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Shipyard is first Chinese investment in Czech Republic
Saudi Press Agency Published in Saudi Press Agency on 14 - 01 - 2005

A Shanghai-based company plans to buy an Elbe River shipyard to become China's first major investor in the Czech Republic, a report said Friday.
The Hudong-Zhonghua Shipbuilding Group plans to buy a controlling stake in the 150-year-old Kresice Shipyard in the northern Czech Republic from the Czech firm CSPL, said the financial daily Hospodarske noviny.
The shipyard specializes in 88-meter cargo ships for river and sea shipping. The new owners plan to create 500 jobs and build about one ship per week.
The report also said that Czech Minister of Industry and Trade Milan Urban hopes the deal will attract more Chinese investment to his country.

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