Czech government approves investment agreement with GE Aviation
2. 8. 2016 | Source: Business and Investment Development Agency (CzechInvest)
The American manufacturer is building a centre for development of new turboprop engines in the Czech Republic. The company plans to put the centre into operation by the end of 2022 and create 500 new jobs by 2023.
The Czech government approved the signing of an investment agreement with GE Aviation on Wednesday, 27 July 2016. Base on the agreement, the company is building a centre for development, testing and production of advanced turboprop engines in the Czech Republic. The country will thus join the elite club of five nations where turboprop engines are made.
The investment in the value of CZK 9.5 billion was negotiated by CzechInvest. At the same time, the project is an opportunity for highly skilled workers and for increasing domestic research potential. The given investment will significantly contribute to the development of cooperation between investors and Czech science and research institutions. For example, cooperation with the Czech Technical University in Prague has already been arranged.
More information is available in the press release issued by the Ministry of Industry and Trade of the Czech Republic.