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Slovakian government approves tax breaks for investments
A package of incentives has been approved by the Slovakian government in a bid to encourage greater investment in the country.
The incentive package is worth €28 million (£24 million) for five projects, including Kia Motors proposed €110.5 million investment in the country, Reuters reported.
Kia Motors Slovakia is to receive a tax break worth €15.07 million because of the government''s decision.
The manufacturer plans to boost engine production capacity at its Slovakian factory from 300,000 to 450,000 and create 274 new jobs by 2012.
Kia Motors is based in the north of Slovakia and is one of the main exporters working within the country.
Paul Philpott, the recently appointed chief operating officer for Kia Motors Europe, said that the company is planning on producing a third product from within Slovakia.
He commented that the proposals provide Kia with an "unrivalled opportunity to build our reputation as a leading mainstream brand in the minds of European dealers and consumers". 
