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Kia will invest €1.2 billion

REPRESENTATIVES of the South Korean carmaker Kia announced that they would invest €1.2 billion in their new plant in Slovakia.

Mong Koo Chung, the president of the Hyundai/Kia car concern, visited the site of the future plant near the northern Slovak city of Žilina on March 17. He said that, unlike the initial plan to make 200,000 cars per year, the new plant would produce 300,000 cars instead, including the Kia Picanto and two other models.

The Slovak daily Pravda wrote that the new plant would directly employ 2,811 people and start production in 2006.

Slovak cabinet also approved a memorandum on understanding regarding the contracts with Kia and its supplier Hyundai Mobis on March 17. Based on the memorandum, the state will organise the issue of all necessary business permits and licenses at home as well as in the European Commission for the Korean investors.

Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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