Japan's largest glass maker, Asahi Glass, said Thursday it plans to invest 100 million euros (128 million dollars) in the building of a new glass furnace in the Czech Republic. Construction of the furnace with a capacity of 700 tonnes a day will start later this year at a factory owned by its European subsidiary Glaverbel S.A., the Japanese company said in a statement. Full-scale production of float glass, which is mainly used for construction and automobiles, will begin at the furnace in 2008.
Figures just released by the Czech Statistical Office indicate that in spite of the country's drawn out political crisis and the growing price of oil on world markets the country's economy is booming. The Czech Republic is currently the world's sixth biggest exporter, with the highest export figures in Europe.
From the start of this week two advertisements for Prague have been appearing several times a day on the international TV station CNN, drawing attention to the Czech capital's many charms. The campaign is sponsored by Czech Airlines and is set to run until October; it's Prague's first campaign of this type. At the ads' launch, I spoke to the city's mayor, Pavel Bem, and asked him what kind of tourists he wants to attract to Prague.
Three more Japanese companies will set-up shop in Moravia, the eastern region of the Czech Republic. The announcement was made on Monday by CzechInvest, an agency which coordinates investment in the Czech Republic. A spokesman for CzechInvest said that the Japanese companies figure in the automobile and electronics spheres, but the names of the companies involved and their intended locations in the Czech Republic have not yet been revealed.
A new report indicates that Czech industrial profits for 2004 to 2004 tripled to 179 billion crowns (over 8 billion USD), as the workforce decreased by 35,000. Business analysts predict a revised trade surplus of 5 to 6.5 billion crowns (223 to 291 million USD) for the month of May. The German company Teleplan will open new Czech branch by the end of July. SPGroup will invest 12 billion crowns (5 billion USD) into the transformation of the Prazsky Veletrzni Areal exhibition facility into an Olympic-class sports facility. New code-share cooperation
In Business News: the Czech Republic is on course to join the euro in 2010, though the OECD warns of some risks; inflation reaches 3.1 percent, but should fall sharply; Hyundai finally sets a date for construction work on its Moravian factory; Skoda Auto - the country's biggest exporter in 2005 - plans to put the Yeti prototype into production; and Slivovice makers Rudolf Jelinek report big sales increases last year.
The import of cheap eggs from Poland and Lithuania is having a disastrous impact on the egg business in the Czech Republic, the Czech poultry farmers union said on Wednesday. Egg production in this country fell by one fifth in 2005; industry figures say if the current situation continues one half of Czech producers could go out of business next year.
In Business News: Morgan Stanley is planning to invest around a billion US dollars in the Czech Republic; the Czech Republic is near the bottom of the EU charts in terms of number of wind power stations; excessive bureaucracy is costing Czech companies billions, says a business leader; the lottery and betting market grew significantly last year; and a Czech company is playing a part in the construction of the world's tallest building.
After days of speculation, it's been signed and sealed - a contract that should secure the biggest single foreign investment in the Czech Republic since the fall of communism. Czech government officials on Thursday signed a contract with the South Korean car maker Hyundai on the construction of a major car plant in the eastern part of the Czech Republic. But, behind the smiles and handshakes, there was an air of uncertainty. The absence of Hyundai's chairman Chung Mong Koo - indicted on corruption charges - has evoked speculation as to whether
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