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Volkswagen plans big investment in Turkey, Czech prime minister says

Volkswagen AG is planning to make a big investment in Turkey, Reuters reported, citing Czech Prime Minister Andrej Babis.

Babis reportedly disclosed the move at a press conference after meeting Turkish President Tayyip Erdogan. "Czech Republic is an important manufacturer of car parts... We are in a leader position on this issue and would certainly like to cooperate," he added.

The news comes days after it was reported that the German carmaker is in discussions with Turkish government officials over vehicle taxes as it seeks to finalize a €1 billion assembly plant in the country.