Nidec Company would make investments EUR1.5bn euro ($1.8bn) to construct an automotive electrical motor and inverter manufacturing unit in Novi Unhappy, in northern Serbia, a media report mentioned.

“Within the first part alone, Nidec will make use of 480 individuals and their revenue can be considerably greater than the typical in Serbia,” Serbian president Aleksandar Vucic mentioned after assembly with Nidec officers in Belgrade on Friday, in keeping with an announcement quoted by SeeNews.com.

Building is scheduled to start in September with completion by mid-2022, the corporate mentioned in a separate assertion.

The manufacturing unit may have a 59,760 sq m manufacturing unit for the motors and a 36,000 sq m plant for inverters. They are going to initially make use of 1,000 and 200 individuals, respectively, SeeNews mentioned.

The manufacturing unit can be one of many firm’s largest in Europe with an annual output of between 200,000 and 300,000 items by 2023, Nikkei reported in November.

“Whereas the corporate’s a number of companies can be operated on the similar websites to hunt synergies by sharing the identical manufacturing infrastructure and back-office, the brand new enterprise bases will interact in, amongst others, supplying merchandise to the European market, whereas trying to design and develop merchandise regionally in Serbia, a rustic plentiful in individuals within the fields of science and engineering who’re fluent in English,” Nidec reportedly mentioned in an announcement.

SeeNews famous Nidec opened an workplace in Novi Unhappy on 8 April and has agreed a strategic alliance with the College of Novi Unhappy for know-how exchanges through industry-academia partnership.