Extension of Volkswagen plant bears hallmarks of major investment

On Wednesday Ministers approved a proposal to issue a certificate of "significant investment" for the company Volkswagen Slovakia (VW). Their plant in Bratislava is to expand and build a new assembly hall and this expansion has the hallmarks of what is legally called a 'significant investment', reads a document of the Economy Ministry. "Given that the investment project results in a net increase in jobs, we can assert that the project will have a significant beneficial effect on employment in the region," reads the ministry's reasoning for proposing a certificate of "significant investment" to the Volkswagen Slovakia project. The document added that the plant envisages covering the investment fully from its resources or from those of Volkswagen Group. Under the pertinent law, a chief prerequisite for granting a particular project the certificate of "significant investment" is that funding towards such a project needs to top €100 million, that it's a significant investment for the national economy or that it creates at least 300 new jobs. The certificate simplifies the settlement of ownership relations for the preparation of projects.