The volume of Czech exports to Russia took a slide in 2015 as a result of the sanctions against Russia and the country’s own retaliatory measures. According to figures released by the Czech Trade and Industry Ministry Czech exports to Russia fell by 32.8 percent year-on- year to 45.2 billion crowns in the first seven months of this year. Due to a faster drop in Czech exports than imports, the deficit in trade with Russia increased by 7.5 billion to 18.5 billion crowns.
The value of the Czech Republic’s beer exports to China has nearly doubled over the last year. The volume of beer exports in 2014 rocketed to 22,688 hectolitres, compared to 12,688 hectolitres in the previous year, the head of the Czech Beer and Malt Association, Vladimír Balach, announced this week.
In this week's Business News: Unipetrol announces its largest ever investment project; Czech firms say they could put 5,000 migrants to work; inflation growth slows for third consecutive month; China’s Changhong electronics firm announces it is to expand its Nymburk plant; and the Czech Republic sees boom in dollar millionaires
Czech firms which are struggling with lack of employees would be willing to immediately employ around 5,000 refugees from countries such as Syria, suggest a poll carried out by Confederation of Industry of the Czech Republic, which was released on Thursday. The survey was carried out among several dozen large industrial companies. The companies would prefer employees with technical education who speak English and are ready to undergo requalification. Among the obstacles in employing refugees is a language barrier and lengthy process of acquiring work permit, the survey suggests. According to estimates, the Czech Republic is currently lacking around 200,000 workers, mainly in technical professions.
The number of dollar millionaires in the Czech Republic has reached 21,400, which is about a tenth more than in the previous year, according to figures released by Capgemini and RBC Wealth Management on Wednesday. The wealth of dollar millionaires around the world increased by seven percent and reached a record 56.4 US dollars. The number of Czech dollar millionaires is growing faster than in the rest of the world due to the country’s increasing GDP, state savings and record high foreign trade surplus, according to the head of the Czech branch of Capgemini Zdeněk Přibyl. One million US dollars currently amounts to around 24.2 million crowns.
The favourite destination for Chinese shoppers in Europe is usually Paris, but the private investment group CEFC has been on a veritable spending spree in Prague and the Czech Republic. In the basket have gone stakes in a major brewery, travel company, Czech investment group, famous football club, and a few choice pieces of real estate in Prague.
China, in the words of Napoleon, was a sleeping giant. But as the recent stock exchange crisis showed, the world’s second biggest economy can now make everyone wake up and take notice when it looks a bit off colour. The Czech Republic has recently changed its policy towards China and is both looking to boost exports to the massive market and win Chinese investment.
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