February 29 (SeeNews) - Chinese car parts manufacturer Jiangsu Lianbo Precision Technology will open a new factory in Novi Sad, northern Serbia, in the coming weeks, city mayor Milan Djuric said on Thursday.

The factory, located in Novi Sad's industrial zone and spanning 14,000 sq m, will employ 500 workers, according to a local media report from last June.

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Negotiations are ongoing with several other big names and in a few days another big and important investment in the city will be announced, Djuric said in a Facebook post.

The amount of the investment was not disclosed.

Novi Sad's has attracted big investments in the automotive industry in the last decade from companies like Continental, BMTS, and Nidec.

Established in 2008, Jiangsu Lianbo Precision Technology is specialised in manufacturing stators and rotors for electric motors for the automotive industry.