Spectator on facebook

Spectator on facebook

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.

Top stories

General Prosecutor filed a motion for the dissolution of ĽSNS

The Slovak Supreme Court received a motion to dissolve the extreme right ĽSNS party founded and led by Marian Kotleba.

Jaromír Čižnár

Russian spies allegedly recruit also Slovaks

They are using martial art clubs in Germany and dozens more in other EU states, in the Western Balkans, and in North America.

Illustrative stock photo

EC scrutinises state aid for Jaguar Photo

There is a question whether the scrutiny may impact the carmaker’s plans to invest in Slovakia.

The construction site of a brand new plant of Jaguar Land Rover near Nitra.

GLOBSEC forum will host guests from 70 countries

The 12th year of the conference will be attended by the highest number of participants in its history.

Slovak President Andrej Kiska gives the opening speech of The Globsec 2016 security conference.