New leather car seat factory
8 January 2003
Poland's Groklin-Karpaty Ltd expect to open the first production unit of a new factory producing leather car seat covers in Uzhgorod in Ukraine in July or August 2003, according to the Interfax news agency. The completion of the factory, which will cost US$14 million, is scheduled for 2004. The factory will employ 2,500 people producing seat covers for Audi, Volkswagen, Mercedes and others. This investment project benefits from exemption from the payment of income tax in the first two years of its operation, followed by a 50% tax exemption in the following three years. All imported equipment and technologies are exempt from customs duties. These incentives are provided to companies investing more than US$250,000 in certain types of projects in Ukraine's Transcarpathian region.
