Government approves investment deal with South Korea's Nexen

The Czech government approved an investment agreement worth 22.8 billion crowns with South Korean tire maker Nexen on Monday, Prime Minister Bohuslav Sobotka revealed. In the first years of the investment project, Nexen will create at least 1,000 jobs in the Žatec industrial zone in the Ústí region. In the future, Nexen could invest up to 40 billion in the zone, which would be the largest investment a foreign company has ever made in the Czech Republic. The prime minister said the government had given a clear signal that the Czech Republic was keen in drawing new investors for projects. The Czech Republic won the contract in competition with strong international rivals, he added. Nexen could launch production in the zone within roughly two years.