New Delhi [India], October 12 : A Czech business delegation has signed several memorandums of understanding (MoUs) with Indian companies across sectors, including automotive, transport, aircraft manufacturing, railways and healthcare, Czech First Deputy Prime Minister and Minister of Industry and Trade Karel Havlíček said on Monday.
Bilateral trade between India and the Czech Republic currently stands at USD 4 billion, with significant scope for further growth, Havlíček told ANI on the sidelines of the India-Czech Republic Business Forum in New Delhi.
“India is the most important partner for the Czech Republic in this region. But definitely, the potential for economic growth is much higher,” he said.
The delegation includes companies from various industries, with the agreements aimed at strengthening business ties and exploring new opportunities for cooperation.
Havlíček also highlighted the potential of the India-European Union free trade agreement, saying it could create a free trade zone covering more than 2 billion people.
“The trade agreement between Europe and India creates a free trade zone for over 2 billion people, and it’s absolutely amazing,” he said.
He said Europe needed new markets for exports and investment, adding that closer economic ties with India could create opportunities for businesses on both sides.
On energy prices, Havlíček said natural gas in Europe cost 73 euros per megawatt-hour. He also referred to developments involving the United States and Russia and their possible impact on energy prices.
However, he said it was too early to determine whether a potential energy arrangement between Washington and Moscow would bring down energy prices in the United States, adding that the coming days could provide more clarity.
Jan Rafaj, President of the Confederation of Industry of the Czech Republic, also told ANI that the MoUs aimed to strengthen industrial cooperation, improve market access and help companies identify business partners, financial institutions and investment opportunities.
Rafaj said industry bodies would guide companies seeking to enter each other's markets and establish business partnerships. He added that the India-EU free trade agreement could strengthen commercial ties by reducing trade barriers and making business operations more efficient.
He also highlighted the importance of Czech-Indian partnerships in helping companies deal with geopolitical tensions and disruptions in global markets.
Rafaj said Czech companies could offer India a range of products and technologies, including trucks, heavy vehicles, weapons, radar systems, drone technologies and cybersecurity solutions.
He added that Czech companies working in the semiconductor sector could create further opportunities for industrial and technological cooperation between the two countries.
The growing engagement between Indian and Czech businesses is expected to create opportunities for partnerships, strengthen supply chains and help companies expand their presence in each other's markets.