A promising market with 15 million people
and a gateway to the CEE region.
Czech and Slovak Market
The Czech Republic and Slovakia were established on January 1st, 1993 after the dissolution of the Czech and Slovak Federal Republic. Although 2 independent countries were formed, their business relations remain closely intertwined.
The Czech Republic is one of the most stable and prosperous markets in Central and Eastern Europe. Gross domestic income per capita is currently around €14,700 – one of the highest in the region. It is one of the fastest growing economies in Europe – in 2015, GDP grew by 4.3 %. The Czech Republic is a member of the European Union (EU) as well as the World Trade Organization (WTO). In 2015, the country had a population of 10,538,275 people and it covers an area of 78,868 km².
Retail and services are well-developed sectors. The Czech Republic was ranked the 11th most attractive country for retailers in Europe and the 17th most attractive worldwide. Prague, the Czech capital, is among the top 10 retail destinations in Europe and it holds the first place among destinations for high-street and luxury brands in the region. 13 new luxury brands and 15 high-end brands have entered the market since 2010. Moreover, the Czech Republic is a country of e-shops – there are more than 37,000 of them!
Good transport infrastructure and a strategic location enable easy access to the markets in the CEE region, Russia and neighbouring states – Germany, Poland, Slovakia and Austria.
Laws and Regulations
The Czech legal system is largely harmonised with EU requirements. Products and packaging should meet EU standards and testing might be obligatory for some imported goods, especially for technical and electrical devices.
10 Largest Cities
Praha, Brno, Ostrava, Plzeň, Liberec, Olomouc, Ústí nad Labem, Hradec Králové, České Budějovice, Pardubice
Slovakia is one of 9 states in the region of Central and Eastern Europe (CEE) and it has great potential for growth. Gross domestic income per capita is currently around €13,900 – Slovak economy is one of the fastest growing economies in Europe. In 2015, GDP grew by 3.6 %. Slovakia is a member of the European Union (EU) as well as the World Trade Organization (WTO). It is also one of a few countries in the region to use the euro. In 2015, the country had a population of 5,421,349 people and it covers an area of 49,035 km².
The retail market is dominated by international companies. In recent years, the demand for electronics, clothing and fashion accessories has increased. Slovak consumers are becoming more brand conscious. An increase in real disposable income is expected which will result in increased sales of high-priced goods.
Thanks to a favourable geographical location, Slovakia is a gateway to emerging markets in Eastern Europe and to its neighbouring countries – Poland, Ukraine, Hungary, Austria and Czech Republic.
Laws and Regulations
The Slovak legal system is largely harmonised with EU requirements. Products and packaging should meet EU standards and testing might be obligatory for some imported goods, especially for technical and electrical devices.
5 Largest Cities
Bratislava, Košice, Prešov, Žilina, Nitra