Representatives of Japanese electric motors manufacturer Nidec Corporation have visited Serbia to consider opportunities for the construction of a factory in Novi Sad, the city government told SeeNews.com.

Nidec Corporation had included Novi Sad in a list of potential locations for the construction of a factory in Europe and a delegation led by the president of the company, Jun Seki, visited the Sever 4 area of the city's industrial zone to study the site, the Novi Sad city government said in a press release cited in the report.

Novi Sad would provide all needed logistics for the construction of the factory, as the project wold have a great importance for the city and for Serbia, Novi Sad mayor, Milos Vucevic, said during a meeting with Seki.

"In addition to the immediate financial benefits for the state and the opening of jobs, the arrival of a company of that reputation is an exceptional advertisement for our country," Vucevic said.

The Japanese company planned to invest between EUR500m (US$593m) and EUR1bn on construction of the factory but had not made a final decision on location yet, Vucevic added.

Nidec Corporation, listed on the Tokyo Stock Exchange, is a manufacturer of electric motors used in vehicles and many other applications.