The domestic bus manufacturer Iveco Czech Republic, based in Výsoké Mýto, has a good reason to be satisfied, revealing this week the firm boosted sales by 20, percent last year to 13.35 billion crowns, with profits increasing by almost 10 percent to 1.04 billion. The news was confirmed by the firm’s director, Pavel Pachovský, this week.
Overshadowed by the events in Ukraine, European heads of government are nonetheless meeting in Brussels with a view to hammering out an energy and climate change policy until 2030. A head on collision between countries backing an ambitious deal on several fronts and those, like the Czech Republic, calling for a more cautious and simplified approach looks like making any deal impossible.
Plans for US-based e-commerce giant Amazon to build a second distribution centre on the outskirts of the Czech Republic’s second city, Brno, appear to have been thwarted. Other Czech sites are also being offered while Slovakia is also trying to land the investment and the estimated 2000 jobs going with it.
Fragile Czech growth could be wiped out if the Ukraine crisis take a worse turn and sterner sanctions are imposed by the European Union, including the Czech Republic, and Russia retaliates. Exports of Czech machinery and engineering equipment could be threatened and Russian tourists could head elsewhere.
In spite of paying lip service to the principle of equality, the Czech Republic has seen an increasing trend in recent years towards the rich getting richer at the expense of the rest. Tax systems have got more regressive with the scope for distributive spending reduced amid fiscal constraints. Now even the IMF is warning that increased inequality is not a good recipe for growth.
The Czech Republic and local car maker Škoda Auto appear to have won the battle with Spain and auto maker SEAT to build a new large sports utility vehicle. Strong behind the scenes lobbying by Czech Prime Minister Bohuslav Sobotka has been one of the factors in the Czech campaign to land the investment.
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