A foundation stone was laid on the occasion, with representatives of the company promising the project's finalisation by the end of 2018.

The ceremony at Maribor airport was attended by Günther Apfalter, the head of the European branch of the Canadian-Austrian automotive multinational, and Slovenian PM Miro Cerar, Economy Minister Zdravko Počivalšek and Marko Soršak, the mayor of the Hoče-Slivnica municipality, where the paint shop will be built.

With the deal, which includes a EUR 18.6m incentive from the government, the investor has committed to making at least EUR 100m in investments in ten years and creating at least a thousand jobs, Cerar said.

"Today we are opening a new chapter in the development of Štajersko and the entire Slovenia", he said, noting that it was the biggest greenfield investment in history of independent Slovenia.

Apfalter added that Magna Steyr had decided to build a new facility in Slovenia as it was getting orders for making vehicles by renowned producers.

"The diverse competence in engineering and production of vehicles puts Magna in a unique place in the global car industry, which we are constantly improving with our new investments," he said.

According to Apfalter, the location was picked due to its strategic position between the airport, motorway and railway and the staff pool in the area.

"The procedures were somewhat longer than expected but we are happy that we can now start implementing the project," he said, adding that the participation of the government and local community made Magna feel welcome.

The first phase of the project envisages a paint shop with some 400 workers in an investment worth EUR 146.4m.

Construction works are already being prepared and are expected to be concluded at the end of next year. Production is expected to be launched at the beginning of 2019.

Apfalter mentioned a concrete date, 1 April 2019, when the plant is expected to employ at least 400 people, as this number has been projected based on orders.

He did not want to speak about further expansion. "Wish me luck in negotiations with our buyers. When we get new orders, I will be able to answer this question."

Minister Počivalšek used sport language, saying that "the game has ended when it comes to preparing conditions for this investment. Now the ball is in Magna's court. I believe that they will do everything as it was written".

Mayor Soršak added that the road leading to this moment was hard and that the project was a "win for everybody. Even those who opposed the project will eventually benefit from it".

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.