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Slovenia Business Week no. 21/2005: EUR 3.7M Earmarked for FDI This Year

The Economics Ministry will allocate SIT 900m (EUR 3.7m) for the promotion of foreign direct investment this year

The Economics Ministry will allocate SIT 900m (EUR 3.7m) for the promotion of foreign direct investment this year, as well as SIT 1.05bn (EUR 4.4m) for the promotion of competitiveness and SIT 150 (EUR 0.6m) for technological parks, a senior ministry official told the press on Thursday, 19 May.

According to Andrej Kitanovski, the head of the directorate for entrepreneurship and competitiveness, the FDI money will be used to lower the entry costs of investors whose investments will in particular create new jobs and bring in new technologies.

The objective is to create 600 new jobs in a period of three years from the granting of the money, which investors will be able to spend on land purchase, construction or purchase of facilities, machinery and equipment, and the costs of gross wages for newly created jobs.

Foreign investors may apply for the tender, which will be published shortly in the Official Gazette, yet only companies based in Slovenia which will carry out the investment will actually get the money.

Funds for improving competitiveness of companies with up to 700 employees will be awarded to companies focused on the development and marketing of own products.

According to Kitanovski, presence on the markets of the former Yugoslavia is not a sufficient condition for companies that want to get this money, as this is not the right way of improving competitiveness on the global market.

Source: Slovene Press Agency STA

Author: STA