Jaguar Land Rover to invest over 1 bln euros in Slovakia over next 5 year

British carmaker Jaguar Land Rover intends to invest 1.4 billion euros (1.53 billion U.S. dollars) over the next five years as part of the first phase of constructing a new production plant in Nitra in the Western Slovakia, it is announced Friday.

Slovak Economy Minister Vazil Hudak made the announcement after the Slovak Government signed an investment contract with the carmaker on Friday.

"The first phase is planned to take place between 2016 and mid-2021. Meanwhile, the date for launching the second phase will depend on overall market developments and how well the carmaker will have established itself in Slovakia," said Hudak.

Even before the contract was signed, some preparation work had been launched at the greenfield site in Nitra.

"The real construction work will begin as late as in April 2016, however," added Hudak.

The Jaguar Land Rover investment should directly create almost 3,000 new jobs, while another 12,000 jobs should emerge indirectly. Hudak further pointed out that the government will attempt to make sure that the carmaker has as many suppliers as possible from Slovakia.

Meanwhile, the specific car models to be produced in Nitra still haven't been revealed by the carmaker. "It's a business secret," concluded Hudak. Endit