BUSINESS SHORTS

Kia wants additional investment stimulus

SOUTH Korean car-maker Kia has confirmed its intention to expand production at its plant near Žilina. Kia is now set to produce 300,000 cars and 300,000 vehicle engines in Slovakia per year, having originally planned an annual production of 200,000 for both cars and engines, the Sme daily reported on November 9.

Kia's investment, therefore, will increase from the originally planned €800 million to around €1 billion. On November 8, Kia spokesman Dušan Dvořák confirmed that his company has also asked the Economy Ministry for an additional.

According to the Slovak Trade and Investment Development Agency (SARIO), the original state subsidy approved for Kia, to be paid in instalments, stood at €113.8 million.

EU rules, meanwhile, say that state support is allowed to reach a maximum of 15 percent of acknowledgeable investment costs. As Kia plans to increase its investment by some €200 million, the company could receive as much as an extra €30 million.

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