Czech Business Today

Over the past two decades, the European Union has served as a cornerstone of stability, prosperity, and security for the Czech Republic. However, the journey has not been without its challenges. In the last five years alone, the EU has faced considerable obstacles, including the COVID-19 pandemic, which tested its resilience and unity. Despite these trials, the Czech Republic has leveraged its EU membership to navigate through turbulent times and achieve significant milestones.

The Confederation of Industry of Czech Republic mentioned that domestic companies recognize the benefits that the Czech Republic’s membership in the European Union has brought them. Most notably, they appreciate the open borders and the associated easier mobility and free movement within the European Union. However, entrepreneurs also see room for improvement in the functioning of the EU in the future. Since the Czech Republic’s accession to the EU, companies are increasingly concerned about the growing level of regulation and bureaucracy. These findings emerged from a survey conducted by the Confederation among 139 companies. Almost 85% of Czech businesses perceive EU membership as highly beneficial, particularly appreciating open borders and easier mobility within the. Over half value easier access to the EU market for exporting products, while 35% appreciate being part of a strong single market. Overall, 89% firms confirm better performance due to the free EU market, but express concerns about increasing regulations and bureaucracy. They urge for a more proactive role of the Czech Republic within the EU. Regarding the euro adoption, 77% of firms support it, expecting benefits such as reduced administrative burden and improved currency stability. Most believe the Czech Republic should adopt the euro within five years. Firms also utilize the common European labor market, with 55% hiring people from other EU countries. Moreover, in the course of 20 years in the EU, CEBRE, the Czech business representation to the EU, was established and represents Czech businesses in Brussels.

As for 20 years in the EU, there are countless other benefits for individuals and companies. EU membership brings advantages such as consumers benefit from strong protections, including refunds for unwanted products and compensation for travel disruptions. In employment, workers enjoy rights such as safety protection and equal opportunities. Free movement allows work anywhere in the EU without permits, ensuring equal social and tax benefits. EU citizenship grants freedom to live, work, and study across member states. Economically, the EU is the world’s second-largest trading block, offering access to a market of over half a billion consumers. Cohesion policies aim to reduce regional disparities and promote sustainable development. During crises, the EU provides coordinated assistance through mechanisms like the Civil Protection Mechanism.

Among other things, at the conference of The Czech Chamber of Commerce on 20 years in the EU, the president of the chamber said: “After 20 years in the EU, we are at a crossroads in the middle of Europe. So the question arises as to whether, as the Czech Republic, we are now standing at that crossroads.” 

For the following years, the priorities of the Czech Republic in the EU are the reduction of the bureaucratic burden, amendments to the Green Agreement such as the Antwerp Declaration, revising the objectives of the Green Agreement and many others.

Sources: The Confederation of Industry of the Czech Republic, European Commission, The Czech Chamber of Commerce