PRAGUE -- Foxconn has signed a memorandum of cooperation to invest some 2.5 billion crowns ($102 million) toward a new research and design center in the Czech Republic.

The ODM/EMS company will spend another 3.7 billion crowns ($151 million) on training college students for careers in the tech sector.

In signing the agreement, Prime Minister Bohuslav Sobotka heralded the investment as an important step toward the nation's strategic plan of developing its technology sector.

"I am pleased to say that over the last few years we have managed to create a stable and attractive economic environment that can attract strong domestic and foreign investors who want to continue to grow. The today's signing is clear proof of this.

"A very important chapter has been opened in the field of investment and international cooperation by signing the Memorandum on Cooperation between the Czech government and Foxconn. The Czech Republic thus shows the readiness to further and deeper work on the growth of the Czech economy and on the strategic development of the Czech technological industry. It is also another step in the successful performance of the key government priorities, thus attracting new investment and creating new jobs."

Foxconn will put the investment toward a range of areas, including research and development solutions for the automation and digitization, infrastructure and e-commerce.

The Czech Trade Ministry is working with Foxconn to address specific requirements in areas such as the personnel. "The expansion of the Foxconn is a chance for current and future college students who will be able to gain experience at a global technology leader," a ministry spokesman said. It is hoped the efforts will create some 2,000 jobs.

The planned new research and design center will design software solutions and products for European markets with a focus on automation, telecommunications, and electronics for the automotive industry, analysis and data management. Together with the planned expansion of the company, it will employ several hundred workers in IT and technology. 

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