Chinese giant picks Serbia for EUR 400mn investment - report

China's Linglong tire manufacturer is close to deciding to come to Serbia - which would be the largest foreign investment in the country's industry.

This is reported by Belgrade-based newspaper Vecernje Novosti, which added that the Chinese company has been looking for a destination for its European plant for a year now.

"Judging by reports in foreign media, Serbia has the best chance out of four countries," the article said.

The investment is question is worth EUR 400 million, and would be the largest foreign investment in Serbia's industry. The plant will produce ten million passenger car tires, two million truck and bus tires, and 10,000 off-the-road tires a year.

The newspaper cited the European Rubber Journal, which reported, citing a source close to the project, that Linglong has chosen north Serbia as the location for its first European production plant.

Vecernje Novosti said it learned unofficially that the Chinese giant is still negotiating with Serbian authorities.