Deloitte survey: EU membership has enabled Czech companies to expand into European markets

Membership in the European Union has enabled Czech companies to expand into European markets and cooperate with foreign partners. It has also opened up the possibility of using EU subsidies. At the same time, it has brought greater competition, not only in the sale of production but also in the quest for qualified employees. This is according to a survey conducted by the consultancy Deloitte among Czech companies, it has been 20 years since the Czech Republic joined the EU.

The Czech business environment has undergone a significant transformation during the EU membership, said Kateřina Novotná from Deloitte. "Being linked to the single market has enabled Czech companies to establish valuable partnerships with foreign companies and expand into other European countries. This is why Czech companies are hoping that the next logical step, i.e. the adoption of the euro, will come. This would further facilitate trade with the rest of the EU and bring further opportunities for Czech companies to grow," she assessed the results of the survey, which was conducted as part of the Czech Best Managed Companies programme run by Deloitte, which helps develop well-managed, privately owned companies.

The main change brought about by EU accession is the removal of barriers to international trade. The unified legislation of the European market has also simplified the administration associated with exporting goods for companies. For Czech companies, EU membership has also made it easier to establish partnerships with other European companies or to attract foreign investors.

Firms perceive an increase in competition from foreign companies, which have gained easier access to the Czech market thanks to the Czech accession. At the same time, however, they mostly see this competition as an impetus for their own innovations, the survey showed. Companies also use subsidies from European funds to increase their own competitiveness.

Companies see the free labour market in the EU as a good opportunity to attract foreign employees. At the same time, however, some companies are struggling with the departure of their skilled workers abroad.

Czech companies perceive only a minimum of negative aspects associated with EU membership, the survey showed. The excessive regulation they sometimes encounter is seen more as a problem of the national authorities' transposition of European regulations into Czech law.

Source: Deloitte and CTK