Hyundai - the last major foreign investment

South Korean car manufacturer Hyundai plans to invest a billion euros in a new factory in the Czech Republic, creating around 3,000 jobs. A contract signed yesterday foresees that the first cars produced at the factory should roll off the assembly lines in 2008. Jan Machacek comments: "This will be the last mammoth investment of this type in the Czech economy. Czech workers are skilled and still cheaper than those in the West, but given the present rate of economic growth and the continued strength of the Czech currency, this won't last forever. It will be difficult to find people to work in the factories dotting our green fields. Despite the country's ten percent unemployment rate, we need to start bringing in people from Slovakia, Poland and Ukraine now."

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