As the Czech Republic has become an important location for business shared services, the sector is now one of the fastest growing industries in the country. Its role in the labor market is very significant, as it currently employs over 75,000 people, with that figure projected to reach 100,000 by 2020 (ABSL Report 2017). Companies already established here are expanding their presence in the Czech Republic as the portfolio of their activities becomes more complex and advanced.
The country offers several attractive locations for business shared services – besides Prague and Brno, more and more companies are focusing on cities such as Ostrava and Olomouc. Sixteen-percent growth within the sector in 2016 shows the vast potential for business shared services in the Czech Republic, as it is not just the second most attractive country in the CEE region, but also one of the most attractive countries in Europe with respect to this sector.
The Czech Republic has a strong education system that is focused on meeting the needs of a competitive economy. The country’s 169 finance, economics, law and ICT faculties turn out more than 37,000 graduates every year (Ministry of Education, Youth and Sport, 2017). All university students are required to study at least one foreign language and at some universities the requirement is set at two languages. English is the most popular foreign language, followed by German and French.
CzechInvest cooperates closely with the Association of Business Service Leaders (ABSL), which is a leading organization of the most important foreign investors in the business services sector in the Czech Republic. ABSL was established to give the sector a common voice to help shape its environment and destiny.
Reasons to invest
- Location in the center of Europe
- Talented workforce available at a lower price
- Availability of offices
- Cosmopolitan society, large expat community
- Government support