Shandong Linglong Tyre, which produces car tires, has announced that it is planning an investment project in Serbia worth USD 994.4 million (EUR 870.4 million), Yahoo News reports.
The article features an attached document in Chinese from the official website of the Shanghai Stock Exchange, where Serbia is marked as an investment target of Shandong Linglong abroad.
Seenews.com reports that the company says in the document submitted to the Shanghai Stock Exchange that it plans to build a tire factory in the Zrenjanin Free Trade Zone.
The document says that the plan is for the construction of the factory to officially begin in April 2019 and to be carried out in three stages, with the final one to be completed in March 2025.
It is said that the Chinese company plans to produce 13.62 million high-performance radial tires a year in this factory in Serbia.
The website reports that Shandong Linglong has decided to build the factory in Serbia due to lower costs of the investment, construction, workforce and energy compared to other countries in Europe.
It is reported that the project needs to be approved by the National Development and Reform Commission of China, the Ministry of Trade of China and the State Administration of Foreign Exchange of China.
The brand of the Chinese company Linglong Tyre is an official global partner of Juventus F.C. in the sector of car tires.