The Czech government has approved a contract with Hyundai Motor Company for a planned car plant, a minister reportedly said.

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The cabinet approved package of investment incentives worth in total 4.92bn crowns ($US222.6m) that includes tax relief and subsidies for job creation and training, Reuters reported.


Czech industry and trade minister Milan Urban reportedly said the contract for building the 0.8-1bn euro plant in Nosovice, near the Czech borders with Slovakia and Poland, would be signed in Seoul on 18 May. Hyundai plans to produce 300,000 cars and 600,000 transmissions per year and could employ up to 3,500 workers by 2010 when it should reach full capacity.


Around 9,000 further jobs could be created at suppliers’ plants and in services.


“I am glad that the most modern car plant in Europe will grow in the Czech Republic … This is really a big moment for the Czech economy,” Urban told Reuters.

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