The initiative includes setting up plants for automotive, electric vehicles, bicycles, photovoltaic parts, and construction materials, as well as developing a supplier chain, the government said in a statement last week.
The project will create a total of 2,220 new jobs, according to the statement.
Minth already operates car part plants in Loznica and Sabac, in western Serbia. It is building another one in Sabac to manufacture parts for electric vehicles.
During the session, the government also allocated 4 billion dinars ($37 million/34 million euro) for incentive measures in 2024, including grants and support programmes aimed at stimulating economic growth, fostering entrepreneurship, and supporting various sectors such as processing industries, women entrepreneurs, start-ups, and dual education.