Czech Republic: At the center of Europe

Abstract

The Czech Republic is located in Central Europe. It is a small, high income and very open economy, and a member of the European Union. The business environment of the CR reflects the implementation of international agreements at the multilateral level, the rules of European Union for the single market and related policies, EU trade agreements, and the bilateral agreements signed autonomously by the CR. The Czech Republic provides a stable political, legal and economic environment and predictable, transparent and nondiscriminatory business regulations compatible with Western European standards and expectations. The governmental support for business is based on three pillars: export promotion, support for investors, and support for small and medium-sized companies. The Czech social and cultural environment have some specificities that should be taken into consideration when entering the Czech market or when doing business with Czech citizens. This chapter is aimed at providing a short overview of the main features of the Czech political and economic environment with further emphasis on the social and cultural characteristics. It is a basis that allows the reader to deepen his information on the business environment through the details provided and to update that information in the future.