The signing of the contract was followed by a foundation stone laying ceremony for the new factory. Today’s event was the last step before the start of the biggest greenfield investment in Slovenia, which is to bring foreign investments and hundreds of new jobs to the Podravje region.

Preparation work on the construction site in Hoče, where Magna’s new paint shop will be located, has been taking place for several days now. Today’s signing and the laying of the foundation stone were the final formalities before the official start of the investment, for which the state, and especially the Podravje region, have high expectations.

Slovenia will also put aside 18,6 million euros in subsidies for the Magna project, which the investor will have to return if it fails to fulfill its contract obligations. The strategic investment agreement envisages the investment of 100 million euros and at least one thousand new jobs in the next 10 years. According to officials from the Ministry of Economy ministry, nothing can stop the investment anymore. Not even the timely filed appeal by Gorazd Marinček’s E-forum against the already issued and now valid environmental approval.

According to Magna’s predictions the company will invest around 450 million euros in the first two phases of the project. If there is enough demand on the market the company envisages two more phases and the establishment of a fully operational automotive plant with more than three thousand employees.