Weston Stacy

Executive Director, AmCham Czech Republic

The Czech Republic is at the heart of the transatlantic relationship. They are a key partner in ensuring two of the world’s most deeply integrated economies, Europe and the United States, thrive together.

With its industrial base secure, its cities full of shared service centers, and Prague high on the list of tourist and convention destinations, the Czech Republic is now pressing the pedal to the metal to become one of Europe’s leading research economies. 

In February, the Czech government announced its plan to make the Czech Republic The Country of the Future, pledging to leverage increased public spending on research to attract more company investment. Creating a better environment for start-ups and spin-offs sits at the center of this strategy.

The transatlantic relationship is important in helping the Czech government fulfil its vision. The United States foreign direct investment (FDI) in the Czech Republic in 2017 was $5.4 bn, a rise in one-third over the last ten years, and accounts for 84,864 jobs. Czech companies count the US as a primary market, and have formed the bridgehead for more Czech investment into the United States. This is further exemplified by the fact that in 2017 the US imported $4.6 bn of goods and $1.4 bn in services from the Czech Republic. These cover a range of different business sectors and show the strength in the Czech Republic’s commercial ties with the United States. 

The significance of the transatlantic relationship creates the opportunity for Czech investment in other public infrastructure projects and to benefit from an infusion of EU funds. This can be for scientific research and in providing modern equipment and facilities to find global solutions to healthcare challenges and in increasing the Czech Republic’s ambitions to be a global leader in artificial intelligence (AI).

At the beginning of March 2019, Prime Minister Babis visited the US Chamber in Washington to present the Czech Republic’s strategic focus. The combination of a thriving economy and clear, measurable planning to build on successes gives the Czech Republic a clear chance to return to its position as a leader in global innovation. The partnership across the Atlantic is key to ensure the success of this strategy.

Learn more about US investment in Czech Republic here.