Serbia allocates 41 million euros for Toyo Tire plant
Nov 27, 2020
The Serbian government has approved a state aid of €41 million for Toyo Tire's project to build a plant in Indjija, in northern Serbia.
State aid to the Toyo plant project, which is estimated at 382.7 million euros, is carried out in accordance with the rules and legislation of the country. Assistance will be provided by the Ministry of Economy of Toyo Tire's subsidiary Toyo Tire Serbia.
Earlier this year, the Japanese company completed the acquisition of a 63 hectare land plot in the northeastern industrial zone of Indzhia. A plant with an area of 300 thousand square meters will be built there. In the first phase of the project, Toyo will employ 523 workers.
Subsidiary Toyo Tire Serbia was established in October 2019 in Belgrade. It manufactures and markets radial tires for passenger cars and light trucks.