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IN SHORT BUSINESS

Car plant still lacks land

THE EUROPEAN Commission suggested that Slovakia cut its budget deficit faster than planned, provided that economic development allows it, the TASR news agency reported.
The suggestion comes in the EC's report on Slovakia's new convergence programme for 2004-2007, published February 2.The report says Slovakia should make use of any possible budgetary savings in expenditures and better-than-planned revenues.

The planned Kia car plant near Žilina is still lacking 56 hectares of land needed to complete the production facility, according to the TASR news agency.

State companies Govinvest I and II have negotiated the purchase of 174 of the 230 hectares necessary, but the owners of the remaining 56 hectares are still refusing to sell at the price offered.

However, talks are still continuing between the owners and the Slovak Land Fund on the possible exchange of their land for land of an equal value elsewhere in Slovakia.

Mayor of Žilina Ján Slota said that Kia was willing to give more time for the purchase of the land, which should have been completed over a year ago.

Production at the new car plant is supposed to start by the end of 2006.

The company is investing €1.2 billion (Sk43.7 billion) in the plant, which is expected to produce 300,000 cars a year and create 2,800 jobs.



Compiled by Spectator staff from press reports

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