The park has been established by the metrology group Lotrič Metrology, whose director general Marko Lotrič said it was a response to the fourth industrial revolution, which demanded digitalisation of measuring devices and procedures.

"Industry 4.0 demands mutual communication between devices, which also reflects in metrology," Lotrič said at the event to which 16 global providers of measuring equipment and around 150 partners had been invited.

The metrology park is to primarily serve as support to clients in introducing new technologies. It covers more than 1,000 square metres and presents various measuring devices as well as products of the company which mainly deals with calibration of measuring devices.

The group, which started developing its own products in 2015, last year generated EUR 5.2m in revenue and almost EUR 500,000 in net profit. This year it will issue a total of 85,000 certificates based on more than 4.2 million measurements.

Measurements are carried out by 130 employees in Slovenia, Macedonia, Serbia, Bosnia-Herzegovina, Austria and Croatia.

The core company based in Selca (NW) also intends to move its development department to the metrology park in the nearby Železniki, in which it has invested EUR 1.5m and intends to invest another EUR 500,000.