Serbian Minister of Economy and Regional Development Nebojsa Ciric said on Friday that Serbia emerged as the winner in the race for foreign investments against the countries in the region and the EU.

During the ceremony to mark the beginning of Cooper Tires company which was also attended by Serbian President Boris Tadic, Ciric pointed out that the arrival of investors is the best way for Serbia to tackle the global economic crisis. Addressing the factory's employees, the minister of economy said that they now have stable and safe jobs, adding that the workers of former car tyre factory Trayal are the main reason why Cooper Tires chose Krusevac as the site for the plant.

The company's president Roy Armes announced that the company headed by him would employ several hundred more workers over the next two years which would produce three million tyres annually, adding that this would include Cooper Tires among ten major exporters in Serbia.

Armes thanked the Serbian government, local self-government and the Embassies of the U.S. and Great Britain for helping the company choose the strategic site for further development. Cooper Tires employs 450 workers in Krusevac and is ranked as the second employer according to the number of workers in the city.