna Exit Maxers Mona NicolarsquosPassage Stig Sonka Slonk TFY

Production TFY Jr TFY Todor Intima VR

Couture Zekstra PSFashion Martini

Vesto St George Evolution Beba Kids

Ramax Bros ClassX BRUG DenisStar

Big Boys Nesal Exact Jeans Bennelli

Jeans Casaba Amibo Astra Socks

Elipsa Bramy Gloster Kassker Modus

Taboo Valentino Endi Knit Moda

trikotaza Onicelli GOP Conto Bene

Exelit Allegra Balasevic Fratelli Kodzic

In addition to the above mentionedbrands there are also a large number

of small companies which producetheir own collections They primarilysell their products to the local ieSerbian market as they are notexport-oriented

TRA DIT ION ALLY SE RBI AN C OMPAN IES PRO VID E QU ALI TY CM A ND C MT

SERVICES AND HAVE DEVELOPED THEIR OWN B RANDS WHICH HAVE A

STRONG PRESENCE ON THE REGIONAL MARKETS



17

GEOGRAPHICAL DIVISION OF TEXTILE AND GARMENTPRODUCTION IN SERBIA

CAPACITIES FOR TEXTILE AND GARMENT PRODUCTION EXIST IN ALL PARTS OF SERBIA

SERBIAN TEXTILE COMPANIES ARE CAPABLE OF OFFERING CM OR CMTSERVICES AS WELL AS THE OEM BUSINESS MODEL OF COOPERATION THEYPRODUCE DIFFERENT PRO DUCTS BLOUSES 991251 CHEMISE TROUSERS 991251 SKIRTS

DRESSES SUITS 991251 BLAZERS COATS 991251 JACKETS JEANS 991251 CASUAL WEARSPORTSWEAR T983085SHIRTS SWEATSHIRTS KNITWEAR SOCKS UNDERWEAR

WORK WEAR THEY POSSESS THE EQUIPMENT FOR PROCESSES SUCH ASCUTTING SEWING PRESSING SPECIAL FINISHING WASHING DYEING

PRINTING EMBROIDERY KNITTING AND HOSIERY PRODUCTIONCAPACITY FOR GOOD TEXTILE AND GARMENT PRODUCTION CAN BEFOUND IN ALL PARTS OF SERBIA HOWEVER THE INDUSTRY HAS SEVERAL

KEY CENTERS TEXTILE SUB983085SECTOR HUBS WITH A HIGH CONCENTRATIONOF SPECIALIZED MANUFACTURERS ARE LOCATED IN NORTHERN SERBIA

ADA MUNICIPALITY CENTRAL SERBIA ARILJE MUNICIPALITY AREA ANDSOUTHWEST SERBI A NOVI PAZAR MUNICIPALITY



18 19

NORTHERN PART OF SERBIA

KNITWEAR MANUFACTURERS

CENTRAL PART OF SERBIA

LIGHT AND READY983085MADE CLOTHING ITEMS

SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR

COTTON YARNS AND FABRIC PRODUCERS SPORTS COTTON WEAR ITEMS

The Ada Municipality is situated in the nor thern part of Serbia (AutonomousProvince of Vojvodina) close to the Hungarian border On the territory of the AdaMunicipality there are a significant number of enterprises from the agriculturemetal and textile industry (mostly knitwear) The garment producers from thisarea are generally small and medium-sized family-owned businesses focusingon knitwear production

Useful links wwwadaorgrs - Municipality of Ada

The larger producers of light and ready-made clothing are situated in thecentral part of Serbia Belgrade boasts many significant private textile andgarment companies These companies enable greater flexibility in operationsand quick adaptation to current fashion trends

Useful links wwwclusterfactsorgrs - Fashion Apparel Cluster in Serbia lsquoFACTSrsquo

wwwlzoteksrs - Cluster of Textile Producers (producers of work-wear)



KEY



20 23

KEYSTRENGHTS

VALUE FOR MONEY 983085 COMPETITIVE COST FOR HIGH QUALITY PRODUCTS AND SERVICES

SHORT DELIVERY TIMES AND FLEXIBILITY IN MINIMUM ORDER QUANTITIES

T RANSPORT ADVANTAGES DUE TO CLOSE PROXIMITY WITH EU MARKET AND SUPPLIER S

FLEXIBL E RELIABLE AND QUICK DELIVERY TAILORED TO CUSTOMER NEEDS

BUSINESS OPPOR TUNITIES IN YARN FABRIC AND READY983085MADE GARMENT PRODUCTION

GOOD GEOGRAPHI C LOCATION AND FAVORABLE ECONOMIC SITUATION

FAVORABLE TRADE AGREEMENTS WITH EU RUSSIA USA CEFTA

SOLID CONDITIONS FOR COMPLETE BUSINESS OPERATIONSCOMMISSION PROCESSING

LONG TRADITION IN PROVIDING SERVICES TO GLOBAL INDUSTRY LEADERS

THE SUBCONTRACTING COSTS IN SERBIAARE AMONG THE LOWEST IN EUROPE

Garment production in Serbia has relatively low subcontracting costs of 009 ndash 010 EURminute with even lower rates insouthern Serbia of euro007 ndash 008 per minute

Subcontracting costs

Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009

Source Weis Consulting Assoc GmbH

WHY SERBIA

Ireland

Denmark Lithuania

The strategic positioning of Serbia



Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece

10th PanndashEuropean Corridor


Croatia

Slovakia

Montenegro

Bosnia andHerzegovina

25

The strategic positioning of Serbiaprovides quick delivery whiletransportation costs are extremelycompetitive A hanging transport costfrom Serbia to the EU is approximately

euro023 per garmentSerbian textile companies caneffectively serve as secondary sourcesof high-quality textiles for Europeanretailers They can react swiftly tosmaller orders with quick turnaroundtimes Competitively-priced laboras well as a strong textile traditionin Serbia ensures manufacturing

of high-quality products at verycompetitive prices

24

BUSINESS AND INVESTMENT OPPORTUNITIES



26 2726

There are significant capacities inproduction of certain raw materialsand other integral parts for textileproduction such as

leather

cotton fabrics different types ofyarns fiber and fabrics

integral parts of textile products(labels shoulder pads other)

On the other hand insufficient

capacities in the production ofyarns fibers and different typesof fabrics is compensated withimports from China India ItalySpain Turkey and SloveniaDue to the complexity and variety ofmaterials and other parts integratedinto textile products a number ofproducts which belong under thecategory of integral parts of textileproducts are also imported fromChina Germany Italy and Romania The fact that the textile industryis highly dependent on imported

materials creates extensive opportunitiesfor investment in this field In orderfor Serbian textile producers to benefitfrom the existing agreement with theEU it is required that all raw materialsused in the production of textiles andgarments are of either Serbian or EUorigin Since importing raw materials

from the EU raises the price of thefinal product it would be significantlymore cost-efficient for the rawmaterials to be of Serbian origin Anyinvestment which would be madeinto the production of domestic rawmaterials would have a quick return

as any raw materials produced locally

would almost guarantee the sale ofthese itemsMany business opportunities can befound in the production of ready-made garment The industry has large capacityfor CMT with quality and deliverytimes which can appease even themost demanding clients Serbia hastraditionally cooperated with manyforeign partners and has been one ofthe leading garment manufacturersfor luxury brands Fashion industries ofFrance Germany and Italy intensivelyused production capacities in thecountry together with highly qualifiedand low-priced labor Clients have

included Gucci Hugo Bos s ValentinoDolceampGabbana Benetton TommyHilfiger and many moreMoreover Serbian companiesrsquocompetitive advantages includedesign full-package and private labelcapabilities as well as the ability tooffer collections to customers withreliable and high-quality productionCompared to other countries in theregion Serbia is well known for largenumber of domestic companieswhich have their own brands Thesecompanies are able to set-up an OEMmodel of cooperation with foreigncompanies which includes takingresponsibility for material sourcinglogistical coordination and canprovide all the production servicessuch as finishing and packaging forfinal delivery to retailers Those Serbiancompanies which have developed

their own brands are quite interestedin the OEM model of cooperation inparticular with those markets wherethey do not sell their own products The great offer of the OEM model isthe competitive advantage of Serbiangarment production in comparison

with other countries from the region

In terms of the number of investmentprojects and jobs created the textile

industry ranks quite high on the listof sector attractiveness Companiessuch as Benetton Calzedonia GoldenLady Pompea and many more areextensively using their productionfacilities as secondary manufacturingsites for the production of high-quality garments

The largest foreign direct investmentwhen it comes to textiles wasrecorded in hosiery productionprimarily due to the status of theMost-Favored-Nation granted toSerbia by the US in 20042005As a result tariff rates for hosierymade in Serbia are lower than tariff rates for EU hosiery towards theUS market It is for this reason thatItalian hosiery firms such as GoldenLady and Calzedonia as well asGermanyrsquos Falke are produced inSerbia today

TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN

FABRIC AND READY983085MADE

GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE

OPPORTUNITY TO INVEST

IN SERBIArsquoS TEXTILE

INDUSTRY

WWWSERBIANAPPARELCOM

SERBIAN APPAREL

For more information about Serbian manufacturersfashion labels and designers please search our DATABASE

CLOTHING



29

COMPROM PLUS

I YR

CLOTHINGANDTEXTILEINDUSTRY

FDI

SERBIA



Serbia Investment and Export PromotionAgency (SIEPA) was established morethan a decade ago and entrustedwith the mission to support foreigncompanies seeking to set up or expandtheir presence in Serbia and Serbiancompanies doing business abroad Today a staff of nearly 50 multilingualemployees handles projects from andto all over the worldWe provide professional services tocompanies interested in setting upbusiness operations in Serbia focusingon all relevant issues in their decisionmaking process Our staff is ready to offer

information on the general investmentenvironment as well as targeted legaland industry-specific advisory servicesOur network of contacts provides linksto all levels of government as well asprivate service providersBy administering the financialincentives program offered by thegovernment we have supportedopening of more than 40 thousandnew jobs since the launch of theprogram in 2006 At the same timewe have technically and financiallysupported thousands of Serbiancompanies in increasing their

competiveness at global marketsSIEPArsquos work is widely recognizedwith World Bankrsquos MIGA rankingSIEPA among the top five IPAs ofdeveloping and countries in transitiontopping the list of our internationalacknowledgements The list ofour clients includes Fiat BenettonPanasonic Bosch and many otherglobal and regional industry leadersWe invite you to contact our expertstaff which is ready to assist you indeveloping your business in SerbiaWorking with us is simple easy andstill costs nothing

31

SERBIAINVESTMENTAND EXPORTPROMOTION

AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC

EXPORT PROMOTION ADVISOR

TEXTILE INDUSTRY

T +381 11 3398 644

milicatomicsiepagovrs




Serbia Investment and Export Promotion Agency

3 Vlajkoviceva St 5th floor 11000 Belgrade Serbia

phone +381 11 3398 550 fax +381 11 3398 814

e-mail officesiepagovrs

wwwsiepagovrs wwwdoingbusinessinserbiacom

wwwserbianapparelcom

SUPPORTED BY





02 03
















ABOUTSERBIA


3FASTFORWARD

2ON THE EUPATHWAY



04 05

RSD 88123

224 8


RSD 113132

euro 413375

1227

1euro1$

GDP pc2012


Serbian

euro 29933 million4

-17 6

GDP2012

Real GDP growth2012

7186 8621





88361 km2

1h

2h

3h

BELGRADE












9





1SECTOROVERVIEW


productionGarment

production Textile

industry10

Enterprises

87787 17282 486 1054 1540

Employees

1024796 345719 8178 21743 29921

Turnover6303515 1880400 15734 32822 48556



09



10 11



















2009 2010 20110

5000

25000

20000

15000

10000








T e x t i l e

p r o d u c t i o n


i n d u s t r y

G a r m e n t

p r o d u c t i o n

770 214 56 14

2200 5205 5675 8663

1168 276 78 18

3272 6689 7987 11973

398 62 22 4

1072 1484 2312 3310















Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2012

Manufacturing 109045 105268 97 162741 153971 95 - 48703












12 13






50 100 150 200 2500

UK

Belgium

Slovenia

India

Bangladesh

Romaia

Germany

Turkey

China

Italy




50 100 150 200 2500

Belgium

Slovenia

Romania

France

Croatia

Montenegro


Russia

Germany

Italy

S o u r c e C h a m


2EXTERNAL TRADE



14 15 01

3KEYCOMPETENCES



cotton sportswear

knitwear

hosiery

underwear



SERBIAN

TEXTILE

INDUSTRY

HAS THE

STRONGEST

CAPACITY IN




























17











18 19





SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR









KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



04 05

RSD 88123

224 8


RSD 113132

euro 413375

1227

1euro1$

GDP pc2012


Serbian

euro 29933 million4

-17 6

GDP2012

Real GDP growth2012

7186 8621





88361 km2

1h

2h

3h

BELGRADE












9





1SECTOROVERVIEW


productionGarment

production Textile

industry10

Enterprises

87787 17282 486 1054 1540

Employees

1024796 345719 8178 21743 29921

Turnover6303515 1880400 15734 32822 48556



09



10 11



















2009 2010 20110

5000

25000

20000

15000

10000








T e x t i l e

p r o d u c t i o n


i n d u s t r y

G a r m e n t

p r o d u c t i o n

770 214 56 14

2200 5205 5675 8663

1168 276 78 18

3272 6689 7987 11973

398 62 22 4

1072 1484 2312 3310















Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2012

Manufacturing 109045 105268 97 162741 153971 95 - 48703












12 13






50 100 150 200 2500

UK

Belgium

Slovenia

India

Bangladesh

Romaia

Germany

Turkey

China

Italy




50 100 150 200 2500

Belgium

Slovenia

Romania

France

Croatia

Montenegro


Russia

Germany

Italy

S o u r c e C h a m


2EXTERNAL TRADE



14 15 01

3KEYCOMPETENCES



cotton sportswear

knitwear

hosiery

underwear



SERBIAN

TEXTILE

INDUSTRY

HAS THE

STRONGEST

CAPACITY IN




























17











18 19





SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR









KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY





9





1SECTOROVERVIEW


productionGarment

production Textile

industry10

Enterprises

87787 17282 486 1054 1540

Employees

1024796 345719 8178 21743 29921

Turnover6303515 1880400 15734 32822 48556



09



10 11



















2009 2010 20110

5000

25000

20000

15000

10000








T e x t i l e

p r o d u c t i o n


i n d u s t r y

G a r m e n t

p r o d u c t i o n

770 214 56 14

2200 5205 5675 8663

1168 276 78 18

3272 6689 7987 11973

398 62 22 4

1072 1484 2312 3310















Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2012

Manufacturing 109045 105268 97 162741 153971 95 - 48703












12 13






50 100 150 200 2500

UK

Belgium

Slovenia

India

Bangladesh

Romaia

Germany

Turkey

China

Italy




50 100 150 200 2500

Belgium

Slovenia

Romania

France

Croatia

Montenegro


Russia

Germany

Italy

S o u r c e C h a m


2EXTERNAL TRADE



14 15 01

3KEYCOMPETENCES



cotton sportswear

knitwear

hosiery

underwear



SERBIAN

TEXTILE

INDUSTRY

HAS THE

STRONGEST

CAPACITY IN




























17











18 19





SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR









KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



10 11



















2009 2010 20110

5000

25000

20000

15000

10000








T e x t i l e

p r o d u c t i o n


i n d u s t r y

G a r m e n t

p r o d u c t i o n

770 214 56 14

2200 5205 5675 8663

1168 276 78 18

3272 6689 7987 11973

398 62 22 4

1072 1484 2312 3310















Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2012

Manufacturing 109045 105268 97 162741 153971 95 - 48703












12 13






50 100 150 200 2500

UK

Belgium

Slovenia

India

Bangladesh

Romaia

Germany

Turkey

China

Italy




50 100 150 200 2500

Belgium

Slovenia

Romania

France

Croatia

Montenegro


Russia

Germany

Italy

S o u r c e C h a m


2EXTERNAL TRADE



14 15 01

3KEYCOMPETENCES



cotton sportswear

knitwear

hosiery

underwear



SERBIAN

TEXTILE

INDUSTRY

HAS THE

STRONGEST

CAPACITY IN




























17











18 19





SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR









KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY















Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2011

Jan - Dec2012

Index Jan - Dec2012

Manufacturing 109045 105268 97 162741 153971 95 - 48703












12 13






50 100 150 200 2500

UK

Belgium

Slovenia

India

Bangladesh

Romaia

Germany

Turkey

China

Italy




50 100 150 200 2500

Belgium

Slovenia

Romania

France

Croatia

Montenegro


Russia

Germany

Italy

S o u r c e C h a m


2EXTERNAL TRADE



14 15 01

3KEYCOMPETENCES



cotton sportswear

knitwear

hosiery

underwear



SERBIAN

TEXTILE

INDUSTRY

HAS THE

STRONGEST

CAPACITY IN




























17











18 19





SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR









KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



14 15 01

3KEYCOMPETENCES



cotton sportswear

knitwear

hosiery

underwear



SERBIAN

TEXTILE

INDUSTRY

HAS THE

STRONGEST

CAPACITY IN




























17











18 19





SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR









KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



17











18 19





SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR









KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



18 19





SYNTHETIC YARNS

KNITTED UNDERWEAR

WORK WEAR









KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



KEY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



20 23

KEYSTRENGHTS













Germany

072

Bulgaria

008-009

Serbia

009-010

Italy - South

042

Italy - North

058

Spain

024

Austria

065

Albania

006-007

Macedonia

008-009

Turkey

010-015

Greece

02

Bosnia and

Herzegovina

008-009


WHY SERBIA

Ireland

Denmark Lithuania




Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



Romania

Germany

Bulgaria

Belgrade

Italy

Portugal

Spain

France

Slovenia

Belgium

Switzerland

Netherlands

United

Kingdom

Poland

Czech

Republic

Austria Hungary

Albania

Macedonia

Turkey

Ukraine

Belorussia

Greece



Croatia

Slovakia

Montenegro


25




24




26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



26 2726


leather















TEXTILE INDUSTRY

IN SERBIA PROVIDES

NUMEROUS BUSINESS

OPPORTUNITIES

PRIMARILY IN YARN


GARMENT PRODUCTION

MORE THAN 25

INVESTORS HAVE

ALREADY TAKEN

ADVANTAGE OF THE



INDUSTRY


SERBIAN APPAREL


CLOTHING



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



29

COMPROM PLUS

I YR


FDI

SERBIA






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY






31


AGENCYWWWSIEPAGOVRS



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY



32

MILICA TOMIC


TEXTILE INDUSTRY

T +381 11 3398 644







phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY





phone +381 11 3398 550 fax +381 11 3398 814




SUPPORTED BY

textile final small

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