BRATISLAVA, June 21 (Xinhua) -- A Chinese-Slovak joint EV car battery plant will receive 214 million euros (about 229avetex303.1 million U.S. dollars) in investment aid from the Slovak government, Slovakia's Ministry of Economy said Thursday.

In November 2023, the Slovak government signed a Memorandum of Understanding with Gotion InoBat Batteries (GIB) for the construction of a battery factory in Surany, located in Southern Slovakia.

GIB is a collaborative project between Slovakia's InoBat company and China's Gotion High Tech, aimed at developing a battery giga-factory in Slovakia.

According to a press release issued by the ministry, the planned investment in the construction of the plant amounts to 1.2 billion euros (1.28 billion U.S. dollars), making it the second-largest investment in Slovakia's history.

Of the total investment aid, 150 million euros (160.58 million U.S. dollars) will be provided as a subsidy, while an additional 64 million euros will be granted as income tax relief.

This investment represents an important milestone for Slovakia, said Slovakia's Deputy Prime Minister and Minister of Economy Denisa Sako.

"It will strengthen our position in the field of electromobility, create new job opportunities and support the professional growth of our employees," she added.

The battery plant is expected to create over 1,300 job opportunities after commencing production in 2027.■