The local subsidiary of Japan’s JFE Shoji has broken ground for a EUR50m (US$54.5m) factory in Indjija, Serbian president Aleksandar Vucic said.

The factory would produce metal parts for electric motors and employ between 100 and 150 workers, Vucic said in a YouTube video published by Tanjug news agency and cited by SeeNews.com.

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JFE Shoji Serbia was established in June 2023 with capital of 663.9m dinars ($6.2m/EUR5.7m).

Local media had reported in January that JFE Shoji, which manufactures rotors and electric motors for the automotive industry, cooperates with Toyo Tires and Nidec which are already operating in Serbia.

JFE Shoji processes and distributes steel products, iron and steel raw materials. It has 43 companies in Japan and 54 worldwide, the report said.

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