Hyundai launches construction of new plant at Nosovice

The head of the Hyundai Motor company, Chung Mong-Koo was in the Czech Republic on Wednesday to launch the construction of the South Korean car giant's first European production plant in Nosovice, Moravia. The company is investing more than a billion dollars in the factory, the biggest ever single investment in this country. The plant is due to open in 2009 and should produce 300,000 cars a year when it achieves its full production capacity in 2011. Around 3000 people are expected to be employed at the plant.