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Ministers reject Hankook incentives

CABINET ministers yesterday rejected the investment incentives proposed for Korean tyre producer Hankook Tire.

The Korean concern planned to create 1,600 jobs in the town of Levice, with an investment of €500 million (Sk 19.5bn), the daily SME reported

It is now likely that Hankook will withdraw from its plan to invest in Slovakia and may start talks with other countries, such as Hungary and Poland, according to Economy Minister Pavol Rusko.

Rusko, who met with Hankook's top representative last night, even decreased the originally required assistance from Sk3.6 million (€94,000) to Sk1.6 million (€42,000) per job.

The ministers representing the ruling Christian Democratic Movement (KDH) and the Slovak Democratic and Christian Union (SKDÚ), however, still considered the assistance to be too high.

Slovakia supported the investments of KIA and PSA Peugeot Citroen, which are building their car plants in the country, with
Sk1.9 million (€49,000) and Sk1.4 million(€36,000) per job respectively.

KIA will create 2,800 and PSA 3,500 jobs

SKDÚ member and Finance Minister Ivan Mikloš said that the Hankook investment would still require additional state spending and the incentives that would go to Hankook would prevent incentives for other projects.

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

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