Toyo may expand plant in Serbia

During his official visit to Japan, Serbian President Aleksandar Vučić met with the management of Toyo Tires to discuss further cooperation with the company, which opened a tire factory in the Serbian city of Inđija in 2022.

"By investing in the Serbian plant, their first production complex in Europe, they have demonstrated their trust in our country," Vučić said, emphasizing the high strategic and symbolic importance of the project for the entire region.

According to him, the meeting discussed the creation of a Toyo research center in Serbia and the possible expansion of the factory's production capacity to meet demand in Europe and, in particular, in the US, where new trade barriers have been established.

The Inđija plant was officially opened at the end of 2022, and at the time, it was reported that its planned capacity was around 5 million passenger tires, intended for both the European and North American markets, which is a key market for Toyo. The project cost was estimated at 390 million euros in 2019.

Vučić also emphasized that Serbia remains committed to providing favorable conditions for investors. "We will do everything possible to ensure stable conditions for doing business and reliable access to key markets," he said, adding that the country has seen an influx of foreign direct investment.

"I am grateful to our Japanese friends for their trust and cooperation," Vučić said. "Serbia is ready to become a European base for the development, production, and export of high-quality products. In the future, we will continue to improve business conditions, provide access to markets, and build long-term relationships that will benefit both our citizens and investors."