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A:
Investment trend in Serbia to continue in 2012
Belgrade,
8 December 2011
Prime Minister Mirko Cvetkovic today attended the signing of a framework investment contract between the Serbian government and US company Cooper Tire about the procurement of Krusevac-based car tyre company Trayal for €13 million.
Author:
fonet.rs
Cvetkovic underlined that the US company has recognised Serbia’s potential and its business ambience in which profit can be made, adding that today’s agreement indicates that the investment trend in Serbia will continue in 2012.
He told Cooper Tire to share their positive experience about Serbia with their US colleagues, and observed that in the first stage the US company will invest €50 million in Krusevac and take on 700 workers.
The fact that in the first ten months of 2011 Serbia attracted $1.75 billion in FDI is not exceptional, but is an increase of 100% compared to 2012, Cvetkovic remarked.
Minister of Economy and Regional Development Nebojsa Ciric, who signed the contract together with Cooper Tire CEO Harold Miller, said that the document proves that the Serbian government is able to attract multinational companies to the south of the country.
Ciric explained that the car tyre factory will operate under the name Cooper Tire, adding that it will be fully owned by the US company and that the current production output of 500,000 tyres will soon be raised to three million.
The Minister noted that 500 workers will be employed in the first stage, after which the number will be increased to 700, underlining that these employees will all be Trayal’s current workers.
As for the second section of Trayal, jointly owned by Serbia and Bulgaria’s Brikel, he said that employees’ years of services will be consolidated and that the issue of debts has been resolved by converting them into state ownership in the company.
Cooper International is one of the world’s largest tyre producers for industrial vehicles and automobiles, with 60 factories worldwide, Ciric noted.
The company owns Britain’s Avon Tyres, a producer of tyres for motorcycles, cars and racing motorcycles.
Serbian President Boris Tadic underlined that Serbia has great potential that has been recognised by foreign investors, noting that the government will strive to create an even more favourable business climate.
Tadic observed that every US company that comes to Serbia is a good sign, voicing his expectation that Cooper Tire will convey its positive impressions about Serbia to the US soil.
The President also recalled that under the current circumstances, it is very hard to attract investors and that all countries are experiencing difficulties in this respect.
He told Cooper Tire to share their positive experience about Serbia with their US colleagues, and observed that in the first stage the US company will invest €50 million in Krusevac and take on 700 workers.
The fact that in the first ten months of 2011 Serbia attracted $1.75 billion in FDI is not exceptional, but is an increase of 100% compared to 2012, Cvetkovic remarked.
Minister of Economy and Regional Development Nebojsa Ciric, who signed the contract together with Cooper Tire CEO Harold Miller, said that the document proves that the Serbian government is able to attract multinational companies to the south of the country.
Ciric explained that the car tyre factory will operate under the name Cooper Tire, adding that it will be fully owned by the US company and that the current production output of 500,000 tyres will soon be raised to three million.
The Minister noted that 500 workers will be employed in the first stage, after which the number will be increased to 700, underlining that these employees will all be Trayal’s current workers.
As for the second section of Trayal, jointly owned by Serbia and Bulgaria’s Brikel, he said that employees’ years of services will be consolidated and that the issue of debts has been resolved by converting them into state ownership in the company.
Cooper International is one of the world’s largest tyre producers for industrial vehicles and automobiles, with 60 factories worldwide, Ciric noted.
The company owns Britain’s Avon Tyres, a producer of tyres for motorcycles, cars and racing motorcycles.
Serbian President Boris Tadic underlined that Serbia has great potential that has been recognised by foreign investors, noting that the government will strive to create an even more favourable business climate.
Tadic observed that every US company that comes to Serbia is a good sign, voicing his expectation that Cooper Tire will convey its positive impressions about Serbia to the US soil.
The President also recalled that under the current circumstances, it is very hard to attract investors and that all countries are experiencing difficulties in this respect.
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