Tire manufacturer Tigar Tyres declared top exporter in Serbia.

By bne IntelliNews December 8, 2010
Tire manufacturer Tigar Tyres, controlled by France's Michelin, received the Exporter of the Year award from the Serbian Investment and Export Promotion Agency (SIEPA), emg.rs reported. The Pirot-based company exported 92.6% of its output to foreign markets, increased production and boosted workforce this year. Tigar Tyres was established in 2003 under a JV deal that gave Tigar 65%, Michelin - 25%, and the International Finance Corporation (IFC) - 10% stakes. Michelin raised its stake in Tigar Tyres (former Tigar MH) to 100% in 2009. At the award ceremony, Serbian PM Mirko Cvetkovic said that the country's exports rose by 21% y/y or by EUR 1bn in January-October. Exports provide a 58% coverage of imports, which is the country's best result over the past ten years. On a related note, economy minister Mladjan Dinkic forecast that Serbia could cut trade deficit in four years and post surplus in the second part of the decade.

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