A member of the Kolektor management board, Valter Leban, and the mayor of Prijedor, Milenko Đaković, have signed a memorandum of cooperation to boost the development of the economy and employment in the wider Prijedor area.

The project will be carried out in multiple stages, the first one being the construction of the production hall, and should be wrapped up by the end of the year.

Prijedor and Kolektor will also cooperate in a bid to connect businesses, educational institutions and other important players in the region and contribute to the strengthening of the development potential and internationalisation.

After signing the memorandum, Đaković said he was happy that they had found common ground and started cooperating. "I expect that we'll be a good business partner to Kolektor and that our cooperation will be strengthened and upgraded in the coming years."

The new production hall will be the fourth production facility of Kolektor's Bosnian subsidiary Kolektor CCL.

Kolektor CCL is a competence centre for small-scale production of commutator programmes, hybridisms and magnetics. Its major buyers include Valeo, Bosch, Remy, Mahle and Stihl, the company said.