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Serbia seeks Italian investment in Zastava Arms

30 October 2017

Serbian Defence Minister Aleksandar Vulin visited Beretta and Leonardo during a visit to Italy on 23-24 October.

The minister claimed after meeting Beretta CEO Franco Gussalli on 23 October that the Italian arms manufacturer had expressed interest in the Kragujevac-based arms producer Zastava Oruzje (Zastava Arms) as well as in other Serbian ammunition producers. Vulin said more concrete discussions would take place later this year when he expected both sides to present offers for co-operation. By that time, Vulin said, Serbia would adopt legislation allowing foreign investment in the Serbian defence industry.

Asked for confirmation by Jane’s whether Beretta is looking to invest in Zastava Arms, Beretta denied “any hypothesis of acquisition or equity investment in Serbia’s Zastava Arms”.

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