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BREAKING NEWS

Government rejects incentives for KIA suppliers

FOREIGN suppliers to the South-Korean carmaker Hyundai/KIA, which is constructing a production plant near Žilina, will not receive state assistance, the government announced on February 1.

FOREIGN suppliers to the South-Korean carmaker Hyundai/KIA, which is constructing a production plant near Žilina, will not receive state assistance, the government announced on February 1.

Economy Minister Jirko Malchárek said that under the new rules on state stimuli it is not possible to provide state aid to these investors, the SITA news agency reported. Nine mainly Korean investors are asking for a total Sk663.6 million (€17.7 million) in aid.

These suppliers are investing Sk5.2 billion (€139.4 million) in Slovakia and plan to create 1,924 jobs.

"All of them are already at a stage in the construction of their plants that I don't expect they would now [decide to] leave Slovakia. However, the final decision is up to them," said Malchárek.

According to Malchárek, former Economy Minister Pavol Rusko promised the money to these companies without the cabinet's prior approval. Malchárek thinks that the former minister overstepped his powers and will therefore file a criminal complaint against him with the Office to Combat Corruption.

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