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To comply with EU requirements, all European countries need to reduce carbon emissions and obtain more energy from renewable resources. As well as biomass and wind energy a number of nuclear power stations are proposed by 2020. That means big opportunities for products, services and technologies from the UK.

DRIVING ENTERPRISE

Nuclear is also an important part of the Czech Republic’s energy strategy, with a €16bn tender in the pipeline, one of the biggest of its kind in the world. Although the main contractors are expected to be French, Russian and American, there are still great opportunities for UK suppliers.

UK exports of goods and services to the Czech Republic were worth £1.4bn in 2009. It is an outward-looking open economy that has the most advanced infrastructure in Central Europe and attracts more investment per capita than any other country in the region.

The Czech car manufacturer Skoda, owned by Volkswagen, has become a major international player. Advanced engineering, particularly the automotive sector, has been identified as an industry offering attractive opportunities for component suppliers. In addition, one of Europe’s largest international engineering exhibitions is held in the Czech city of Brno each September, attracting buyers and exhibitors from around the world.

Other significant sectors in the Czech Republic include training and educational supplies, and science and innovation.

FAST GROWTH

Hungary has recently taken over the EU Presidency and, following a period of economic reform and structural adjustment, it could well regain its position as one of the CEE’s fastest-growing economies. The country suffered a deeper economic decline than its neighbours during the downturn and sought assistance from the IMF. However, economic growth is predicted at three per cent in 2011, rising to 3.5 per cent in 2012.

UK exports to Hungary reached £820m in 2009 and the country has €23bn of EU funds available up to 2013.

These monies will be directed into regional reform, with improvements to road and rail infrastructure. The government also wishes to channel some of the funds into encouraging SME growth.

“Traditionally, Hungary has always been a strong centre for research in biotechnology,” says Jamie Banks, head of trade and investment at the British Embassy in Budapest.

“In fact, the word ‘biotechnology’ was first coined by a Hungarian agricultural engineer in 1919, and both AstraZeneca and GlaxoSmithKline have major operations here.

“Due to high levels of educational achievement, particularly in mathematics and languages, Hungary has built a reputation for excellence in business support services. Diageo, for example, has a financial service and treasury centre in Budapest and Morgan Stanley, the global financial services firm, has a mathematical modelling and a business service and technology centre there.”

As with Poland, Tesco is one of the most visible UK businesses in Hungary. It has more than 160 outlets there, from Tesco Express to hypermarkets, including one of the world’s largest Tesco stores, near Budapest. Less visible, but nonetheless (Continued on page 27...)

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