Czech Republic to Monaco Czech Republic to Monaco

Monaco’s Chambre de Développement Economique (CDE) took advantage of the presence in the Principality of the Czech Republic’s Ambassador to France to host a business luncheon.Over 60 members of the CDE attended to discover more about the country’s economy and business potential from the presentation made by S.E.M. Pavel Fischer. After briefly outlining the history of the Czech Republic, which  has been a member of the European Union since 2004, Mr Pavel illustrated the underlying dynamism of his country.

Since separating from Slovakia in 1993, it has spread its wings and embraced reform which has produced steady growth since 2000. For the last two years growth has been around 6% a year, driven mainly by its exports. The rate of unemployment is down (7.4% in December 2006) and inflation is under control at 1.2%.

Famous for the low-cost Skoda car, the Czech Republic (population 10.3 million) retains a strong presence in the automobile industry. The Mecaplast Group, a Monaco company, established two production units there in 1995 and 1999. Yet its economy is much more diversified in areas such as spare parts production, electrical engineering, plastics, chemicals and aviation. Even more significant is the role it may be destined to play in the energy industry, given its central geographical positioning.

The Czech Republic takes over the EU’s Presidency in January 2009 for a six-month tenure, and is expected to join the single currency in 2012. 

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