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Investment Climate in the Czech Republic

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Investment Climate in the Czech Republic Investment Climate in the Czech Republic www.czechinvest.org Investment Climate in the Czech Republic 2 Main Reasons to Invest in the Czech Republic 5 Attractive Investment Climate 6 Basic Data 7 Impressive FDI Results 8 Selected Investors 9 FDI Target Sectors 12 Financial Support for Investment 13 Partnership Opportunities 14 Highly Developed Property Market 16 International Memberships 16 Testimonials from Successful Investors CzechInvest is an agency of the Ministry of Industry and Trade. Established in 1992, the agency contributes to attracting foreign investment and developing domestic companies through its services and development programmes. CzechInvest also promotes the Czech Republic abroad. Main Reasons to Invest in the Czech Republic + Safe investment environment + Skilled and well-educated workforce Foreign Language Skills by Age Group (%) 80% 75% + Favourable labour costs and price stability 70% English + Central location in Europe 60% German 60% + Dense and high-quality infrastructure 48% 50% 44% + Transparent system of investment incentives 38% 39% 39% 40% + Strong focus on R&D 26% + Stable social and political system 30% + EU membership 20% + Mentality, culture and attitudes similar to 10% those of western countries 0% 18-29 30-39 40-49 50-59 + High quality of life Source: STEM, 2014 The Czech Education System Meets Well-Educated R&D or design centres, including Panasonic, the Needs of a Competitive Economy and Skilled Workforce Honeywell, Mercedes-Benz, Motorola, (2015) The Czech education system meets the Rockwell Automation and Visteon. Czech needs of a competitive economy, according scientists are behind some of the world’s well-known inventions and patents, such as Switzerland 8.74 to the IMD World Talent Report 2015 published by IMD World Competitiveness soft contact lenses, polarography (a Nobel- Germany 7.84 Centre. The Czech Republic can provide prize-winning method of quantitative manufacturers with impressive productivity analytical measurement) and the anti-HIV UK 6.41 levels and highly skilled labour. In the drugs cidofovir (Vistide®) and tenofovir 2015/2016 academic year, there were more (Viread®), to name only a few. USA 6.37 than 91,000 students enrolled in technical fields at Czech universities. The number of Using financial resources obtained from Sweden 5.59 university students increased from 118,000 EU structural funds, new research centres are being established with the objective of Czech Rep. 5.46 in 1990/1991 to 326,909 in 2015/2016, due not only to changes in the education system becoming prestigious European science Poland 5.40 but also to a demographic surge of 18- to centres with state-of-the-art infrastructure 26-year-olds who comprise a promising and conditions making it possible to employ Japan 5.27 group of potential employees for foreign the best researchers. Among these are the investors. According to a survey conducted Central European Institute of Technology Romania 4.42 by STEM for CzechInvest in 2014, 72% in Brno focusing on life sciences and Czechs aged 18 to 59 speak at least one advanced materials and technologies; Hungary 3.90 foreign language and their knowledge is the International Clinical Research Centre Slovak Rep. 3.65 rapidly improving. in Brno targeted at prevention, early detection and treatment of cardiovascular Bulgaria 2.10 Proven Research and neurological diseases; IT4Innovation and Development Capabilities in Ostrava, a large supercomputer facility 0 2 4 6 8 The Czech Republic spends more resources combining IT research and applications; and on research and development than many two research centres located near Prague – Biotechnology and Biomedicine Centre and IMD Executive Opinion Survey based competing countries. Over the past twenty on a scale of 0 to 10 Source: IMD World Talent years, the Czech Republic’s spending on Extreme Light Infrastructure, which operates Report 2015, IMD World Competitiveness R&D has increased from 0.95% of GDP to the world’s most powerful lasers. Centre, 2016 2% (2014). Many multinationals have Czech 2 Investment Climate in the Czech Republic | 2016 Percentage of the population that has attained at least upper secondary education as of 2014 (% of the 25-64 age group) 100% 93% 91% 91% 90% 87% 83% 79% 78% 80% 76% 60% 40% 20% 0% s y y c c e e d i i r m l l g g o b b an l u u tate man o gd p vera vera P e ep er in d S a a Hunga R R G D te 21 h d K ak C U v ec E te E Uni z O C Slo Uni Source: Education at a Glance, OECD Indicators, 2015 Average Annual Wages Favourable Labour Costs Life in the Czech Republic in 2015 (USD) One of the main attractions of the Czech Since the Velvet Revolution in 1989, the economy is its skilled and well-educated Czech Republic has become a highly Czech Rep. 12,773 workers available at a fraction of the cost of popular destination. Tens of thousands those in western economies. Furthermore, of foreigners have happily settled here, Korea 29,979 the country’s attractiveness is rooted in its enjoying the country’s combination of dense, high-quality infrastructure as well a high standard of living and low costs. Japan 33,542 as its geographical and cultural proximity Although in most respects life in the Czech France 40,471 to Western Europe. Although the country’s Republic has rapidly approached western labor costs are higher than in some Asian standards of living, the cost of living Germany 41,716 countries, the above-mentioned factors far remains substantially lower than in Western outweigh any negative aspects and make Europe. Prague and many other cities are USA 58,714 the Czech Republic an attractive destination famous for their architectural heritage, for foreign investors. Conversely, FDI museums, theatres, cinemas, galleries and 0 20 40 60 positively influences the local market and cafés. An overwhelming choice of cultural local businesses, which operate as suppliers events is on offer, embracing all types Differences in wages among Czech regions reach and subcontractors of services and products of music and an outstanding theatrical approx. 20%. Employees in Prague are generally paid for foreign investors. tradition. A number of foreign cultural more than in other regions (currently 28% above the centres, ranging from the British Council to Czech average). the Goethe-Institut, also offer a wide range Source: OECD, 2016 of events and services. 3 Central Location in Europe Direct Flights from Prague per Week and Advanced Infrastructure The Czech Republic has a strategic location 48 40 19 24 19 11 54 in the centre of Europe with very good Amsterdam Brussels Budapest Copenhagen Dubai Dublin Frankfurt access to established western and emerging eastern markets. Prague is only a two-hour flight from most other European capitals. 13 24 26 90 15 2 30 The significance of the Czech Republic as Hamburg Helsinki Istanbul London Madrid Marseille Milan a transit hub has grown since the country became a member of the EU Single Market. The road and motorway network 60 27 6 11 61 23 2 (total 55,748 km, of which motorways and Moscow Munich New York Oslo Paris Rome Riyadh expressways comprise 1,228 km) is already one of the densest in Central and Eastern Europe and several rail modernisation 8 13 20 26 32 21 projects are currently underway to link the Seoul St. Petersburg Stockholm Tel Aviv Vienna Zurich Czech Republic with the pan-European network of high-speed railways. Source: Václav Havel Airport Prague, summer flight schedule 2016 98,736 Students and Graduates of 93,313 94,579 91,393 100 83,626 Technical Universities 80,245 80 66,304 Students 60 Graduates 40 21,622 20,077 20,573 21,629 14,198 17,109 17,249 20 Source: Ministry of Education, Youth and Sport, 2016 0 2008/2009 2009/2010 2010/2011 2011/2012 2012/2013 2013/2014 2015/2016 Infrastructure in the Czech Republic Highways Planned highways Motorways Airport Source: Road and Motorway Directorate of the Czech Republic, 2016; CzechInvest, 2016 4 Investment Climate in the Czech Republic | 2016 Attractive Investment Climate The Czech Republic is a fully fledged parliamentary democracy and one of the most advanced among CEE countries. Its economic policy is consistent and predictable. An open investment climate is a key element of the Czech Republic’s economy. The Czech Republic has attracted a large amount of foreign direct investment (FDI) since 1990, making it the most successful CEE country in terms of FDI per capita. The country’s investment grade ratings from international credit-rating agencies and its early membership in the OECD testify to its positive economic fundamentals. Competitive Advantages Investment Protection of the Czech Republic According to the 2016-2017 Global The Czech Republic is a member of the investments, for example with the United Competitiveness Report published by the Multilateral Investment Guarantee Agency States, Germany, the United Kingdom, World Economic Forum, the Czech Republic (MIGA), an international organisation France, Austria, Switzerland, Italy, Belgium, ranks 31st among 138 world economies in for protection of investments, which is Luxembourg, the Netherlands, Finland, terms of competitiveness (rank/138). part of the World Bank-IMF group. The Norway, Denmark and China. The Czech country has signed a number of bilateral Republic has also concluded agreements for treaties which support and protect foreign the avoidance of double taxation. Czech Credit Ratings + Trade tariffs (5) Country Standard Moody‘s Fitch + Prevalence of foreign ownership (5) and Poor‘s + Wastefulness of government spending (7) Czech Republic AA- A1 A+ + Exports % GDP (8) + Flexibility of wage determination (13) Slovak Republic A+ A2 A+ + Soundness of banks (14) Poland BBB+ A2 A- + Imports as a percentage GDP (14) + Intensity of local competition (15) Russia BB+ Ba1 BBB- + Prevalence of non-tariff barriers (16) Bulgaria BB+ Baa2 BBB- + Pay and productivity (18) Hungary BBB- Ba1 BBB- + Quality of electricity supply (19) + Local supplier quality (21) Romania BBB- Baa3 BBB- + Quality of railroad infrastructure (22) + Country credit rating (22) + FDI and technology transfer (23) Note: Foreign currency long-term sovereign debt ratings Source: Czech National Bank, 2016 + Local availability of spec.
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