Nine companies have announced mass lay-offs in the coming months which will put over 500 people out of work, the Czech Labour Office reported on Monday. The lay-offs will affect mainly workers in steel production and engineering. The reasons cited are organizational changes and restriction of production due to loss of assignments.
The Czech Republic has an export-dependent economy with the bulk of exports going to EU member states. The recent economic crisis and sanctions against Russia led the Czech government to draft a diversification strategy in 2012 and place a strong emphasis on economic diplomacy. However figures just out show that, so far, it has produced scant results.
The mushrooming of office blocks and industrial parks and warehouses around the Czech Republic, but especially in the Prague region is one of the most visible signs of economic transformation over the last 20 years. And one of the closest witnesses of those changes has been Robert McLean, the editor-in-chief of Central and East European Construction and Investment Journal, a publication he helped set up in the mid 1990s. Mr. McLean says the commercial real estate market has clearly bounced back from its recent crisis and appears to be building on
The Taiwanese technology firm Foxconn is set to invest around CZK 2.5 billion in the Czech Republic in the next three years, the company’s CEO Terry Gou and Czech Prime Minister Bohuslav Sobotka said after a meeting in Prague. The investments will be in Foxconn’s factories in the Czech Republic and in the building of a research centre and data centres, though the firm is yet to discuss the concrete form of the projects with representatives of the Czech Ministry of Industry and Trade. Industry Minister Jan Mládek said the investment would help the country “board the moving train and keep step with German industry in particular.”
he Ministry of Regional Development will apparently be asked to intervene in the case of the so-called ‘Marshmallow,’ a controversial building project in the centre of Prague which has sparked opposition from local residents and heritage organisations. The project, given its name because of its pastel colours and shape, was originally approved by Prague one district. But Prague City Hall has since started to probe the zoning approval. The project developer regards this as illegal and is now seeking an intervention from the ministry, the Czech News Agency reported.
Turning on the tap of incoming foreign investment in the Czech Republic was one of the main priorities for the new centre-left government when it came to power a year and a half ago. They accused the previous coalition of winding down the proactive policies that brought in big money investments and hundreds of new jobs. But after 18 months, how have the high ambitions played out.
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