Volkswagen pauses $1.4 billion investment in TurkeyOctober 15, 2019 - 17:14 AMT PanARMENIAN.Net - Volkswagen has paused a planned $1.4 billion investment in Turkey as a result of the country's military offensive in Syria, CNN reports. The world's largest carmaker, which operates 122 production plants around the world, had been preparing to take a final decision on a factory planned for Turkey's western Manisa province. "The decision for the new plant was adjourned by the board of management of Volkswagen AG," the company said in a statement. "We are monitoring the situation carefully and are worried about the current developments." The €1.3 billion ($1.4 billion) plant was reportedly slated to produce the Volkswagen (VLKAF) Passat and Skoda Superb. Volkswagen Group already has one factory in Turkey, which produces commercial vehicles for its MAN subsidiary. Turkey launched an invasion last week of territory in Northern Syria controlled by the Kurds, an ethnic minority long allied with the United States that played a major role in the fight against ISIS. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Pasadena to host Armenian Genocide commemoration event The Pasadena Armenian Coalition will host its community-wide Armenian Genocide Commemorative Event. Armenia: Opposition activist transferred to Investigative Committee Activist Samvel Vardanyan has been accused of insulting the lawmaker Hakob Aslanyan from the ruling Civil Contract party. Former Pashinyan envoy urges end to Genocide speculation Marukyan has urged authorities in Armenia stop discussions about verifying the names of 1.5 million victims. Azerbaijan, Jordan sign deal on defense cooperation Azerbaijan and Jordan have signed an agreement on cooperation in the field of defense, according to an official statement. |