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International Information Centre for Balkan Studies



Vucic: Toyo tires comes to Indjija; Investment worth EUR 390 million

Serbia's President Aleksandar Vucic announced the investment of Japanese company Toyo Tires to Serbia, amounting to EUR 390 m

July 30, 2019  

The initial phase will open 523 job opportunities.

Vucic said on a press conference that negotiation process lasted for three years and that Serbia had been competing with several countries from Central and Eastern Europe.

"In the first phase only, the investment will reach EUR 390 million", Vucic said. He announced that the plant will be constructed on the ground of 60 acres, and that construction will begin in the coming months.

He pointed out that several countries of Central, Eastern and Southern Europe took part in the competition for the investment of Japanese corporation and that "in the last round" only Serbia and Poland remained as a final choice.

"Several minutes ago, I've been informed in an official letter I've got from this major Japanese investor that Toyo Tires, most renowned tire manufacturer will come to Serbia", he concluded.

Vucic said that this is such an important news for Indjija, and for Vojvodina and Serbia in general.

"I am particularly proud of the fact that this will be the first and only European branch of Toyo Tires Corporation", he stated.

President Vucic added that he is aware that other districts in the country also need investments, such as Prokuplje, Kursumlija, Zitoradja, hoping that the government will decide on approving additional investment incentives for this part of the country.

Kragujevac, Valjevo, Prijepolje, Sombor, Plandiste and other places are also on the investment list.

"Nevertheless, I am confident that that this investment will strengthen Vojvodina and Srem enormously", Vucic concluded, pointing out that this new company will employ engineers from Belgrade and Novi Sad.

Toyo Tires is one of the world's leading tire manufacturers.

Source: https://www.b92.net/eng/news/business.php?yyyy=2019&mm=07&dd=30&nav_id=107076

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