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The Czech Republic signs an agreement with Korean firm Nexen on investment worth CZK 22.8 billion

(This article expired 03.06.2022.)

27 Jun. 2014 | CzechInvest, Office of the Government of the Czech Republic | Today the Czech Republic gained the third-biggest investment in the country’s history. The investment by NEXEN TIRE, the agreement for which was officially signed today, will amount to CZK 22.8 billion. The agreement was signed on behalf of the Czech Republic by Prime Minister Bohuslav Sobotka and on behalf of NEXEN TIRE by the company’s director, Kang Byung Jung.

The Czech Republic signs an agreement with Korean firm Nexen on investment worth CZK 22.8 billion

27.06.2014

Czech Invest Prague - The acquisition of such a major investment for the Czech Republic is the result of intensive negotiations held over thirteen months between the Korean investor on one side and the Czech government, Ministry of Industry and Trade, CzechInvest, the Ústí region and the city of Žatec on the other side.

In gaining the investment, the Czech Republic succeeded in the face of strong competition from neighbouring countries that had also attempted to win the investment, with Poland at the fore.

"We are proud that our country has gained such a significant investment with value added and did so against tough competition from surrounding countries, with Poland in the lead. The fact that NEXEN TIRE chose the Czech Republic for its investment shows that our country is again becoming a safe destination for new investors and their strategic plans. The Ministry of Industry and Trade and CzechInvest played a significant role in this success. Over the past ten years, CzechInvest has helped to mediate more than 1,400 investment projects in the total value of nearly CZK 800 billion. These projects have in turn helped to create nearly a quarter of a million jobs. Since January this year, CzechInvest has registered more than 100 parties interested in investing in the Czech Republic. This strong interest in investing here is due primarily to the country's political stability brought about by the new government and its proactive steps in the area of legislation, including positive changes in the laws and measures promoted by the government," says Prime Minister Bohuslav Sobotka.