Kronospan incentives approved

THE SLOVAK government recently approved incentives for the Cypriot-based wood processing group Kronospan, which plans to invest Sk12 billion in its Slovak plants in Prešov (Sk3.9 billion) and Zvolen (Sk8.1 billion).

The investment should increase the number of Kronospan employees in Slovakia from the current 500 to 1,050, the Hospodárske noviny wrote.

The government approved incentives in the form of a 10-year tax break.

Several business associations in Slovakia have criticized Kronospan's approach of threatening to close its Slovak plants if it did not receive state support.

However, Finance Ministry spokesman Peter Papanek suggested that the government saw no reason to refuse to support the company, as long as the request was for a tax break rather than actual money.

"We have to realize that Kronospan will employ people in Zvolen and Prešov who would not find employment elsewhere due to their low education," said Papanek.

Compiled by Martina Jurinová from press reports
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