Archive: Business | Business

Czech exports to Russia have grown in value by more than ten times in the past decade. Czech companies see Russia as a key target territory, and are now seeking the backing of the new government in their efforts to further increase trade with the country. Visa issues, access to credit, and political lobbying are some of the areas where Czech firms believe the government could assist them, hinting that toning down the human rights agenda would also help.

Phrases about friendship being cemented by food do not hold true of the current relations between the Czech Republic and Poland. Tensions over Polish food exports have surfaced again due to the composition and comments coming out of the new Czech government.

The Czech agency for attracting foreign firms has been told to get back to basics and attract incoming investment and domestic expansion. But looming changes in key EU regional aid rules will put a brake on a rapid turnaround in CzechInvest’s performance.

The volume of Czech exports last year reached a record 3.157 trillion crowns, or more than 155 billion US dollars, the Czech Exporters’ Associations said on Thursday quoting figures by the Czech Statistics Office. Year on year, exports increased by 2.8 percent while imports rose by 1.6 percent. In December alone, exports of Czech firms grew by over 18 percent, the association said. The machinery and transportation vehicles sector was particularly strong, with an annual increase of nearly 22 percent. Analysts say the Czech central bank’s foreign currency interventions contributed to the record numbers.

Czech exporters delivered a strong performance in 2013 with the trade surplus continuing to rise. But a more detailed look at the goods being traded and bilateral relations show familiar strengths and weaknesses.

Major foreign investments in the Czech Republic have been thin on the ground in recent years. So Czech politicians now appear to be falling over themselves to make sure that Internet commerce giant Amazon pushes ahead with its plans on the outskirts of Prague and Brno.

Czech students are sought after not just by local universities and colleges, but also by their European counterparts as student numbers dwindle across the continent. But while they are faced with more choice, Czech students also face a more difficult jobs market and the need to mark themselves out from the rest. Chris Johnstone looks at the evolving higher education market.

In related news, over 22.800 new firms were founded in the Czech Republic last year, the highest number in the last three years, according to a study by the Bisnode consultancy released on Monday. The total number of companies increased by 7 percent and exceeded 391,000. Entrepreneurs invested over 25 billion crowns in new companies, 57 percent of which went to share-holder firms. The renewed interest in forming new firms was a sign the Czech economy was recovering, the consultancy firm said.

Domestic meat production has been on a steady decline since 2001 and last year was no exception. According to figures released by the Czech Statistics Office overall meat production in 2013 was down by 2.4 percent year-on-year to 447,000 tons. Pork production slipped by 2.25 percent, beef by 1.4 percent and poultry by 3 percent.

The central banks forex interventions against the Czech crown have sent the price of food products up by ten percent and more with an increasing number of people now heading abroad to do their weekly shopping, novinky.cz reports. Basic food products are now reported to be cheaper in Poland, Slovakia and Germany, with people saving up to a 1,000 on a shopping trip. The internet news site says that many milk and meat products are significantly cheaper in Germany despite the fact that German wages are significantly higher –the average monthly wage in Germany is around 3,700 euros while the average Czech monthly wage is just around 900 euros.