Economy

Midia Agro to Build Dairy to Process Quarter of Slovak Milk Production

Kolinany, February 29 (TASR) – British company Midia Agro plans to build a new dairy for milk processing near Nitra, with a memorandum of understanding signed by the company’s representative Norman Patrick Turner, Prime Minister Robert Fico and Agriculture and Rural Development Minister Lubomir Jahnatek at the Slovak Agriculture University in Kolinany (Nitra region) on Monday.

Midia Agro plans to invest €98 million and create 320 new jobs in an industrial park near the village of Cab (Nitra region). The company has applied for investment aid.

“At a Government session on Wednesday we’re ready to approve investment aid worth €18.5 million, of which €16.5 million will be support for tangible assets and €2 million will be in tax relief,” said Fico.

Midia Agro will produce milk-based children’s products intended for the Asian market. The company plans to process 25 percent of Slovakia’s milk output. Production is to be launched in the first quarter of 2018.

According to Turner, the company has begun discussions in China, where it should supply five orders.

Fico stated that the planned investment will be a stabilising factor in the current complicated situation. Jahnatek said that the competition provided by the new investor for established dairies in Slovakia will increase pressure for increases in the prices paid to dairy farmers.

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