Slovakia Approves Subsidies for Automotive Investors

The Slovak government has approved state subsidies worth €45.8 million for nine automotive and electronics suppliers, planning to invest into expanding their existing production capacities

Johnson Controls (JCI) is among the investors and it will be provided with subsidies worth €5.7 million for its project to expand production at its interior systems plant in Namestovo, northern Slovakia, creating 251 jobs. JCI plans to invest about €19 million in the project.

The state subsidies will be in the form of tax-reliefs, cash contributions to create jobs and purchases of needed technology and equipment over the coming five years. Total volume of all nine projects is expected to reach around €245 million and create some 1,700 new jobs.