On Tuesday, Japanese-based company Toyo Tire Corporation began the construction of its $465 million factory in Indjija, Serbia. The factory will manufacture tires for the European market, North America, Africa, and the Middle East. According to Takashi Shimizu, the President and CEO of Toyo Tire, the project will be completed in April 2022.
The project represents the largest Japanese investment to ever be done in Serbia. It will bring new technology and create up to 560 new jobs. The announcement of the commencement of the project was done from the Serbian President’s Office.
President Aleksandar Vucic said that the tire manufacturer could end up exporting Toyo tires worth $294 million. The company will become one of the most powerful and most important exporters in the territory of Serbia. Last month, the territory’s state aid commission approved $48.7 million in government financing for the Belgrade-based Toyo Tire Serbia. This is a fully-owned subsidiary of Toyo Tire Corporation.
The tire manufacturer bought 63 hectares of land in the northeastern industrial zone of Indjija earlier this year. This is where it plans to set up the 300,000 square meter facility.