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Economy Ministry claims incentives a success

SLOVAKIA’S use of investment stimuli is much more effective than the Czech Republic, the Hospodárske noviny business daily reported.

The Economy Ministry provided data claiming that the cost of one new job in Slovakia created by investment stimuli is Sk1.1 million (€28,000), while in the Czech Republic it is Sk2.5 million (€64,000).

Slovakia scooped up Sk87.26 billion (€2.24 billion) of direct international investments last year compared to Czech's Sk67.808 billion (€1.74 billion), according to the Economy Ministry.

As many as 13,134 people found new jobs as a direct consequence of new investments arriving last near.

The Economy Ministry is satisfied with the results, saying that state assistance and investment stimuli have been used effectively.

The effectiveness of investment stimuli is the main issue surrounding the proposed Hankook Tire investment. The South Korean tyre maker will only accept a slightly lower level of incentives than originally offered, while the Finance Ministry says the incentive is too high and therefore not effective.

The Economy Ministry believes that the incentive is appropriate and not approving the contract is a great mistake. Economy Minister Pavol Rusko says the argument over the investment is really a political one, and nothing to do with the investment itself.

Compiled by Magdalena MacLeod from press reports
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