General Electric Vice-President John Rice, Minister of Industry and Trade Jan Mládek and CzechInvest CEO Karel Kučera signed an investment agreement today, 20 October 2016, on the establishment on a centre for development, testing and production of Advanced Turboprop (ATP) engines.
GE’s investment is significant due to the that fact from the beginning it involves not only production, but also research and development. Previously, investors commonly first established production and expanded years later into research and development activities. At the same time, the investment may pay potentially result in half of the global market for this type of engine being served from the Czech Republic. For the Czech aviation industry, this could have a comparable sectoral effect to that which Volkswagen’s entry into Škoda Auto had on the Czech automotive industry.
For more information visit – www.czechinvest.org