In October, the Government of the Czech Republic approved a new Economic Strategy for the country.
The main objective of the strategy is to bring the Czech Republic into the top 10 countries in the EU for GDP per capita by 2040. With more than 150 measures in areas such as legislation, financing, cooperation with the business sector, and the capital market, the strategy aims to elevate the Czech economy within the European ecosystem, generating higher revenues and added value.
The strategy contains four key pillars: human capital development, strategic infrastructure development, industrialization with higher added value, and financing of strategic investments. A skilled workforce is crucial for creating higher added value, which requires investments in education, particularly in science, technology, and engineering, as well as support for lifelong education and closer collaboration between academia and the private sector.
In terms of strategic infrastructure, the Czech Republic needs investments in renewable energy and digital networks (including 5G) to ensure modern energy, transportation, and digital infrastructure for sustainable growth.
For sustainable growth, other key areas include helping SMEs transition to sustainable energy and clean transportation, and fostering cooperation in the semiconductor and defense industries. The strategy also plans to utilize European and national funds to support projects focused on decarbonization, digital transformation, and research and development. The financing goal includes developing the capital market to improve access to finance and supporting venture capital for innovative startups.
The strategy will be followed by an implementation plan at the beginning of 2025.
Source: Ministry of Industry and Trade of the Czech Republic
Author: CzechTrade Office in Toronto