Investment incentives for Siemens Elektromotory

13 Jan 2003

The Office for the Protection of Competition gave a green light to investment incentive in favour of the undertaking Siemens Elektromotory s.r.o.

The exemption from state aid prohibition concerns discount from corporate income tax, aid for creation of new jobs amounting 120.000 CZK per a workplace and aid for employees retraining. The Ministry for Industry and Trade is a provider of the state aid.

„Total value of the aid, with the exception of the retraining aid, may not exceed 38% of the total value of the costs spent on the investment project and at the same time it does not exceed the amount of CZK 490,39 million. The investment will be maintained for the period of the real drawing on the corporate income tax discount, however, at least for the period of five years.“ said the Chairman of the Office for the Protection of Competition Mr. Josef Bednář. „Similarly, the state aid for the new jobs creation is conditioned by maintaining workplaces at least for five years,” added Mr. Bednář in relation to the conditions imposed by the Office.

The undertaking Siemens Elektromotory s.r.o. is active in the production, installation and maintenance of electrical machines and devices and is going to enlarge its current plant in Mohelnice for the production of asynchronous electro-engines. The state aid beneficiary is going to create fifty direct jobs during the next three years. The enlargement of production concerns the plant at Frenštát pod Radhoštěm as well.

Press and Information Department