The contracts will be signed by Economy Minister Zdravko Počivalšek and Günther Apfalter, the head of the European branch of the Canadian-Austrian automotive multinational. Prime Minister Miro Cerar will be on hand to talk to the press alongside Apfalter after the signing.

Following the signing ceremony at Maribor airport, the foundation stone for the investment, which is meant to create at least 1,000 jobs within five years, will be laid at the building site.

In the first phase, Magna will build the EUR 146.4m paint shop, which should create slightly over 400 jobs. Another 1,500 jobs are expected in the second phase to meet the 1,000 jobs threshold for the incentives for strategic investments.

The combined value of the first two phases is estimated at over EUR 450m, with two more phases envisaged provided there is enough demand on the market.

The goal is to set up a comprehensive auto facility in the vicinity of Maribor airport that would supplement Magna Steyr's location near Graz.

Construction works, which will begin after months of efforts for a building permit that Magna eventually obtained at the beginning of the month, are set to be completed in November next year, with the Murska Sobota-based builder Pomgrad as the main contractor.