Spectator on facebook

Spectator on facebook

Investment aid for Kia Motors to reach Sk1.5-1.6 billion in 2004

The Slovak government will provide Kia Motors investment incentives worth Sk1.5-1.6 billion (€37-39 million) in 2004, Economy Minister Pavol Rusko told the TASR news wire.

Earlier in the day, the South Korean carmaker announced that it had chosen Žilina in northern Slovakia, rather than Poland, as the site of its €700 million plant in central Europe.

The plant should have an annual production of 200,000 cars and employ 2,400 people by 2007.

Rusko confirmed that the overall incentives would not exceed 15 percent of the investment, in accordance with the rules of the European Union, which Slovakia is due to join on May 1.

The government would also help the investor in settling the site ownership, constructing infrastructure, and procuring investment property.

An agreement on investment aid between Slovakia and Kia Motors, part of the Hyundai Group, should be signed on March 16-17.

Prime Minister Mikuláš Dzurinda said that Kia's decision to enter Slovakia was influenced by the country's fewer strikes, better infrastructure in the Žilina region, and cheaper labour force.

Compiled by Beata Balogová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Slow down, fashion

Most people are unaware that buying too many clothes too harms the environment.

In shallow waters, experts are expendable

Mihál says that it is Sulík, the man whom his political opponents mocked for having a calculator for a brain, who “is pulling the party out of liberal waters and towards somewhere completely different”.

Richard Sulík is a man of slang.

Poll: Smer followed by SaS, KDH also in parliament

Had the general election taken place in mid-February, the opposition Freedom and Solidarity (SaS) would place second, and the now extra-parliamentary KDH would get nine seats.

Alojz Hlina took over at the helm of KDH

Woman who urinated on the Quran arrested, awaiting trial

Some observers believe the video might lead to increasing security risks for Slovakia.

The accused woman arrives to the court.