International Property News
Koreans to invest billions of CZK in northern Moravia
20th February 2008
Ostrava - An investment boom initiated by the South Korean motor works Hyundai in northern Moravia is far from slowing down.
South Korea-based companies are planning to boost and broaden their production in the region.
Hyundai is to open an engineering plant in Noovice in Moravian-Silesian region.
For example, Plakor has already informed the authorities about its plan to boost the capacity of its factory in an industrial area in Monov in order to be able to provide Hyundai with parts in the spring.
The company is going to hire more than 600 employees and its estimated investment is over 30 million euro.
Its factory is already supplying Kia motor works in ilina, Slovakia, with car parts.
Korean conquest
At the same time, South Korean company Hanwha - Plakor's contractor - is going to invest in Frdek Mstek. The company plans to spend 160 million euro and employ one hundred people.
The Hanwha group is the tenth biggest industrial conglomerate in South Korea. It produces and sells parts for motor works, structural components, electronic materials and reels.
So far Hyundai has made deals with 59 producers of car parts - the majority of them are located less than 250 kilometers from Noovice. Sixteen of the firms are Korea-based.
Seventeen of the future Hyundai contractors have their factories based in the Czech Republic, eleven in Slovakia, and ten in Poland.
The rest are in Turkey, Italy, Hungary, Romania, Tunisia, France, Germany and China.
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