Didn’t know the Czech Republic was one of our trading partners? Well it is! And both Australia and the Czech Republic are working to strengthen economic ties. Just recently, a Czech delegation of both public and private sector leaders was here in Oz to discuss the possibility for further integration.
Like any two countries, the Czech Republic and Australia are markedly different! While we are more geographically isolated than most, the Czech Republic is smack-bang in the middle of Europe which should motivate us to penetrate their market. It is only a small country with an area of 78, 864 square kilometres and population of 10.4 million. That is, half of our national population in an area roughly the size Tasmania.
At present, trade between the two countries remains underdeveloped. In 2008, the total volume of trade between the two countries totalled $US 452,656,000. Australian exports totalled US$149, 012,000 and were concentrated in wool and pharmaceuticals. They also included wine, medical instruments, electronics and cigarette paper.
As dialogue between the two countries continues the Czech Republic certainly has potential for Australian businesses. Australia has a high level of technology coupled with a highly skilled workforce. There are opportunities for a diffusion of information and the transfer of sophisticated technologies. Cooperation in the areas of science, research and innovation in the future could be mutually beneficial to both Australian and Czech businesses.
Only recently in Sydney the Czech Deputy Minister for Industry and Trade Milan Hovorka said “We are confident that the Czech Republic provides quite promising opportunities for Australian businesses”. We should look forward to a closer working relationship and seize the available opportunities for business contacts.
Amy Doyle – International Market Analyst