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Hungary primary investor in Slovakia

Hungarian companies have invested $1.9 billion in Slovakia, making Hungary its number one investor in 2004, business daily Világgazdaság said yesterday. Most of the Hungarian investment portfolio was made up by large companies such as gas and oil industry MOL Rt, property development TriGránit Rt or retail bank OTP Rt, but a further 6,000 businesses are active on the Slovakian market. Though companies pay a similar amount of business tax in Slovakia, medium-size Hungarian firms seek new markets in the country, the paper said, adding that entrepreneurs were also attracted by a more investor-friendly environment, less red tape, and fewer benefits for employees.