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Klub 500 criticizes Hankook investment package

THE KLUB 500 association of companies thinks that the
investment incentives promised to the South Korean tyre manufacturer Hankook by the government are unfair for domestic tyre-maker Matador Púchov, Tibor Gregor, president of the Klub 500, told the TASR news agency.

The Slovak cabinet promised Hankook, which plans to invest more than €500 million (Sk20 billion) in Levice (Nitra region), various forms of financial relief, valued at 21 percent of the investment.

"Such high financial relief for Hankook is inappropriate and can have negative consequences on employment at Matador Púchov. Thanks to the Korean investment, which is scheduled to create 1,600 jobs, 3,000 workers fear for their jobs," Gregor added.

Klub 500 wants to see the system of distribution for investment stimuli modified. In effect, if a foreign investor establishes itself in a sphere in which Slovakia has a strong domestic producer(s), the domestic companies should also receive stimuli at a commensurate rate.

Compiled by Marta Ďurianová from press reports
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