Samsung Invests Into Slovakia

Samsung Electronic announced it will invest 320 million euro into construction of a new LCD screen factory in western Slovakia.

The contract was signed on Tuesday, Slovakian media notified, pointing out that around 1,200 employees should find employment in the new factory.

Additional 4,500 new employments should be opened by seven Samsung`s suppliers, Slovakian Minister of Economy Lubomir Jahnatek pointed out at yesterday’s press conference, adding the average monthly salary in the new factory would be 25,500 koruna (749 euro). Samsung will start with the production in a year, and planned yearly production capacity will be 10 million screens. Full working capacity will be reached by 2012, probably even sooner seeing that competitor Philips will start manufacturing LCD screens in Poland this year, Jahnatek reminded.

Slovakia will grant Samsung`s investment with around 70 million euro, i.e. 22 percent of planned investment amount. State aid will be realised through grants for newly-opened work posts and tax relieves. Samsung will also receive a loan in the value of 9.8 million euro for suitable terrain purchase necessities.

Samsung invested 131.4 million euro into Slovakia in a period from 2002 until 2006, and was the fourth exporter to this country in the fist half of 2006.