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Cabinet wants simpler investment aid process

THE APPROVAL process for investment incentives will be made simpler by the end of this year, the Slovak government vowed at its regular session on November 29.

Economy Minister Ľubomír Jahnatek said that the simpler process would enable the government to approve about 40 investment projects worth Sk32 billion by the end of this year, resulting in the creation of 12,000 jobs.

The current rules are being simplified because from the beginning of 2007, the provision of investment incentives will be governed by a EU regulation for national regional assistance for the years 2007-2013, which was approved by the European Commission.

Under the regulation, the approval of state aid may take 12-18 months, according to the minister.

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