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Economy Ministry to reduce KIA assistance

THE SLOVAK cabinet has tasked acting Economy Minister Ivan Mikloš to reduce the demands for additional public expenditures for the Hyundai/KIA investment by mid-October, the SITA news agency reported.

The additional expenditures from the state have reached Sk5.8 billion (€151 million) according to a report on the current situation and potential risks related to the Hyundai/KIA project.

"The real sum of extra expenditures should be around Sk3 billion (€78 million)," said Mikloš.

When approving the investment the cabinet projected public expenditures at Sk7.4 billion (€192 million).

Partly, the increased demands on the state assistance stem from the KIA decision to increase its original investment to produce 300,000 cars per year instead of the original 200,000.

Mikloš, however, will try to make cuts in all items of the demanded additional state funds.

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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