Published:13.01.2025
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A vision for the development of the Czech economy. Government approved new Economic Strategy of the Czech Republic

CZ Government approved new Economic Strategy of the Czech Republic

 To rank in the top 10 countries of the European Union with the highest gross domestic product (GDP) per capita by 2040. This is the main goal of the new Economic Strategy approved by the government. The strategy contains more than 150 measures in the areas of legislation, financing, cooperation with the business sector or the capital market.

"In recent decades, thanks to its hard work, the Czech Republic has successfully ranked among the stable market economies of the European Union. Now we have another big task ahead of us. To move the Czech economy even further and create conditions that will bring higher profits. The new Economic Strategy will help us with this, which will not remain just another unfulfilled document, but since the first day in office I have been working on its implementation. Together with experts, we have prepared 150 measures that will help the Czech Republic move into the top 10 economies of the European Union in terms of GDP per capita," says Minister of Industry and Trade Lukis Vlček, who participated in the preparation of the strategy in cooperation with former Minister Jozef Síkela and his team at MIT.

In the strategic document, we focus in particular on what to do so that our hard work brings us more profits, that is, on the creation of products with high added value. It is the basis of the prosperity of every economy, it allows companies to increase profits and better reward their employees. Therefore, in the document, we focus on four key areas - the development of human capital, the further development of strategic infrastructure, the support of industrialization with added value and the provision of financing for strategic investments," ex-Minister Jozef Síkela describes the strategy.

Key areas of economic strategy

Human capital development

·        A key prerequisite for the growth of added value is a well-educated and qualified workforce. The Czech Republic must invest in education and above all in fields that are key to the future development of the economy, such as natural sciences, technology, engineering and mathematics.

·        Support for lifelong learning and retraining will help employees adapt to new labour market requirements and technologies.

·        Companies must cooperate with educational institutions to create study programs focused on the needs of the market.

·        Investments in research and development are essential for creating innovative solutions that will increase added value in industry and services.

Strategic infrastructure

·        Modern and efficient infrastructure is a basic prerequisite for the success of economies with high added value. The Czech Republic must invest in the modernization of its energy, transport and digital infrastructure.

·        The decarbonization of the energy sector, the development of high-speed railways and advanced digital networks (including 5G and cyber security) will enable Czech companies to compete on the global market.

·        The development of infrastructure must be accompanied by investments in sustainable energy and the support of technological innovations, which will enable the Czech economy to be more competitive and at the same time more environmentally friendly.

Industrialization with added value

·        The aim is to support the modernization of domestic companies, especially small and medium-sized ones, so that they are able to adopt clean and sustainable technologies, digital technologies and other key technologies in order to withstand European and global competition.

·        The strategy pays special attention to the area of clean mobility and semiconductors, especially in relation to the necessary international cooperation, it also deals with the decarbonisation of energy-intensive sectors and touches on the defense and security industry.

Financing

·        The strategy uses European funds and national resources to support sustainable development and finance projects in areas such as decarbonisation, digital transformation and research, development and innovation.

·        The goal is also the development of the capital market in the Czech Republic, which will improve companies' access to financing and reduce their dependence on bank loans. The strategy also includes venture capital support for innovative start-ups.

The goal of the document is to achieve long-term, sustainable growth based on competitiveness and high added value. "In the field of industrialization with added value, the strategy focuses on specific technologies and strategic sectors, such as the automotive industry and clean mobility, semiconductors and chip production, or sustainable and digital technologies, " says Minister Vlček. High added value primarily includes innovative, sophisticated or design-interesting products and services that have unique properties and are difficult to replace on the market. "Modernization of industry, investment in education, research and infrastructure are key steps on this path," adds the Minister, who plans to introduce the content of the Economic Strategy to the general public in the coming days.

10+1 priorities of the Economic Strategy

Modern and high-quality education supporting entrepreneurship

We want schools at all levels to prepare students for the future – encouraging entrepreneurship, creativity and healthy competition to raise a generation that will succeed in a rapidly changing economy.

A labour market that motivates

We will ensure that the benefit and welfare system motivate work, develops human potential and provides opportunities to use each person's skills to the full.

 

Healthier, stronger and more resilient society

We invest in prevention and programs that support a healthy lifestyle and sport to make society more resilient and better prepared for the challenges of the future.

From research straight into practice - innovations that change the world

We will complete a reform that will ensure that the results of research and development are quickly and efficiently transformed into innovations and practical solutions for everyday life.

Friendly environment for business and efficient state administration

We will create an environment where entrepreneurs can develop without unnecessary bureaucracy, and where the state works quickly and efficiently for citizens and companies.

Clean, safe and reliable energy to support competitiveness

We will support the development of emission-free energy sources in order to protect our environment, ensure stable energy supplies for future generations, and at the same time not jeopardize the competitiveness of our economy.

Investing in the future - development of public infrastructure

We will prepare a comprehensive infrastructure investment plan that takes into account funding and long-term needs to modernize and grow our country. We will secure sufficient funds for the completion of key transport structures that will connect the Czech Republic and support economic growth.

Economic security and protection of critical infrastructure

We will protect key areas, including digital infrastructure, to ensure stability and economic security in everyday life.

Responsible financing for a sustainable future

We will ensure the long-term sustainability of public finances to preserve a stable economy and prevent future generations from becoming indebted.

Building the Czech brand, global cooperation and influence in the EU and NATO

We will gradually promote the Czech Republic as an innovative and creative country. We will strengthen cooperation with key partners outside Europe to ensure access to strategic and critical raw materials. We will strengthen the active role of the Czech Republic in the economic, defence and security policy of the EU and NATO, so that our country continues to be a reliable partner and protect its interests.

Availability of capital and development of financial infrastructure

We will create better access to financing for companies and individuals to help them develop their projects. We will support innovations in the field of financial technologies and create a stable and transparent financial environment that will motivate investments.

 Source: www.mpo.gov.cz

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