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Czech News in English » Business » HN: Taiwan's investments unlike Chinese create jobs for Czech

HN: Taiwan’s investments unlike Chinese create jobs for Czech

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Prague, May 9 (CTK) – Taiwanese investments in the Czech Republic create jobs, while the bombastically heralded much bigger Chinese money will create practically none, only assets will be moved from one to another pocket, Julie Hrstkova writes in daily Hospodarske noviny (HN) yesterday.
She writes that investments from the Far East were reported twice in the past year. The first one was preceded by a visit by Chinese President Xi Jinping to the Czech Republic in March. His adoration by Czech politicians was comparable with the ancient adoration of gods.
The other occasion was more moderate. Terry Gou, founder of one of the largest world firms, Foxconn, and Czech Prime Minister Bohuslav Sobotka reached agreement on the extension of the firm’s factories in the Czech Republic worth several billion crowns, Hrstkova writes.
She writes that Foxconn is a Taiwanese firm, which is the tenth largest employer in the world. Its founder has taken such a liking to the Czech Republic that he has announced investments worth billions of crowns for a third time in the past 15 years.
Compared to the heralded Chinese investments, the amount is trifle, but the jobs are most important, Hrstkova writes.
In terms of real investments, the comparison is woeful. The agreements with China speak about 12 projects worth 2.6 billion crowns, which have created or will create more than 1,500 jobs, Hrstkova writes.
The “miniature” Taiwan has carried out 27 investment projects worth almost 18 billion crowns in the Czech Republic in the past 20 years. Some 23,000 people have already found jobs thanks to them. One of the investors was Foxconn, which is the second largest Czech exporter after Skoda Auto, Hrstkova writes.
She adds that Foxconn did not evidently need for it the help of Czech police and the pulling down of flags of any kind (Taiwanese) like it happened during Xi Jinping’s visit.
It is true that the Czech Republic has become an object of Asian investors’ interest, Hrstkova writes.
She mentions 100 billion crowns that South Korea has already invested in the country through Hyundai, Doosan and others, while the visit of South Korean President Park Geun-hye to Prague last December went almost unnoticed.
The Czech Republic does need Asian investments just as any other. If Foxconn invests in research development, it is much better for the development of the economy than if if buys anyone’s shares, even if they were the shares of the friends of Czech politicians, Hrstkova writes.
She is alluding among others to Petr Kellner, one of the richest Czech businesspeople, who expands his business in China.
($1=23.534 crowns)

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