Japanese Toyo Tire Corporation – through its manufacturing subsidiary Toyo Tire Serbia-Belgrade – has commenced the construction of a US$465 million passenger vehicle tyre plant in Indjija City, the Republic of Serbia.
The 300,000sqm plant will have a capacity of five million tyres (passenger vehicle) per annum; and will manufacture tyres for the markets of Europe, the Middle East, North America and Africa, upon completion in April 2022, according to the President and CEO of Toyo Tire, Takashi Shimizu. Shimizu participated remotely in the groundbreaking ceremony for the new plant in order to maintain safety precautions to prevent the spread of COVID-19.
As the largest Japanese investment in Serbia, Toyo Tire’s latest project will bring advanced technology and nearly 560 jobs to Indjija City. Last month, Serbia’s state aid commission approved the allocation of US$48.7 million in government financing to Toyo Tire Serbia for the construction of the plant in Indjija City.
“The exports of Toyo Tire will be one of the most important and most powerful exporters from the territory of Serbia,” Republic of Serbia President Aleksandar Vucic said.
Toyo Tire is pursuing broad business opportunities by tapping into its distinctive, high-value added products. The plant in Indjija marks the first step in the drive to realise Toyo Tire’s global growth strategy, to enhance cost competitiveness and engineering prowess.