16.10.2017.
Minister Vulin: We believe in Yumco and its future
Minister of Defence Aleksandar Vulin visited Yumco Holding Company Ltd. in Vranje. Minister Vulin met with the company's management, and then visited the plants of spinning mill, weaving workshop, finishing, ballistics and final production.
According to Minister Vulin, when in 2015 it seemed that Yumco had definitely been ruined, that there would be nothing of it any more and that the City of Vranje, together with Yumco, would begin to sink into the economic disaster, Aleksandar Vučić said that Yumco will work and that the state will do everything for it to start working and to work well.
- And, as you can see, he was right. With the huge self-sacrifice of all Yumco workers, with the understanding of the employees, with the support of the City, the Ministry of Economy and the entire Government, Yumco has become an enterprise that does not have to fear its future. By the end of the month, the Government of the Republic of Serbia will make the appropriate conclusion in terms of conversion and takeover of the appropriate ownership, and then we expect that we will very soon pass, also through the pre-pack, and that Yumco will be able to become a part of the defence industry of Serbia. When this happens, it will happen because we want it and because we all believe in Yumco and its future, the fate of Yumco will be certain and safe, Minister Vulin said.
He stressed that this means that we will have a stable and secure market, but it means that the Serbian Armed Forces will have a reliable partner from whom it will always be able to expect the fulfillment of all its needs.
- This year, the Serbian defence industry had by whole 20 percent better result than in the last year and we are sure that last year's 484 million dollars will be far outstripped. At the moment, 11,815 workers work in the defence industry, and 20,000 workers work on the production of arms and military equipment. The Serbian defence industry and the production of arms and military equipment are becoming, and have become, an extremely important economic branch. The state will continue investing; this year we invested 49 million euros in the Serbian defence industry and we are sure that in line with the results of this industry we will have reasons to continue our investments, the Minister of Defence said.
Serbia sees its chance, Minister Vulin emphasized, adding that he hopes that Serbia will therefore, by the end of the year, adopt a law that finally regulates the possibility of investing in the Serbian defence industry.
- Of course, this will not be a sale of Serbia's defense industry, but it will be regulated that investments can reach only up to the level of 49 percent. So, the one who can bring us money, market and technology is certainly welcome, but the management capacity and management package will always remain in the hands of the state, because the Serbian defence industry is definitely something that is strategically important to us and without which we cannot stay. I would like to thank first of all the employees of Yumco for the years of self-sacrifice, renunciation and trust in their company, but also trust in their country. And it paid off, Minister Vulin said.
State Secretary in the Ministry of Economy Dragan Stevanović thanked Minister Vulin because he ensured the continuity of the relationship between the Ministry of Defence and the Serbian Armed Forces towards this company.
- The Ministry of Economy put Yumco on the list of 11 strategic companies. All the plans of this company would definitely not be possible without the Ministry of Defence and the Serbian Armed Forces. We expect you to give support to the idea and the concept of the Government that these companies will survive, to be a major driver of growth and development of the economy in both Serbia and the City of Vranje, Stevanović said.
General Manager Branislav Trajković said that today's meeting was very constructive and that the company's management is very satisfied with the results achieved.
Yumco HC Ltd. Vranje is a leading textile company in Serbia engaged in the production of yarns, fabrics, thread and ready-made garments. They make various garments and equipment for the Serbian Armed Forces, as well as uniforms and working clothes for workers of state institutions, public and commercial enterprises and health centers.
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