August 27 (SeeNews) - Chinese company Shandong Linglong's investment in Serbia is expected to increase the country's rubber tyres production by one-third, the head of Serbia's rubber industries association, Dragan Stevanovic, said.
The Chinese company is expected to export the bulk of its production, which will keep positive Serbia's trade balance in the tyre segment, Stevanovic said in a video file posted on the website of news agency Tanjug on Friday.
Last week, Shandong Linglong said it plans to invest $994.4 million (856 million euro) in the construction of a factory in Serbia and produce 13.62 million high-performance radial tyres per year.
Serbia's Chamber of Commerce has launched an initiative to facilitate the signing of bilateral trade agreements with countries in North Africa, as well as Argentina, Brazil and Mexico, in order to facilitate its tyre exports, Stevanovic also said.
The country currently accounts for 0.9% of the global rubber tyre production.
($ = 0.8608 euro)