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Rules on investment incentives for investors planned

THE ECONOMY Ministry will publish rules for providing stimuli to foreign investors next week.

Finance Minister Ivan Mikloš, who is temporarily leading the Economy Ministry after the recall of Pavol Rusko, was critical of the lack of clear rules, which he considers a major error.

Since Slovakia has no stimuli granting rules, fewer investments have ended up in the country and fewer jobs were created. Mikloš is certain more was spent on investment incentives from public sources than would have been if clear rules existed, the SITA news wire reported.

Mikloš warned that up to this moment the Slovak Investment and Trade Development Agency (SARIO) has not known what should be the volume of stimuli offered to the investors.

The former leadership of the Economy Ministry was negotiating with investors and neither the cabinet nor the Finance Ministry was informed of the results, Mikloš added.

The minister mentioned the investment by South Korean carmaker Kia/Hyundai as an example of bad stimuli management.

Mikloš explained that concerning the Kia/Hyundai investments the cabinet had thought that Sk1.3 billion (€30 million) state aid was needed to build infrastructure etc. but only after taking up Rusko's job did Mikloš learned that these expenditures would reach Sk2.9 billion (€80 million).

The minister is certain that new rules will make Slovakia competitive in gaining foreign investments. They will also set time limits for individual institutions to judge the sum of stimuli.

Compiled by Beata Balogová from press reports
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