Czech Republic Market Report
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US chipmaker Onsemi announced in June that it will invest some $2bn over the next several years to boosts its semiconductor output in the Czech Republic. It is one of the largest-ever
investments in the republic and one of the first investments in advanced semiconductor manufacturing in central Europe.
A FUTURE SILICON VALLEY Te Czech Republic has made strides in diversifying its traditional engineering investments by venturing into new areas of research and development and innovative technologies. EU structural funding has facilitated the establishment of several world-class scientific and high-tech centres within the country. As a result, the country is now home to some of Eastern Europe's rapidly growing tech startups with some analysts suggesting that the country could well be on track to become Central Europe's Silicon Valley. Tis is being driven by a $400m initiative launched in 2023 to
revitalise Prague’s historic Strahov Stadium. Once a venue for large-scale gymnastics events, the Strahov Stadium has de- teriorated over the years. However, city officials approved plans in September to redevelop part of the stadium into a technology centre. Te aim is to transform the stadium into a technology hub that attracts investments and start-ups in sectors such as robotics, AI, drones, and medical engineering. In addition to the Strahov project, Prague and the broader
Czech Republic are witnessing a thriving start-up and venture capital scene, bolstered by government support and increased investment aimed at enhancing competitiveness in digital tech- nologies. Tere has been notable growth in areas like mathematics and AI, with Czech startups attracting both local seed funding and international investment in later funding rounds. Meanwhile, US chipmaker Onsemi announced in June that it
will invest some $2bn over the next several years to boosts its semiconductor output in the Czech Republic. It is one of the lar- gest-ever investments in the republic and one of the first in- vestments in advanced semiconductor manufacturing in central Europe.
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TOURISM Te Czech Republic, with its stunning capital city Prague, is a prime tourist destination known for its rich history, vibrant culture, and natural beauty. Prague is one of the most-visited European capitals and attracts millions of visitors each year with its iconic landmarks, such as Prague Castle, Charles Bridge, and the historic Old Town Square, home to the famous Astro- nomical Clock. Each of Prague’s districts has its own characteristic atmosphere and unique charm. Prague continues to garner global acclaim, securing the eighth position in Lonely Planet’s “Top 10 Cities in the World” for 2024. Beyond the capital, the country features numerous UNESCO
World Heritage Sites, castles, and small towns like Český Krumlov and Telč, which add to its historical appeal. Te diverse landscapes of the Czech countryside, including regions like Bohemian Swit- zerland and Šumava National Park, offer a large number of op- portunities for outdoor activities like hiking and cycling. Additionally, the Czech Republic is renowned for its wellness
tourism, with spa towns such as Karlovy Vary and Mariánské Lázně providing therapeutic treatments. Te country's cultural scene is vibrant, hosting events like the Prague Spring International Music Festival, the most important arts event in the Czech Republic. Tourist stays in the Czech Republic have finally surpassed the
pre-Covid-19 levels, as reported by the Czech Statistical Office. In 2023, more than 22 million guests stayed in monitored ac- commodation facilities throughout the country, an increase of almost 14 per cent year-on-year. A noteworthy highlight was the doubling of tourist numbers from Asia, attributed to the in- troduction of direct flights to Seoul and Taipei. Of all the guests who visited the Czech regions last year, 9.5
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