Spectator on facebook

Spectator on facebook

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
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

LGBTI people in the regions: We change people’s minds

Bratislava will dress up in rainbow colours this August again, for the seventh time. This will be for the Bratislava Dúhový Pride diversity festival. But the colours of the rainbow are less bright in the regions,…

Slovakia’s LGBTI community seeks to expand their rights.

Things that make us different also make us stronger

On August 19, a rainbow flag will fly over the US Embassy in Bratislava to represent the firm commitment of the United States to defending the human rights of LGBTI people, writes Ambassador Sterling.

The rainbow flag flew over the US Embassy in Bratislava in 2016.

Blog: 5 things you should do on your visit to the north of Slovakia Photo

Here is a list of tips by an experienced tour guide - including things you have probably not tried before.

Bratislava growing high Photo

High-rise buildings sprouting up in Bratislava

Visualisation of the future skyline of Bratislava