BUSINESS IN SHORT

Cabinet approves investment incentives of €28 million for five firms

THE LIST of foreign investors in Slovakia enjoying investment incentives has expanded. On July 8, the government of Robert Fico approved investment incentives for five companies totalling €28 million. Carmaker Kia Motors will receive the highest sum – €15 million – the SITA newswire wrote.

THE LIST of foreign investors in Slovakia enjoying investment incentives has expanded. On July 8, the government of Robert Fico approved investment incentives for five companies totalling €28 million. Carmaker Kia Motors will receive the highest sum – €15 million – the SITA newswire wrote.

The South Korean company plans to build a new engine production plant in Žilina area which should employ 274 people. The plan would involve the company investing €110.5 million in the new factory.

Kia Motors Slovakia spokesman Dušan Dvořák told SITA in early June that a definitive decision on construction of the new engine production plant, which would increase engine production in Slovakia from the current 300,000 to 450,000 annually, should be made before the end of the year. In line with the proposal for provision of investment incentives, the
South Korean company would start construction in the first quarter of 2010, with the new plant beginning production in late 2011. As many as 90 percent of the engines produced would be for export.

US company ICU Medical, which plans to produce medical instruments and safe medical products, should receive €5.58 million. The company intends to invest €13.95 million in manufacturing products for intravenous applications. Production would be based in the Nitra District, specifically the villages of Horny Ohaj and Vráble. The investment should create 700 new jobs. The firm plans to produce 70 million products per annum, 99 percent of them for export.

The Orava Skipark company will get €3.32 million from the state to develop its Kubínska Hoľa tourist resort. It plans to invest €10.7 million in its completion. This investment project should directly create 40 new jobs and 230 jobs indirectly. The company should start the investment project in the third quarter of 2009 and construction should be completed by the end of 2011.

The company IEE Sensing Slovakia, which produces car components and accessories, will receive an investment stimulus of €2.1 million. The firm intends to invest €4.2 million in car accessories production in Kechnec and create 350 jobs. The company should manufacture 9.3 million products annually and sell all of its output abroad. Implementation of the project should start in the third quarter of 2009 and the company plans to launch production by the end of this year. Completion of the whole investment project is scheduled for the end of 2010.

The cabinet also approved an allocation of €2 million for chemicals firm RDB. The firm wants to invest €6 million in a production unit in Moldava nad Bodvou and create 54 jobs there. It should generate 5,200 tons of products each year, of which 60 percent will be exported.

Get daily Slovak news directly to your inbox

Top stories

News digest: Sulík presents his pandemic plan, but PM Matovič remains critical

Rules for entering Spain change. Former police chief Gašpar remains in custody. State auctions the 5G network frequencies.

Richard Sulík presented his pandemic plan on November 23.

Which are the largest law firms in Slovakia?

For the first time, the ranking also provides an overview in partial categories of law.

Government has learned little, hesitates to open school gates

Education is a question of rights. So is protesting against the government, but at what costs? Slovakia welcomes hefty investment that comes with a warning sign.

Special regional restrictions and better tracing. SaS has introduced its plan to fight the pandemic

The document is based on eight chapters, which should contribute to economic recovery.

Richard Sulík introduces his plan.