The South Korean car maker Hyundai has confirmed a major investment in
the Czech Republic. According to the Czech internet daily Novinky,
Hyuandai said in a letter to the Turkish industry minister, that it had
decided to build its new car plant in Nosovice, north Moravia, mainly
thanks to the lower tax burden. A Hyuindai spokesman later confirmed
that the firm was sending a delegation to the Czech Republic to sign a
contract worth 30 to 40 billion crowns. The new plant is expected to
decrease unemployment in the region. Scheduled to begin operation in
2008 the plant will employ some 3,000 people and provide more jobs for
people in supplier companies.