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Van Geel to get investment stimuli worth Sk60 million

SLOVAKIA will provide Belgium's Van Geel company with investment incentives worth Sk60 million (€1.5 million) for its proposed factory at the Kechnec industrial zone near the eastern city of Košice, the news wire TASR wrote.

The Council of Economic Ministers, a group whose portfolios cover key areas of the economy, made the decision on June 29.

Van Geel, a leading producer of cable management systems, is to invest Sk226 million (€7 million) in Slovakia with a factory employing around 130 people. Slovakia will offer investment incentives in the form of tax relief and employment contributions, Finance Minister Ivan Mikloš said after the session.

The council also recommended that a distinction be made between FDI through privatisation and other routes. FDI in Slovakia totalled Sk32 billion (€800 million) last year, much less than the year before.

Mikloš said the disparity was due to the 2002 figures including revenues from the privatisation of gas utility SPP.

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