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Prime Minister Sobotka signs memorandum with Foxconn – path now clear for investment worth billions

Shortly after noon today, Prime Minister Bohuslav Sobotka signed a Memorandum of Cooperation with the Taiwanese company Foxconn, which is planning to invest CZK 2.5 billion in an expansion of its business in the Czech Republic.

24.07.2015

An additional CZK 3.7 billion will be expended on human resources as the company creates more than 2,000 new jobs. The planned investment in the amount of CZK 2.5 billion will be focused on a full range of areas including research and development, solutions for automation and digitisation, infrastructure and e-commerce. “The Czech Republic has a very strong position in industry, but we need to use the most advanced technologies in order to achieve success in international competition. Digitisation and automation in industry and the Industry 4.0 concept are the areas on which we must now focus our strengths if we want to catch up with global production,” said Minister of Industry and Trade Jan Mládek.

The Ministry of Industry and Trade (MIT) and CzechInvest are the guarantors of working groups that are currently evaluating the specific form of the investment projects. Experts from the MIT have established close cooperation with Foxconn in order to jointly address particular requirements, for example in the area of HR policy. “Foxconn’s expansion is an opportunity for current and future university students, who can gain experience with a global technology leader. Therefore, we are in discussions with the highest representatives of our leading technical universities regarding possible cooperation,” added Mládek. Foxconn is investing an additional CZK 3.7 billion in recruitment and personnel costs over the next three years.