Investments in Czech Republic “Fly High”

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U.S.- based Companies Investing in Czech Republic Aerospace; Industry Leaders Meet at Washington, DC and New York Conferences. The Consulate General of the Czech Republic in New York and the Ministry of Industry and Trade through its agency, CzechInvest, recently hosted two spring Czech Aerospace Conferences in Washington, DC and New York.

The Consulate General of the Czech Republic in New York and the Ministry of Industry and Trade through its agency, CzechInvest, recently hosted two spring Czech Aerospace Conferences in Washington, DC and New York where such major U.S. companies as Honeywell, GE Aviation and Bell Helicopter confirmed their commitment to the Czech aerospace industry. Both conferences received support from the General Aviation Manufacturers Association (“GAMA”) and several Czech officials. In addition, the Minister of the Industry and Trade of the Czech Republic Jan Mládek attended post-conference events.

“The Czech aerospace industry is now globally competitive and we welcome the support of American companies interested in partnering with us,” says Jan Fried, Director of East Coast Operations, CzechInvest. “The Czech Republic has an exceptionally educated and technically skilled labor force and we offer unparalleled levels of quality and innovation, bolstered by a stable economy.”

In the past decade, Czech economic growth has accelerated at a record level. As of first quarter 2015, it was outpacing all other members of the European Union. In addition, the country’s GDP increased 2.8 percent in the final quarter of last year.*

Many aerospace companies, including Bell Helicopter, Honeywell and GE Aviation already have factories in Prague and surrounding areas.

At the aerospace conference in Washington, DC, Czech-owned companies such as Aero Vodochody, Aircraft Industries, Frentech Aerospace, LOM Praha, Ray Service and PBS Velká Bíteš met with their American counterparts including Honeywell, GE Aviation and Bell Helicopter. The next day, the New York Czech Aerospace Conference took place at Bohemian National Hall. It was the first of its kind in New York to bring together Czech and American manufacturers in the Aerospace sector.

Adds Stanislav Beneš, Deputy Consul General and Head of the Economic Section, Consulate General of the Czech Republic in New York, “The success of our first two-day event is a positive reflection of how well our two countries’ aerospace industries are working together. We hope to host more of these conferences in New York and Washington, DC, as well as other key markets in the United States.”

As a further testament to the Czech Republic’s seminal position in Europe’s aerospace sector, the headquarters for the European Global Navigation Satellite Systems Agency is located in Prague.

About the Consulate General of the Czech Republic in New York
The mission of the Consulate General of the Czech Republic in New York is to promote commerce between the United States and Czech Republic. Located at Bohemian National Hall on Manhattan’s Upper East Side, the building also houses a cultural center that offers ongoing Czech-based art exhibitions, movies and lectures to create a foundation for social and cultural dialog between the two countries.

The actual purview of the Consulate General of the Czech Republic in New York encompasses ten states, comprising Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.

The Consulate General of the Czech Republic supports and seeks new export opportunities and investment from the United States to the Czech Republic and vice versa, including the creation of joint ventures, trade, production cooperation, technology transfer as well as cooperation in diverse markets. Learn more at http://www.mzv.cz/newyork.

About CzechInvest
Founded in 1992, CzechInvest is a business and investment development agency that is part of the Czech Republic Ministry of Industry and Trade. Its role is to advise and support existing and new entrepreneurs and foreign investment in the Czech Republic.

Awarded in May 2015 as Best Investment Attraction Agency 2015 (Eastern European National) by Site Selection Magazine, CzechInvest promotes the Czech Republic abroad and acts as an intermediary between the European Union and small and medium-sized enterprises in implementing structural funds in the Czech Republic.

CzechInvest is exclusively authorized to file applications for investment incentives at the competent governing bodies and prepares draft offers to grant investment incentives. Its task is also to provide potential investors current data and information on business climate, investment environment and investment opportunities in the Czech Republic. Learn more at http://www.czechinvest.org/en.

*Information source: http://www.bloomberg.com/news/articles/2015-05-15/czech-gdp-growth-unexpectedly-soars-to-record-on-manufacturing, May 15, 2015, Bloomberg

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Linda Alexander

Jan Fried