Japanese investor gets EUR 41 million from state plus land FREE OF CHARGE
The Japanese company Toyo Tires has been granted EUR 41 million of state aid for the construction and equipping of tire production factories in the municipality of Indjija.
According to the agreement on state aid, the construction of this company will permanently employ at least 523 workers by the end of 2023.
Within the same period, investments will be made in tangible and intangible assets of the company in the amount of 382,713,001 euros, where at least 25 percent of the investment must be financed from the funds that do not contain any state aid.
The provider of state aid is the Ministry of Economy of Serbia.
The planned location for the construction is a land lot of 637,455 square meters located in Indjija, which this Japanese giant also received as a gift from the Republic of Serbia.
The estimated value of the donated land is 352,831,342 dinars (about three million euros). Toyo Tires also received a building permit free of charge.
The total amount of state aid that this company received, therefore, amounts to more than 44 million euros.