March 17 (SeeNews) - Slovenie expects to receive from Japan's Yaskawa Electric Corporation 5.1 million euro ($5.5 million) over the next three years solely from taxes and contributions on wages of its staff employed in a factory for industrial robots in the southern municipality of Kocevje.
"The total external effect of the investment project on the Republic of Slovenia is expected to amount to just under 160 million euro," the government said in a statement on its website.
Yaskawa's investment project, whose total value is 24.6 million euro, is planned to be completed by the end of December 2019.
The investment will also also have non-financial effects, such as increasing Slovenia’s recognition as an investment-friendly country, reducing unemployment and impacts on the environment, and increasing value added per employee, the government explained.
The factory's production will satisfy between 70 and 80% of demand for industrial robots on the European market, the government said earlier.
Yaskawa Electric, founded in 1915, is one of the world’s leading manufacturers in the fields of drive technology, industrial automation and robotics.
The company already has two subsidiaries in Slovenia, Yaskawa Slovenia and Yaskawa Ristro.
($=0.9298 euro)