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Hungary might win euro 500 million South Korean project

Following unsuccessful talks with the Slovak government, South Korean tire-producer Hankook may select Hungary as the site of a new development project costing euro 500 million and creating over 3,000 new jobs, daily Népszava reported. Talks between Hankook and the Slovak government broke down due to a difference in views on how to share the costs of the project. The Korean investor had insisted on a 21% direct contribution from the government, while the Slovak side offered to pay 13% plus tax incentives. Economic Minister János Kóka voiced readiness to enter into talks with Hankook a few days ago, but added that "taxpayers' money would only be spent on viable projects", the paper added.