Engineering firms eye business in Czech Republic | SupportBiz

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Engineering firms eye business in Czech Republic

 
Small to midsize engineering goods makers in India are exploring business opportunities in the Czech Republic, a member of the 27-nation EU block, to establish their footprint in that country and prepare the ground for future business breaks with other central and eastern European economies, according to a trade body.

Huge opportunities exist in central and eastern Europe for manufacturers and exporters of engineering products such as precision tools and automotive components, said an official from the Engineering Export Promotion Council, India, a government agency. “The Czech Republic is a manufacturing base for several German firms and is strong in the auto components and machine tools manufacturing spaces,” the official said, requesting anonymity.  

Car maker Skoda Auto is headquartered in the Czech Republic.

There is an immediate opportunity in that part of the world for manufacturers and exporters of hand tools, such as gardening tools. “Suppliers from India will find a ready market there.”

137 Indian companies, a majority of them being SMEs, participated in the ‘India Show’ in Brno earlier this month, organized by the Indian government and the EEPC. The India show attracted around 79,000 visitors, 10 percent of whom were visiting from other countries such as Russia, Hungary and Austria, making this event a “huge success”, the EEPC India official said.

Two way trade between India and the Czech Republic is worth $1 billion at present. The two countries hope to grow this figure by twofolds within three years, according to news reports.

“We expect ongoing discussions to translate into business in six to twelve months. Midsize companies in India could also explore acquisition opportunities in central or eastern Europe in the future,” the official said.