Since the early 20th century, the engineering industry remains one of the cornerstones of the Czech economy. Stable economic environment, high level of manufacturing technological maturity and cutting-edge R&D programs contribute to the creation of the optimal climate for business establishment and further development. This fact has been recognized by the world´s major players such as Siemens, ABB, Honeywell or Daikin, who have invested in various facilities in the Czech Republic.
The Czech Engineering sector employs over 126 000 workers and around 85% of manufactured products is being exported. More than 5200 machinery companies are manufacturing even the most sophisticated components, which makes the Czech Republic 2nd most specialized in Industrial Machinery, equipment, and tools in the world. That makes the Engineering sector one of the three most important industry sectors in the Czech Republic. (CECIMO, Ministry of Industry and Trade , FDI Intelligence from The Financial Times, 2019)
According to EU statistics, the Czech Republic can offer average labor-cost savings of 40% to 60% in comparison with costs in Western Europe and the United States while sustaining comparable productivity. More than 3,500 mechanical engineering graduates enter the workforce every year and that number is increasing in order to satisfy demand and the needs of the vibrant engineering sector. (Ministry of Education, Youth and Sports, FDI Intelligence from The Financial Times, 2018)
Did you know...
- ... that 300 years of academic engineering education in the Czech Republic means the continuity of sharing a premium level of technological know-how?
- ... that the Czech Republic is the only CEE country that is a member of the prestigious group CECIMO – the European Association of the Machine Tool Industries?
- ... that the Czech Republic ranks among the top 15 countries in machine tools production in the world? (CECIMO, 2019)
- ... that according to Eurostat, the Czech republic is the most industrialized country in the EU, as manufacturing accounts for more than 27% of the industry while the industry generates nearly 40% of the GDP? (Eurostat, 2019)
- ... that the Czech Republic = The Land of Robotics? The word ROBOT was used first by the Czech writer Karel Čapek in his famous "RUR" book. Moreover, with 135 robots per 10,000 manufacturing workers, the Czech Republic surpasses the global average of 99 units by far. (International Federation of Robotics, 2019)
The Czech engineering sector has been transformed over the past twenty-five years by globalization, technology and the growth of other emerging markets. The Czech Republic has responded to these fundamental changes by attracting new investors and moving its manufacturing facilities and R&D activities up the value chain in order to become the strategic hub of choice for global companies.
Source: CzechInvest, 2019