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EU approves shipyard lifeline

4th April 2005
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The European Commission has given Poland permission to grant state aid to shipbuilders in order to stave off competition from South Korean shipyards.

Under the so-called 'temporary defence mechanism', which the EU introduced to protect its industry from cheap Korean exports, Poland will be allowed to give aid to ailing shipwrights, especially in Gdańsk, Gdynia and Szczecin, worth up to six percent of the value of the yards' contracts.

The EU considers Korean subsidies to its ship production illegal. The Netherlands, Italy, France, Denmark, Spain and Germany already aid their own shipyards. (Reuters) A.K.

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