An Indian group will build an IT park in Serbia with an estimated investment of 600 million euros ($788 million).

Serbian Prime Minister Mirko Cvetkovic and Jitendra Virwani, chairman of the India-based Embassy Group, Thursday broke ground for the construction of the IT park.

Cvetkovic said that the 25,000 square meter facility in the town of Indjija, north of Belgrade, represented a new chapter in the economic development of Serbia, reported Xinhua citing Radio Television Serbia (RTS).

An estimated 15,000 jobs are expected to be created by the IT park.

"We believe that the center that will grow on this place will influence a new generation of professionals who will ensure for Serbia the position of a regional leader in the development of information technology," said Cvetkovic.

According to Virwani, the IT park in Indjija would be constructed in phases with the capacity to expand to as much as 250,000 square meters. The facility will produce computer software and hardware.

"Based on our experience in India, we are confident that this business park - the first of its kind in Serbia - will secure the conditions in which large international companies can locate their knowledge centers for the mutual benefit of industry and local experts," said Virwani.