Serbian president officially opens construction site of Toyo Tires’ factory in Indjija worth EUR 382mn

Serbian President Aleksandar Vučić attended the groundbreaking ceremony of the tire factory of the Japanese company Toyo Tires in Indjija; the investment worth EUR 382 million.

The factory will employ around 560 workers and will be located on a land plot spanning nearly 64 hectares. The municipal authorities provided the required infrastructure.

As the head of the company, Takashi Shimitsu, said, the plan is for the factory to be finished by April 2022, when the production is supposed to be launched too.

“By 2023, more than 560 workers in Serbia will be producing five million Toyo tires each year. We are very satisfied with the fact that we can create new jobs and contribute to the economic development of Serbia and Indjija,” Mr Shimitsu said.

Discover the most important foreign investments in Serbia in 2019: click here!

The president of the Municipality of Indjija, Vladimir Gak, said that “this is a great historical day for Indjija”.

“With this investment worth EUR 382 million, Indjija has found its place on the economic map of Europe and the whole world,” Gak said.

Gak earlier said that the Japanese company Takenaka will the main contractor on the construction of the production facility which will span around 20 hectares, but added that there is also room for Serbian construction companies and subcontractors to be hired.

The ceremony was attended by Serbian President Aleksandar Vučič, who said that Toyo Tires has made the biggest investment in Serbia so far and that the negotiations had lasted for about three years.

He pointed out that the annual export of Toyo Tires from Serbia would amount to EUR 240 million and that the company would be one of the largest exporters from Serbia.

To remind, the Commission for Control of State Aid has recently approved EUR 41 million in state aid for Toyo Tires. Previously, the company also got a subsidy of EUR 3 million for the investment in Indjija, through the allocation of 637,455 square metres of state land without having to pay any compensation.

(Vesti-Online, 15.12.2020)

This post is also available in: Italiano

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