Slovakian economy may soon get a boost as a new Jaguar Land Rover Factory is planned to be established it the country by 2016. The British multinational automotive manufacturer in collaboration with the Slovak government has announced that it is planning to build a factory in Slovakia. The budget for the construction of the said factory is reported to be $1.5 billion (£1 billion). If this project materializes, it would definitely be one of the largest foreign investments in the said central European country.

Jaguar Land Rover is negotiating with the Slovak government for it to start the project. The factory will be built in the western Slovak city of Nitra. The factory will initially employ at least 2,800 workers, including managers and executives. Most of the workers will be recruited from the local population. According to the CEO of Jaguar, Dr. Ralf Speth, the new factory will complement the existing factories in other countries such as those in India, China and Brazil.

It should be noted that Slovakia's automotive manufacturing sector has very significant contribution on its economy. The revenue of the automotive sector in the country is equivalent to 43 percent of the national industry. The decision to choose Slovakia for the new factory is strategic because it is very near to more than 300 suppliers.

Many other facilities of other automobile companies are also located in Slovakia. These include other well-known global car manufacturing companies such as PSA Peugeot Citroen, Kia Motors Corporation and Volkswagen AG. According to one estimate, approximately one million vehicles will be manufactured in Slovakia.