Hungary gave Hankook €63 million to help build tyre factory

Budapest - The Hungarian government has posted online the contract between itself and Hankook Tyre, in relation to the incentives offered to Hankook to locate its new tyre factory in Hungary.

The Ministry of Economy and Transport said all grants are based on a total project cost of HuF 131 355 million (€515 million), and any reduction in investment would lead to a pro-rata reduction in grant aid. Hungary committed to provide State- and regional aid to the value of 12.09 percent of the eligible costs, up to a maximum of HuF 15 881 million (€62.4 million).

The Ministry also said it would make every effort to help with permits and legal issues. It adds that if changes in the law are required, then the Ministry will seek to effect those changes.

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Download agreement (11.6 MB .ZIP file) from Hungarian Ministry of Transport and Environment (English language)