According to the Ministry of Economy in Slovakia, Samsung Electronics plans to invest 90 million euro (US$121.6 million; US$1=0.74 Euro) in Slovakia, Reuters reported on November 15, 2011. Samsung is projected to invest in modernization of the company's operations in the country and preparation of new TV set production. Samsung's investment is projected to add approximately 1,000 jobs to the existing 4,500 in Slovakia. It is reported that Samsung has asked for subsidies of 28 million euro (US$37.8 million).