Long an engine of the economy, car production decreased slightly in the Czech Republic in 2013 when 1.13 million vehicles rolled off the production line. But this year the industry is revving up again, as reflected in the fact that one of the country’s big three producers, TPCA – a joint operation of Japan’s Toyota and the French company Peugeot-Citroen – has been taking on more workers as it introduces new models.
A conference in Prague this week reviewed the exit possibilities from the current energy crisis in Europe. The conclusions were not very positive with major power companies now staring at a scenario where they are undermined by ever increasing amounts of renewable power on one hand and undercut by state payments in some countries to keep costlier power plants on standby.
Following persistent complaints regarding the length of time it takes for foreign investors to bring highly qualified staff to run their businesses in the Czech Republic, Czech authorities have finally moved to ease the allocation of work permits for non-EU workers in foreign companies with over 250 employees.
Vietnam is one of the main Czech targets for boosting exports outside of Europe. And while current trade flows are overwhelming in favour of the South-East Asian country, Czech companies are hoping for a lot more by filling in some of the many gaps in industrial know-how and equipment and the country’s basic infrastructure.
Representatives of the Ústí region have signed off on a land deal crucial to persuading South Korean based global tyre manufacturer Nexen to set up a new plant in the Czech Republic. Formalities still need to be completed, but what could turn out to be the biggest ever foreign investment in a new plant is already being described as a done deal.