The Czech Republic’s Ministry of Industry and Trade (MOT) has unveiled a new economic strategy designed to enhance the country’s competitiveness and support long-term economic growth. The strategy, currently undergoing an inter-ministerial comment procedure, is set to guide the nation’s economic policy over the next decade to fifteen years.
According to the Ministry’s announcement, the strategy focuses on four key areas: human capital, energy, transport, and digital infrastructure. It also emphasizes the importance of fostering high-value production and developing effective financing mechanisms for strategic projects.
Minister of Industry and Trade Jozef Síkela highlighted that the strategy aims to implement specific legislative changes to bolster economic development. These include reducing administrative hurdles for technology projects related to the low-carbon economy, expediting building permits, and streamlining administrative processes for entrepreneurs through initiatives like the creation of a Portal for Enterprises and other digital projects.
In addition to these focus areas, the strategy addresses investments in education, research, development, and innovation. It also aims to enhance the efficiency of state operations, reduce bureaucracy, improve regulation, and strengthen economic security. Síkela emphasized that the strategy is based on a thorough analysis of the Czech economy’s strengths and weaknesses.
International cooperation is also a critical component of the strategy, particularly in securing raw materials and attracting strategic foreign investment. Síkela noted the importance of involving private capital in these efforts, with plans to collaborate with the National Development Bank to achieve this.
The Ministry’s press release also revealed that the government will develop a detailed plan outlining specific mechanisms to achieve the strategy’s goals. This plan will address the integration of the economic strategy with other existing strategies across individual ministries.
Source: Ministerstvo průmyslu a obchodu České republiky and CTK
