Having reached 28th place in the IMD World Competitiveness Yearbook 2017, the Czech Republic can be described as the most competitive economy in Central and Eastern Europe (CEE), followed by Estonia (30), Lithuania (33) and Poland (38). It means that the Czechs have overtaken even France (31), Spain (34) and Italy (44), among others. The Czech Republic is also known as the most successful country in CEE in terms of foreign direct investment per capita. But for some reason this attractive and strategically located market at the heart of Europe has, in general, been ignored by Finnish companies. In the list of Finland’s most important trading partners, the Czech Republic is only in 20th place.
In Konsulttitoimisto Seppo Hoffrén Oy Consultancy we undertook the first project in the region, helping a Finnish client to introduce an innovative diagnostic kit for infectious diseases to the Czech and Slovak markets three years ago. This pilot project was successful and the client found a motivated local business partner to work with. The most important success factor was the client’s ability to offer an innovative product, not the price. Finding out that the Czech partner already had a distribution network in the Slovak Republic too, was an additional bonus.
Only a few other countries in the EU can offer an equally powerful combination of opportunities and strengths. The Czech Republic is a developed, industrialized economy with one of the best transport networks. It is an ideal location for a distribution center. Many international companies have offices there, and it is an attractive destination for foreign investors. Most encouraging fields of cooperation are energy and environment sector (cleantech), engineering and atomic industry, consumer goods.
Nine out of ten Czechs speak German or English. The Czech Republic has very close trade relations with Germany and share same business values. It is a stable country with a positive economic outlook and it is a relatively cost-efficient place to do business.
Should you take a closer look at the Czech Republic? Contact us to find out more.