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Public expenditures linked with Hyundai/Kia to reach Sk8.8 billion

THE SLOVAK cabinet approved draft contracts on investment with South Korean automaker Hyundai Motor Company that set expenditures linked with the project at Sk8.8 billion (€216.66 million), the news wire SITA wrote.

Almost Sk6.8 billion (€167.42 million) will go directly to the investor, and other public expenditures linked with the project will total Sk2 billion (€49.24 million).

In 2004, the public expenditures linked with the project will amount to Sk2 billion, Finance Minister Ivan Mikloš said.

According to Mikloš, Sk400 million (€9.85 million) of the investment will return to the state budget via taxes.

In the contract, the Slovak government promises maximum support when securing conditions for the investment.

The contract between the Slovak Republic and Hyundai Motor Company should be signed on March 16 or 17 and the cornerstone of the plant laid on April 7.

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

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