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Help For Hyundai: Aid Proposal Passes Czech Competition Office(2)

Mon, 10/23/2006 - 3:18am
Amy Radishofski, Staff Reporter

The Office for the Protection of Economic Competition has referred a planned state aid measure to the European Commission (EU) for the Czech government to support construction of a plant in north Moravia for South Korean car company Hyundai.

The Office said that the state aid is compatible with EU rules for aid up to the amount of 15 percent of eligible costs, but the EU still must give its approval.

Hyundai can receive a subsidy worth up to $107 million from the state budget for the plant’s construction between 2007 and 2013.

Hyundai is also eligible for a possible additional $111.5 million by 2011 for creation of jobs and staff retraining.

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