The Czech Republic will send a delegation next week to South Korea hoping to clinch a deal for a EUR 1bn (US$1.2bn) plant by Hyundai Motor, a minister told the Reuters news agency on Wednesday.
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“The delegation is a mandate to make a final (offer) of an investment package for Hyundai. I expect the agreement then could be agreed by both parties,” Industry Minister Milan Urban told Reuters following a cabinet meeting.
He reportedly said the delegation would leave for South Korea on 9 January. Hyundai has said the Czech Republic was the ideal candidate to host its planned factory and that it should make a decision by the end of the month.
Reuters said the Hyundai plant is expected to have an annual capacity of 300,000 vehicles and aims to start production in 2008. It would employ 3,000 people directly and create about 9,000 other jobs at supplier factories.
Economists have estimated the new factory would give a strong boost to exports and could raise the central European country’s economic growth by more than 1% annually when it is running at full steam, the report added.
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