An attractive country to start business in
The country has been attracting the attention of investors from all over the world. The reasons for this are strong and growing economy, a qualified workforce and the low cost of doing business in the country. That is why the Czech Republic is showing consistent yearly growth of capital investments and a growing number of multinational, economically mature companies coming here to do business.
European Union member
After becoming a European Union member in May 2004, most barriers to trade in industrial goods with the EU fell in the course of the accession process which resulted into increased competition for Czech produces. The country’s top three export partners are Germany, Slovakia and Austria. The commodities mainly exported are machinery, vehicles, electric and electronic equipment, iron and steel. Its top three import partners are Germany, Russia and Slovakia.
Overall the workforce in the Czech Republic offers an above-average level of education and technical skills compared to its low cost. Unemployment varies according to the region, but it is generally possible to find suitable candidates for open positions. The Czech Republic ranks among countries with the lowest average labor cost.