Spectator on facebook

Spectator on facebook

IN SHORT

Slovakia woos South Korean tyre company

SLOVAKIA, Poland, and Hungary are the hottest candidates for an investment in Central Europe from the largest South Korean tyre company, Hankook Tire.

The company intends to increase its influence in European markets, especially with regard to its largest clients from the automotive sector, which have located their plants in the region, the SITA news agency reported.

The Slovak Investment and Trade Development Agency (SARIO) is pursuing the investment, SARIO spokesman Ondrej Žember confirmed to SITA.

However, since a confidentiality agreement was signed on talks with the investor, Žember cannot make public any of the details..

Poland has confirmed that the Hankook investment is linked to the construction of a plant for over $500 million (€385 million).

The Polish side pointed out in its bid that Korean carmaker Hyundai/KIA, which selected Slovakia for its new assembly plant, is facing certain problems.

"Our bid is realistic," said Sebastian Mikosz from the Polish Agency for Information and Foreign Investments (PAIiIZ).

Poland could also offer state aid to the Korean investor. The upper limit of state aid in the form of investment incentives in the automotive industry is 12 percent of the investment, said the Polish Economy Ministry. This means that Hankook could gain €46 million from the Polish government.

Slovak Economy Minister Pavol Rusko announced in January that the government is in talks with an unnamed South Korean investor who is set to invest €500 million in Central Europe. However, he did not specify whether it was Hankook.

Hankook will probably create about 2,000 jobs in its new central European plant, although information on the planned investment volume varies.

Top stories

Slovak writer and film director Peter Krištúfek dies in a bus crash

The documentarist and writer, aged 44, was one of the two casualties of the fatal Monday crash between a bus and a truck.

Peter Krištúfek

Former Kaliňák deputy to become interior minister

The ruling Smer chooses Denisa Saková as the replacement for Tomáš Drucker. Her name creates concern among transparency watchdogs.

Denisa Saková

Bahraini journalist: You cannot build a real public opinion without journalism

In 2011, Nazeeha Saeed was beaten and tortured by authorities for covering pro-democracy protests. Now, she’s fighting back.

Nazeeha Saeed

Fifth carmaker in Slovakia?

Cabinet gave the industrial park in Haniska the statute of strategic investment

The developed rail infrastructure in Haniska has helped to the launch of the industrial park.