July 31 (SeeNews) - Japanese company Toyo Tire Corporation plans to build its factory in Serbia in the northeastern industrial park of Indjija, town mayor Vladimir Gak has said.
The factory will be constructed at Site 15 of the industrial park, Gak said in a video file published by news agency Tanjug on Tuesday.
"A total of eight agreements have been signed for this location. All companies have acquired land from the Indjija municipality, paid money to the budget and the same will happen with Toyo," Gak said.
The industrial park is fitted with electricity, natural gas and water supply facilities, it has a sewage network and access to telecommunication links, Gak said.
"The only thing we miss is public lighting, but it will be done in a month or so."
The northeastern industrial park spreads on an area of 635 hectares just 2 km away from the centre of Indjija, between the town and the E75 motorway, according to data by the town hall.
In September, Toyo will establish a Serbian-registered subsidiary, based in Belgrade, with a capital of 160 million euro, which will be active in the manufacturing and sales of radial tires for passenger vehicles and light trucks, the Japanese investor said in a statement on Tuesday.
Serbian president Aleksandar Vucic said on Tuesday that Toyo plans to invest 390 million euro ($435.2 million) in the first phase of the project. Toyo intends to begin the construction of the production plant in May 2020, and initiate tire manufacturing operations in January 2022, with capacity projected to reach five million tires per year by the summer of 2023.
The factory will produce premium tyres and Toyo will pay salaries significantly above average to its employees, Vucic said.
($ = 0.896236 euro)