Chinese tire maker Linglong Tire marked an important milestone in its Serbian plant project this week when chairman Wang Feng signed an investment framework agreement with Siniša Mali, the minister of finance of Serbia. Aleksandar Vučić, the Prime Minister of Serbia, and other leaders also attended the signing ceremony.
Europe is one of Linglong’s main export markets and it is hoped the plant in Serbia will increase the company’s market penetration in the region. The more direct sales channel from the Serbian factory to vehicle OEMs and retail distributors in and around Europe will mean customers are served faster and more efficiently and at reduced logistics costs.
The Chinese tire maker also hopes the opening of the factory will encourage a deeper cooperation between Linglong and some of the European auto makers including Volkswagen and Audi.
The factory will provide numerous employment opportunities in the region.
During the signing ceremony, Vučić said he will fully support the project in order to see completion of construction and the start of operations as soon as possible.