Japan's Nidec Corp opens factories in Novi Sad

NOVI SAD - Two factories of Japan's Nidec Corp were opened in Novi Sad on Thursday at ceremony also attended by Serbian President Aleksandar Vucic.

Defence Minister Milos Vucevic, Finance Minister Sinisa Mali, Minister of Science and Technology Jelena Begovic, Nidec representatives and Novi Sad city officials were also in attendance.

Established in Kyoto in 1973, Nidec is the world's leading electric motor manufacturer.

The two plants, Nidec Electric Motor Serbia and Nidec Elesys Europe, are expected to hire at least 1,200 workers in total.

The former will manufacture electric motors for the automotive industry and related products, while the latter will produce inverters and electronic control units for cars.

Vucic said the opening of the factories was of great significance to Novi Sad and that Nidec's coming to Serbia was a positive signal that would certainly help attract other foreign investments as well.

"Japan is a very important trade partner for us. The volume of bilateral trade used to amount to 4.9 mln dollars, compared to around 300 mln today. Those are still small numbers, but this will boost our capacities to attract further investments," Vucic said during a tour of the factories.