Indian SMEs taking charge in the Czech Republic
Once under the communist regime, the Czech Republic has made a gradual transition from a centrally planned economy to an open market economy. After becoming a member of the European Union (EU) in 2004, the Czech government has laid emphasis on restructuring its economy to increase GDP growth. As a result, foreign investments have also increased at a phenomenal pace, prompting several Indian SMEs to explore trade opportunities in the country.
Economic overview
Czech Republic has emerged as a lucrative destination for trade and investment for various reasons. Low labour costs, geographical position and business-friendly environment are some of the factors pushing the growth of its economy.
Significantly, the country recorded a GDP real growth of 3.9% in 2008. This has led many market experts to forecast steady growth in the Czech economy in the near term.
Indo-Czech trade relations
Trade ties between India and the Czech Republic have remained stable. In recent times, both countries have pursued an active role in boosting bilateral trade relations. As a result, bilateral trade between India and the Czech Republic crossed $1 billion in 2008.
India’s export basket to the Czech Republic comprises commodities such as organic chemicals, steel and iron pipes, Electrical Equipments, vegetable oils and textiles. Alternatively, the Czech Republic exports glassware and ceramic products, mechanical appliances, furniture and machine tools to India.
Opportunities abound
In recent times, the Czech Republic has realised the potential of harnessing opportunities that exist in mutual trade and cooperation. It has therefore, invited Indian companies to invest in sectors such as IT, pharmaceuticals, electronic engineering and chemicals.
Indian SMEs can explore trade opportunities in the Czech IT segment. Some of the leading Indian IT companies have set up facilities in Brno. Small-sized IT players should also tap the potential of the Czech IT industry, which offers a highly skilled human resource at low cost.
With the Czech government offering tax incentives and land at low costs to Indian SMEs, the latter should capitalise on the emerging opportunities.
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Article Tags:
czech republic
,open market economy
,trade and investment
,economic crisis
,czech it segment
,brno
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