The Czech Republic is among the leading places to invest in for this year, according to CEOWORLD. The Czech Republic ranked as the 10th most attractive nation for investors and businesspeople. As one of the most stable economies in the EU and one of the most advanced CEE countries, the economic policy of the Czech Republic is consistent and predictable. An open investment climate is a key element of the state’s economy. The local currency (Czech koruna/CZK) is fully convertible and, in addition, the Czech Republic boasts one of the lowest tax rates in the EU countries. These are all key elements which create a favourable environment for dynamic growth, especially for companies with added value.
In the past decade, Prague has become a friendly environment for investors and startups, supporting their development. Key sectors of investment include Life Sciences, Shared Services, Information and Communication Technologies, Electrotechnical and Electronics Industry and Nanotechnology and Advanced Materials. There are also many companies supporting startups in the form of accelerators, incubators or co-working spaces. Moreover, there is a number of high-quality universities ensuring a sufficient number of young educated people. Students are usually well equipped in English. Those from technical fields are among the best in the world and highly demanded on foreign markets. Additionally, the costs of a qualified workforce and living expenditures are much lower than in the rest of Western Europe.
The COVID-19 pandemic could trim global economic growth by 2%. In comparison, global trade is predicted to plummet by up to 32%, according to Congressional Research Service. The CEOWORLD study analysed 80 countries according to their business and investment environments. Among the factors taken into consideration, the study inspected corruption, freedom, workforce, investor protection, infrastructure, taxes, quality of life, red tape and technological readiness.