BUSINESS IN SHORT

Tax relief attracts tyre fir

THE CONTINENTAL plant in Púchov, a town in Trenčín Region, is set to become the largest tyre-making factory in Europe following the German company’s decision to invest €250 million based on a memorandum signed by Prime Minister Robert Fico with representatives of Continental in Hannover, Germany on April 10.

THE CONTINENTAL plant in Púchov, a town in Trenčín Region, is set to become the largest tyre-making factory in Europe following the German company’s decision to invest €250 million based on a memorandum signed by Prime Minister Robert Fico with representatives of Continental in Hannover, Germany on April 10.

The investment will create 600 new jobs. Some of them will include working positions in the area of research and development, the SITA newswire wrote.

“In these days of deep financial and economic crisis every job is welcome,” Fico said, as quoted by SITA.

The prime minister mentioned the investment for the first time during a recent talk show broadcast by public broadcaster Slovak Television (STV), adding that Slovakia beat the Czech Republic, Poland and Portugal to the investment.

To secure the deal, Slovakia promised the German company €20 million in tax relief for the next two years. This means that the taxpayer will effectively be subsidising each new job to the tune of €33,000, SITA wrote. Average pay in the Slovak economy is currently around €9,600 per year.

Continental currently employs 5,000 people in Slovakia. The jobless rate in the Púchov district is over 8 percent, accounting for roughly 2,000 jobless people. If this number drops by 600, Púchov’s unemployment rate will fall to that of Bratislava, the Sme daily wrote.

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