Land in Indjija worth over 350 million dinars given to Toyo Tires for free

The Serbian state will give for free 637,455 square metres of land in Inđija to the Toyo Tires Company which will build a production facility there.

The value of the land is 352.8 million dinars. In return, the company has promised to hire 523 workers by 2023 and complete the investment worth 364 million euro.

Toyo Tires produces tires, employs 13,000 workers worldwide and has an annual turnover of two billion euro. The value of the given land in Inđija, according to the Tax Administration, is 553 dinars per square metre. The land has been given for free because the company did not receive any other state aid from the Serbian authorities.  

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The investor is obliged to keep the same number of workers for five years after the completion of the factory. Of the 364 million euro, which is how much the investment is worth, at least a quarter of that amount must not come from state aid.

The production of tires represents 85% of the total sales of the Japanese company and their product range includes tires for passenger vehicles, SUVs, trucks, trucks and buses. The future plant in Inđija will be a hub for the production of tires for the European and Russian market.

(Vecernje Novosti, 24.08.2020)

https://www.novosti.rs/vesti/ekonomija/911794/drzavna-pomoc-stranoj-kompaniji-zeljmiste-indjiji-vrednosti-preko-350-miliona-tojo-tajers

 

 

This post is also available in: Italiano

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