Going global — the new generation of Czech business people are looking way beyond the region
By Tomáš Otruba
In the past 25 years, the Czech Republic has undergone an all-encompassing transformation from a communist state to a fully developed democratic country with a free market economy in the heart of Europe, attracting not only tourists through its beauty but also businesses through the unique opportunities the country’s pronounced development demonstrates. Following the fall of the communist regime in 1989, Czechoslovakia and then the Czech Republic attracted many foreign investors, not least those seeking to participate in the various privatisations implemented.
Given the nature of these opportunities and the participation of the new Czech government, many significant business deals were concluded under the developing body of Czech law — however imperfect at the time — and, as a result, investors have faced uncertainties. At the time, local Czech businesses in most sectors were either state owned or fairly small and in a development and growth phase.
Nowadays, despite the general economic downturn following the events of 2007, the business and legal landscape has dramatically changed. Czech businesses that one or two decades ago were in their infancy (or did not exist) are now regional and even, in certain cases, global players, managing and investing assets throughout the world…
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