Japanese car parts manufacturer Toyo Tyre has announced that it will establish a new manufacturing plant in Indjija, northern Serbia, with an investment of more than 390 million euros.
“Toyo Tire is supplying tires for the European and Russian markets from factories in Japan and Malaysia. (…) The new manufacturing base in Serbia will take on a key role in this regard,” the company said in a statement on July 30.
The company is expected to start production in 2022 and have an annual production capacity of five million tyres by 2023.
The new plant will employ 500 people in the initial phase.
“It is a huge investment that will be of great significance to our country,” said Serbia’s president, Aleksander Vučić, adding that the company’s decision to invest in Serbia followed three years of negotiations and market research.
Source and cover photo: https://emerging-europe.com