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Hyundai Motor Company decided for the Czech Republic

The contractual parties represented by the Minister Industry and Trade of the Czech Republic Milan Urban, Governor of the Moravia-Silesia Region Evzen Tosenovsky and Senior Vice-President of HMC In-Seo Kim agreed on the following joint statement on the results of the negotiation of HMC´s investment in the Czech Republic.

27.03.2006
  • HMC and the Czech Republic represented by the Government bodies and the Moravia-Silesia Region have had very fruitful and detailed negotiations over the past few months that have been successfully concluded.
  • HMC plans to develop a state of the art automotive assembly plant at Nošovice in the Moravia-Silesia Region, invest 800 million – 1 billion Euro and reach production of 300,000 cars a year.
  • The terms and conditions of HMC’s investment have now been finalised and the investment agreement will be signed after it has been approved by the Government, the Moravia-Silesia Region assembly and by HMC’s board of directors in the next few weeks.
  • A signing ceremony and a ground-breaking ceremony will be held in mid-May, with the Prime Minister, the Minister of Industry and Trade, the Governor of the Moravia Silesia Region and HMC’s Chairman and Vice Chairman
  • All parties believe this a win/win situation for HMC and the Czech Republic; the project will especially benefit the development of the Moravia-Silesia Region. HMC plans to create over 3000 new direct jobs. It is expected that the project will also lead to the creation pf approximately 10,000 indirect jobs in the economy.
  • In the coming months the Moravia-Silesia Region will be preparing the industrial zone and HMC will be planning for the construction of the plant, scheduled to begin in the middle of 2006 with land leveling and grading works. Mass production is scheduled to begin in October 2008.
  • The Czech Government, the Moravia-Silesia Regional Government and CzechInvest have provided invaluable support and encouragement to HMC throughout the process of preparing for this investment.
  • HMC is very excited about the opportunities that the Czech Republic holds. HMC believes that the Czech Republic is a tremendous country with wonderful people, a strong industrial tradition and strengths that this location will provide an ideal strategic base for HMC’s European manufacturing operations.
  • HMC looks forward to being a part of the dynamic economy of the Czech Republic and the Moravia Silesia Region.