Czech Republic Making $418M TBED Investment

With its economy already outpacing the average growth for the member states of the Organisation for Economic Co-operation and Development (OECD) for the past five years, the Czech Republic is injecting 348 million euros ($417.6 million US) into several tech-based economic development (TBED) initiatives.

CzechInvest will coordinate development of strategic components of the nation's business environment including: the development of science and technology parks, incubators and technology transfer centers; subsidies for applied research projects undertaken by companies of any size; and a wide range of support for small and medium enterprises.

Based on the Czech Republic's population of 10.2 million people in 2003, the country's commitment on a per capita basis would be the equivalent of the U.S. making an $11.8 billion investment in state and local TBED.

Using Ireland and Spain as models, the Czech Republic's focus with the funds is to further develop its overall business infrastructure and build key sectors, including the life sciences, microelectronics and semiconductor industries. The nation is seeking to expand its R&D facilities, continue marketing to foreign investors in selected industries, and create financial support for emerging enterprises. Portions of the funding will also be earmarked for supporting human resource development, the accelerated regeneration of business properties, and to assist small and medium enterprise development in economically weak regions.

The $348 million total is achieved by the European Union's Structural Funds Program contributing 216 million euros in non-reimbursable assistance and a match of 87 million from the government of the Czech Republic.

More information about CzechInvest is available at: http://www.czechinvest.com