March 17 (SeeNews) - Magna Steyr will invest 1.24 billion euro ($1.33 billion) in a car factory in Slovenia's municipality of Hoce-Slivnica where it will employ 6,000 people, the Slovenian government said.
The ultimate goal of the investment project, which will be divided into four phases, is to establish a fully functioning vehicle manufacturing plant in Slovenia with an annual capacity of 100,000 to 200,000 units, the government said in a statement on Thursday.
It also said it has decided to grant the investor 18.6 million euro in financial incentives.
The deadline for the implementation of the strategic investment is ten years from the concluding of an agreement.
The investor will create 404 new jobs in phase 1, and a further 1500 new jobs in phase 2. The entire project is forecast to create approximately 6,000 new jobs, which should be preserved for at least ten years after the signing of the agreement, the government explained.
Magna Steyr AG & Co KG is an automobile manufacturer based in Graz, Austria, where its primary manufacturing plant is located.
($=0.930724 euro)