Czech Business Today

The Budapest Declaration, adopted on November 8, 2024, signals the EU’s commitment to economic resilience, digital and green transformation. A key focus of the Declaration is deepening the Single Market, a priority for Czech businesses that rely on seamless cross-border operations. The upcoming strategy to further integrate the market, due by June 2025, aims to remove barriers and foster growth.

For SMEs and startups, the proposed Savings and Investments Union and progress on the Capital Markets Union by 2026 should offer more accessible capital markets, enabling Czech companies to scale up and invest in new technologies. The emphasis on equity investment is expected to benefit sectors critical to the Czech economy.

The Declaration’s call for industrial renewal and decarbonization is particularly relevant to Czech businesses, many of which are focused on energy-intensive industries. The EU’s industrial strategy will likely support traditional industries during the green transition, while simplifying regulatory burdens—a long-standing request from Czech business leaders—could improve the operating environment for SMEs.

Energy sovereignty is another priority. For Czech companies dealing with high energy costs, the EU’s plans for a more integrated energy market and affordable clean energy may offer relief. Similarly, the Declaration’s emphasis on workforce development aims to address labour market challenges, which have been a concern for Czech businesses. Finally, the focus on trade and agriculture could provide stability for Czech exporters and farmers, offering a framework for competitive and sustainable growth in these sectors.

Overall, while the Budapest Declaration outlines a vision for a more competitive EU, its success will depend on effective implementation and active engagement from Czech businesses. These initiatives may provide significant benefits if they align with the country’s economic priorities.

Source: European Council