The Czech Republic will receive its biggest ever single overseas investment - €1 billion from Korean car makers, Hyundai to build a plant in Nosovice....

Korean car giants Hyundai plans to build a giant hi tech billion euro plant in this tiny corner of the Czech Republic - creating around 13,000 jobs in the process.

Nosovice, a tiny village of around 1,000 people, some 200 miles east of Prague and near the Slovak Republic and Polish borders, will be transformed by the massive Korean investment.

The Czech Prime Minister has announced that the final contract for the car plant, which is due to reach its production capacity of 300,000 cars a year by 2008, will be signed in the next few months.

Hyundai Motor Company Vice-President In-Seo Kim told a press conference: 'We intend to invest €800 million €1 billion and produce up to 300,000 cars and 600,000 transmissions a year. " He added that construction work is likely to start in the middle of this year.