Czech diplomat woos Indian companies

It also extends financial support even upto 5% of the cost of strategic investments to the investors

Interacting with local Industry members on bilateral trade relations in New Delhi on Thursday, Czech Republic envoy to India Miloslav Stasek says there is a lot of scope for trade and investment in his home country. He said: “Highly educated workforce, low-labour costs, a convenient tax system among others make the Czech Republic a perfect investment destination.”

The session was organized by PHD Chamber of Commerce, as part of the continuing efforts to increase India’s bilateral trade with other countries.

Stasek added:”Tthe investment incentives, including a 10-year tax holiday to the investors launching or expanding production in Czech Republic, besides incentives to the technological centres and strategic service centres, are good reasons to invest in the Czech Republic.

The ambassador shared that the Czech Republic also extends investment incentives in the form of financial support for creating jobs, financial support for training, financial support even up to five per cent of the cost of strategic investments to the investors.

Sharing that substantial opportunities exist for Indian companies Stasek said Czech Republic looked forward to collaborate in areas of engineering, power- thermal, hydro, nuclear and solar, mining technology, equipment for treatment and water management, civil aviation, health, equipment for food industry and agriculture, education, and Research and Development.

Talking of the trade volume between the two countries, Stasek shared that Czech exports amounted to $653 million in 2012 while Indian exports valued at $594 million in the same financial year.

Major imports from Czech companies to India are cars, machinery, energy facilities, turbines, chemicals, etc, while India exports car parts, tractor parts, electrical equipment, pharmaceuticals, chemical products, machinery (drives and shafts), besides iron and steel and apparels.

Citing that the Czech Republic exported to the European Union alone upto 91.3 per cent and the imports from the European Union standing at whopping 74.2 per cent, makes it all the more conducive for investment, he added.

Earlier speaking on the occasion, Dalip Sharma, Director, PHD Chamber of Commerce and Industry, said, “We need to accelerate our efforts for the growth of bilateral economic cooperation, particularly in view of the current economic scenario. There is a need for greater synergy of efforts between the business communities of the Czech Republic and India to accelerate the two way cooperation.”