Spectator on facebook

Spectator on facebook

BUSINESS IN SHORT

Volkswagen plans Sk9 bln investment

GERMAN carmaker Volkswagen plans to invest about Sk9 billion (€298.7 million) in production of two new models of so-called family cars in Bratislava. The Slovak government approved investment assistance in the form of a tax break totalling Sk430.8 million (€14.3 million) on December 17. The European Commission is yet to approve the investment incentive, the SITA newswire wrote.The investment should directly create 760 new jobs by the end of 2012 and a further 1,340 indirect jobs.

GERMAN carmaker Volkswagen plans to invest about Sk9 billion (€298.7 million) in production of two new models of so-called family cars in Bratislava. The Slovak government approved investment assistance in the form of a tax break totalling Sk430.8 million (€14.3 million) on December 17. The European Commission is yet to approve the investment incentive, the SITA newswire wrote.
The investment should directly create 760 new jobs by the end of 2012 and a further 1,340 indirect jobs.

“These models will be targeted at women, young people and student customers,” Economy Minister Ľubomír Jahnátek told SITA. “They are low-fuel-consumption cars, which are the latest development trend in Volkswagen. Over 2,000 new jobs should open in Slovakia thanks to this investment project.”
Originally Volkswagen had planned the investment for the Czech Republic. Slovakia’s transfer to the euro and the better business environment meant the investment was redirected to Slovakia.

Volkswagen already assembles the VW Touareg, Audi Q7, some Porsche Cayenne models and, since March this year, Škoda Octavia models at its Bratislava plant.

Along with Volkswagen, South Korean firm Kia has also unveiled new investment plans. During the second half of 2009 it will launch trial production of the third model at its plant in Teplička nad Váhom near Žilina. Serial production of the new model, the Hyundai Tucson SUV, is projected to start in 2010, SITA reported, quoting Dušan Dvořák, spokesperson for Kia Motors Slovakia.

Top stories

How did Communism happen in Czechoslovakia?

For the 40 years, Czechs and Slovaks would celebrate February 25 as Victorious February, even though the enthusiasm of most of those who supported Communists in 1948 would very quickly evaporate.

Prime Minister Klement Gottwald (right) swears an oath into the hands of President Edvard Benes on February 27, 1948 at the Prague Castle.

Cemetery with a remarkable creative concept Photo

The shapes of tombstones were prescribed until 1997

Vrakuňa Cemetery in Bratislava

Being young is harder than it used to be

The failure of older generations to sympathise with youth means politics are primarily a contest of who can hand out more gifts to old people.

Young Slovaks have problems finding proper jobs.

Historian: After 1948, Czechoslovakia was paralysed with fear

On February 25, Czechs and Slovaks mark 70 years since the rise of Communism in their common state. Historian Jan Pešek talks about the coup and its aftermath.

Demonstration in Prague, Wenceslas' Square, on February 28, 1948.