After rapidly expanding over the last 10 years, Czech companies wary of the recent Russian military action are putting their business activities in Ukraine on hold. The investment taps are closed, as many investors too nervous topump money into a country that on the verge of civil war, or military conflict with Russia. Ekotechnik Czech, for instance, halted its solar plant projects after its investors withdrew from the country. Meanwhile, Cegelec, a manufacturer of electronics components, recently signed two major contracts for trams and buses. While one of the projects, financed by EBRD, will likely continue, the other, financed by Ukrainian sources, has been canceled. The car manufacturer Škoda is also reducing its production in Solomonovo.
Ten years ago the annual volume of Czech exports to Ukraine totaled CZK 10bn. Last year, the export volume totaled CZK 30bn. Eighty Czech businesses are currently active in Ukraine.
