The CEO of Indian farm machinery maker TAFE said on Monday that her company plans to make 5,000 tractors a year in Serbia.
Malika Srinivasan told Prime Minister Ana Brnabic that TAFE plans to raise production at the IMT plant it bought earlier this year.
TAFE paid 66 million Dinars (about 560,000 Euro) to buy the Serbian tractor maker’s company name and its plant outside the town of Secanj.
A government press release said that TAFE is planning to make multi-million investments in production in Serbia and that it wants to meet all required conditions to enter the Russian market.
TAFE will focus on machinery for small farms and wants to work with the Serbian government to help farmers buy the machines they need, Srinivasan is quoted as saying.
The statement said that Brnabic told the TAFE CEO that her government has prepared credit support for farmers and is planning to set up a guarantees fund for farmers to buy machinery.