Czech Prime Minister Andrej Babiš launched a bilateral Czech-Moroccan Business Forum in the city of Casablanca on Wednesday. In his speech, Mr. Babiš said that Morocco could become the Czech Republic’s largest trading partner on the African continent and that the two countries are currently discussing cooperation in the automobile, aircraft and armaments industries.
The Carlsbad based Jan Becher company, which produces the iconic Czech liquor known as ‘Becherovka’, has announced record export numbers for the fiscal year between July 2017 – July 2018, with eight percent growth. In a press release on Wednesday, the company said it intends to focus more on exports to western countries in the future.
On a three-day business-oriented visit to China, Czech President Miloš Zeman personally promoted Czech products at the China International Import Expo fair, slammed protectionist measures by the US and called on entrepreneurs to show courage in winning new trade deals. Meanwhile, Czech Foreign Minister Tomáš Petříček opened a new chapter in Czech-Chinese dialogue: human rights issues.
Foreign Minister Tomáš Petříček has said he wants to help Czech
exporters find new markets outside of the EU, on which they are now largely
Following talks with the Czech Chamber of Commerce and the Ministry of Industry and Trade, Minister Petříček said he would push for better coordination in helping Czech exporters. The Czech foreign minister said that next year he hopes to visit Latin America and Africa with this goal in mind.
The ministry is also planning to employ export specialists who will work with Czech exporters in helping to expand their scope.
Stricter mortgage rules, in force since October, apply not only to new
contracts but also to refinancing existing housing loans, the business
daily Hospodářské noviny writes, citing a central bank spokesperson.
According to the report, this is in direct contradiction with what the Czech National Bank governor Jiří Rusnok said in June, taking some commercial lenders by surprise.
As the United Arab Emirates continue to lower their country’s economic dependency on oil, new opportunities are on the rise. Czech companies, for whom the UAE are the biggest trading partner in the Persian Gulf, see the upcoming EXPO 2020, a Universal Exposition to be held in Dubai in two years’ time, as a great opportunity to extend trade relations. This week saw a special trade mission, made up of Czech companies, travel to the UAE and explore prospective business deals.
Czech banks may see profits drop by hundreds of millions of crowns due to
the Markets in Financial Instruments Directive (MiFID II), which forces
lenders to reveal how much they bill customers for exchange rate hedging
operations, a source told the daily E15.
Part of Europe’s biggest regulatory overhaul in a decade, the regulations in part were intended to stop banks from selling products that clients do not need or understand.
Czech banks, especially established lenders, have had a reputation of charging high and hidden fees. Newcomers to the market often highlight transparency in this regard to win over customers.