Description

The Czech Republic’s economic growth is primarily driven by the increasing private consumption and the improving transport infrastructure. The country's geographical location favors trade with countries in Northern Europe and helps attract foreign investors. A key long-term factor that will contribute to the enrichment of the Czech Republic’s economy is the constructive partnerships between trade unions, the government, and companies. The Czech Republic is a member of the European Union and the European Monetary Union and has multilateral and bilateral trade agreements with several countries. The government has taken initiatives to streamline regulations, promote competition, and encourage entrepreneurship to support growth. The country is working on technology-oriented transport systems to become a key participant in smart mobility - mobility as a service (MaaS). Technology advancements, RFID, Augmented Reality, and the use of Pick-by-Voice and Pick-by-Light systems in warehouses are the key transformational trends in the Czech Republic.

Digitization will be the key factor driving the transportation sector. The major automotive ecosystem participants are investing in infrastructure development. Tech start-up companies are launching innovative products; however, only a few companies combine the old industrial knowledge with the new IT skills. Logistics providers are actively developing and introducing up-to-date technological solutions in intralogistics and external logistics, supply chain management, and distribution processes. Just-in-Time and Just-in-Sequence logistics technologies are being developed. Augmented Reality technologies are being actively used in the new class A warehouses across the country, which are equipped with modern WMS that allows for connectivity and monitoring using Pick-by-Vision through head-mounted screens and cameras.

Scope:
The aim of this insight is to research and analyze the key developments and trends related to economy and trade and the freight and transportation and the logistics and warehousing sectors in the Czech Republic.

Objectives:
• To provide an overview of the key factors driving the Czech Republic's economy and trade
• To analyze the role of the transport and logistics sector in driving the country’s economy
• To identify the initiatives undertaken by the government to improve efficiency and reduce logistics costs
• To furnish a detailed analysis of the advancement in digital technologies
• To provide an in-depth analysis of how the traditional value chain is transformed as a result of technology advancements, e-Commerce growth,
regulatory changes, and investment
• To identify the emerging opportunities as a result of economic and technology transformations and how they are expected to change the
competitive environment