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Agreement with Hyundai officially signed

Czech delegation comprised of representatives of the Ministry of Industry and Trade, the Moravia-Silesia Region and CzechInvest definitively signed the agreement with representatives of the carmaker Hyundai’s board on the construction of a new factory in Nosovice.

18.05.2006

“In order to put an end to all speculation, we consider it appropriate to publicize the concluded investment agreement. It will be available to all interested parties on our website in next few days,” says Tomas Hruda, CEO of CzechInvest.“ Today we are also launching a database in which Czech firms that would like to cooperate with the carmaker and become their suppliers can register.”

Now the company must proceed in accordance with the Czech legislation in force. One of the first steps should be the application for investment incentives, which will be evaluated by the Ministry of Industry and Trade and other government departments (Ministry of Labour and Social Affairs, Ministry of Finance, Ministry of the Environment, Office for the Protection of Economic Competition) and in the end notification of the European Commission is necessary. Another important step is the construction-permit application, which leads to commencement of factory construction. Hyundai is bound to begin construction within three months following the attainment of the legal force of the construction permit, but no later than by 31 December 2007. The time-schedule of further steps and works is now the concern of the company.