20 August 2018 21:40
Chinese tire manufacturer Shandong Linglong has announced plans to invest $ 994.4 million in investment in Serbia (EUR 870.4 million)
The news is accompanied by a document in the Chinese language of the official website of the Shanghai Stock Exchange, in which Serbia is designated as an investment objective of "Shandong Linglong" abroad.
The website, seenenjs.com, reports that the company has indicated in a document submitted to the Shanghai Stock Exchange that it plans to build a tire factory in the Zrenjanin free trade area.
READ MORE: Li: And a Chinese company on the tender for RTB Bor
The document states that the construction of the factory is scheduled to begin officially in April 2019 and that it will take place in three phases, with the final phase in March 2025.
It is claimed that the Chinese company plans to produce 13,62 million high-quality radial tires annually in that factory in Serbia.
READ MORE: The Chinese arrive in Inđija
The site reports that Shandong Linglong has decided to build a factory in Serbia due to lower investment, construction, labor and energy costs compared to other countries in Europe.
Reportedly, the project has yet to be approved by the Chinese National Commission for National Development and Reform, as well as by the Ministry of Commerce of China and the national government for foreign currency.
The brand of the Chinese company "Linglong tajer" is the official worldwide partner in the tire industry of the Italian football club Juventus.
Serbia: Shandong Linglong in China to build a $ 994.4 million plant
The Chinese company Shandong Linglong said Monday that it plans to invest $ 994.4 million (870.4 million euros) in the construction of a tire factory in Zrenjanin in Serbia … https://t.co/4Fda2HFGcH https : //t.co/1jq5vhq7W0
– BBA Int. (Serbia / Serbia) (@BBA_Int) August 20, 2018