The investment will double production capacity and create 700 new jobs at the Korean-owned plant, Ms Roy said. The Hankook PR manager said the development will entail construction of a 58,000sqm plant, increasing the total area of the unit to 160,000sqm. Construction work is expected to be completed by the end of this year, with production scheduled to begin before the end of this year.

Expected to be reached by August next year, full capacity will total 30,000 tyres per day, and the plant could export 10m tyres a year to European markets in 2012. The tyre plant started operating in 2007 and currently employs more than 1,200 workers, producing around 15,000 tyres per day.