PRAGUE, Aug. 20 (Xinhua) -- The Ministry of Industry and Trade of the Czech Republic has introduced an economic strategy to enhance investment and foster international cooperation, aiming to lift the country's economic status into the top 10 among European Union (EU) members in the next 10-15 years.
In a statement released on Tuesday, Czech Minister of Industry and Trade Jozef Sikela said that the significant global trends such as decarbonization, digitalization, artificial intelligence, and electromobility represent "a major challenge but also an opportunity" for the country.
"Our strategy is intended to address these shortcomings and contribute to the development of the economy over the next 10 to 15 years, during which we want to achieve long-term and sustainable growth of the Czech economy based on competitiveness and high added value," he said.
To achieve this vision, Sikela said the Czech Republic needs to create a favorable investment environment at all levels, with a top priority on education, research, development and innovation.
The strategy not only highlights the efficient functioning of the state and the reduction of bureaucratic barriers but also outlines plans for strategic infrastructure, business development and economic security.
Moreover, it emphasizes the importance of international cooperation in securing essential raw materials and attracting strategic foreign investment.
Currently, the Czech Republic ranks 14th in the 27-member bloc in terms of GDP per capita, measured in purchasing power parity.
According to a preliminary estimate published last month by the Czech Statistical Office, Czech GDP grew by 0.3 percent quarter-on-quarter and 0.4 percent year-on-year in the second quarter of this year. The Czech National Bank's August macroeconomic forecast predicted a GDP growth of 1.2 percent this year, lower than its May forecast of 1.4 percent. ■
