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Over the past few years, the Czech Republic has attracted an enormous volume of foreign direct investment due to a combination of factors - cheap and skilled labour, ideal geographic location for supplying European markets, and generous investment incentive schemes.

The Czech carmaker Skoda, based in Mlada Boleslav, had to suspend production for several hours on Tuesday due to torrential rain that flooded its production line.

The new Prime Minister Vladimir Spidla said that his government should work out a new privatisation scenario for the energy sector

A European-Czech Forum representing chambers of commerce and industry of five EU countries has called on the new Czech government to radically reform legislation related to the business environment and to fight economic crime and corruption.

The European Commission is sending an advisor to the Czech Republic to help with the restructuring of the country's steel industry.