The European Commission plans to support Czech innovation

Published: 07.03.2019 Related countries:  U.S.A. U.S.A.

The European Commission plans to support Czech innovation

The Commission is preparing to invest in Czech companies in the coming period of 2021-2027 within the framework of European Cohesion Policy. One of the main priorities should be investment in Czech companies' innovation, research and development. Czech companies, especially small and medium sized, have huge potential, which, according to the European Commission, is not fully utilized. Drivers of innovation have, so far, been large foreign companies, while Czech companies have been holding in the background. But it is desirable to change it. Simplifying access to financial support should also remove the redundant administration that many Czech firms and entrepreneurs are fighting against. "A stronger focus on conditions for domestic innovation should boost the performance of Czech companies, move them higher into global supply chains and at the same time reduce dependence on foreign investments," the Commission said in its report on the state of the Czech economy. Investments in innovation are also supported by the Czech government, who sets them as one of its priorities in the National Concept for Cohesion Policy and has also created a specific document - Innovation Strategy of the Czech Republic for the period 2019 - 2030. In addition to the innovation, the Commission plans to support both "green" projects by investing in renewable energy, boiler exchange and building renovation, but also in transport, social and regional policy.

Source: https://euractiv.cz/section/evropske-finance/news/komise-chce-investovat-penize-do-ceskych-firem-i-po-roce-2020-zaostavaji-totiz-v-inovacich/

Prepared by the team of foreign office CT San Francisco