The Serbia and Montenegro News Digest reports that Serbian carmaker Zastava (builder of the much-maligned Yugo brand cars) has shipped 240 unassembled Florida models to Egypt.
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The report said that the shipments passed through the Montenegrin port Luka Bar as part of an agreement between Zastava and Egyptian state-owned automotive manufacturing company El Nasco.
El Nasco has contracted Zastava for the shipment of 3,000 unassembled cars per annum for the Egyptian market.
El Nasco will start assembling the cars in April 2003. The port of Luka Bar and Zastava had a joint news conference this week and announced an extension of their co-operation agreement and possible exports to the USA.
It is planned that Zastava will raise its output from 1,200 vehicles a month to 10,000 within three years under a new joint venture with New Jersey-based NUCARCO. The joint venture strategy was outlined last October in Belgrade and included plans to ship 75% of the company’s output to the US, EU and developing country markets. The deal is due to be sealed any time now.
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By GlobalDataThe Serbian government owned plant was crippled by sanctions and bombed by NATO during the turmoil that engulfed the Balkans in the 1990s.
