Czech Republic2007 Investment Climate Statement -- Czech Republic
Maintaining an open investment climate has been a key element of the Czech Republic's transition from a Communist, centrally planned economy to a functioning market economy. As a member of the European Union, with an advantageous location in the center of Europe, low cost structure and a well-qualified labor force, the Czech Republic has been an attractive destination for foreign investment. Prior to its EU accession in 2004, the Czech government harmonized its laws and regulations with those of the European Union. Czech economic growth increased significantly in the second half of 2004 and continued to grow to record levels in both 2005 and 2006 while maintaining low inflation. The Czech government offers attractive incentives for foreign direct investment. Legally, foreign and domestic investors are treated equally. Enforcement of intellectual property rights is improving. The U.S. is among the top five investors in the Czech Republic, according to Czech National Bank (CNB) and investment promotion agency CzechInvest statistics.
Openness to Foreign Investment
The Czech Republic has been a recipient of large amounts of foreign direct investment (FDI), which, together with strong export growth, has helped fuel economic growth. Gross Domestic Product (GDP) growth was 4.2% in 2004, 6.1% in 2005, and forecasted to reach 6.0% in 2006, according to the Czech Ministry of Finance. Foreign investment is boosting productivity and exports, creating new jobs and raising wages and domestic consumption. It is also contributing to a trend of appreciation in the value of the Czech currency, the crown against both the euro and the dollar. This phenomenon is helping to keep inflation low (one of the lowest in the EU), averaging just over 2.5% through most of 2006 and just below the central bank’s target rate of 3.0%, but expected to rise slightly in 2007, according to the IMF. Some unfinished elements in the economic transition, such as the slow pace of legislative reforms and the uneven enforcement of contracts by the Czech courts, have adversely affected investment, competitiveness, and company restructuring.
The Czech government has harmonized its laws with EU legislation and the so-called "acquis communautaire." This effort has involved positive reforms of the judicial system, civil administration, financial markets regulation, intellectual property rights protection, and many other areas important to investors. While there have been many success stories involving American and other foreign investors, a handful have experienced problems, mainly in heavily regulated sectors of the economy, such as the media and energy where the state is a partner. Investors also complain about difficulties in enforcing contractual rights, including security interests. The slow pace of the court system is often compounded by judges' lack of familiarity with commercial or intellectual property cases. Needed reforms of the system for registering companies have been slow in coming, but a new bankruptcy law, scheduled to enter into force July 1, 2007, addresses some of these issues. Concerns about corruption have been voiced by foreign and domestic businesses alike. The World Bank’s 2006 Anti-Corruption in Transition report ranked the Czech Republic the most corrupt country in Central Europe. According to the report, the Czech Republic is the only country among the eight new Central European EU member states where the situation has worsened in the last three years.
Parliamentary elections were held in June 2006 and the right-of-center, pro-business Civic Democrats (ODS) won the greatest number of votes but did not get enough votes to rule on its own without a coalition. As of January 2007, the government formation process is on-going. All mainstream political parties welcome foreign investment.
Organizational Structure of Investments
Foreign investors can, as individuals or business entities, establish sole proprietorships, joint ventures and branch offices in the Czech Republic. In addition, the government recognizes joint-stock companies, limited liability companies, general commercial partnerships, limited commercial partnerships, partnerships limited by shares, and associations.
National Treatment
Legally, foreign and domestic investors are treated identically. Both are subject to the same tax codes and laws. The government does not differentiate between foreign investors from different countries, and does not screen foreign investment projects other than in the banking, insurance and defense sectors. Upon accession to the OECD, the Czech government agreed to meet (with a small number of exceptions) the OECD standards for equal treatment of foreign and domestic investors and limitations on special investment incentives. The U.S.-Czech Bilateral Investment Treaty contains specific guarantees of National Treatment and Most Favored Nation treatment for U.S. investors in all areas of the economy other than insurance and real estate. (See the section on the Bilateral Investment Treaty below)
Exempted Sectors
According to CzechInvest, the Czech agency tasked with attracting and facilitating FDI, all sectors of the Czech economy are open to foreign investment. Investors in the banking, financial services, insurance and broadcast media sectors must meet certain licensing requirements. Some professions, such as architects, physicians, lawyers and tax advisors, require memberships in the appropriate professional chamber. These licensing and membership requirements apply equally to foreign and domestic investors. Acquisition of real estate is limited to Czech and EU legal entities and to citizens with residency permits. Certain exceptions apply to citizens of countries with bilateral or multilateral investment treaties. U.S. citizens with a residency permit or visa for stay longer than 90 days may acquire real estate under similar conditions for citizens of EU member states.
Privatization
According to the Ministry of Finance, more than eighty percent of the Czech economy is now in private hands after several waves of privatization of formerly state-owned companies since 1989. Privatization programs have been open to foreign investors. In fact, most major state-owned companies have been privatized with foreign participation. The government evaluates all investment offers for state enterprises. Non-transparent and unfair practices have been alleged in connection with some recent privatizations.
Conversion and Transfer Policies
The Czech crown is fully convertible. Imports or exports of more than 350,000 Czech crowns (approximately USD 16,000) in cash, travelers' checks or money orders must be declared at the border.
According to CzechInvest, since 1 May 2004, foreign individuals who are holders of a residency permit for citizens of an EU member state can acquire Czech real estate with some exceptions relating to agricultural land and forests. Foreign legal entities without a registered Czech branch office and foreign individuals without Czech nationality or who are not holders of the residency permit for a citizen of an EU member state (or permanent residency permit) generally cannot acquire Czech real estate, unless a bilateral or multilateral treaty concluded by the Czech Republic stipulates otherwise. Certain exceptions apply, including for inherited properties or transfer from close relatives. However, based on international treaties (including the Treaty on Mutual Support and Protection of Investments concluded between the U.S. and the Czechoslovak Federal Republic in 1991) U.S. citizens can acquire real estate under similar conditions for citizens of EU member states; they must only obtain a residency permit or visa for stay longer than 90 days.
The U.S.-Czech Bilateral Investment Treaty guarantees repatriation of earnings from U.S. investments. A 15% withholding tax is charged on repatriation of profits from the Czech Republic. This tax is reduced under the terms of applicable double taxation treaties. For instance, under the U.S. treaty, the rate is 5% if the U.S. qualifying shareholder is a company controlling more than 10% of the Czech entity, and 15% otherwise. There are no administrative obstacles for removing capital. The law permits convertibility into any currency. The average delay for remitting investment returns meets the international standard of three working days.
Expropriation and Compensation
The Embassy is unaware of any expropriation of foreign investment since 1989. Government acquisition of property is done only for public purposes (similar to property condemnation in the United States for public works projects) in a non-discriminatory manner, and in full compliance with international law. It is unlikely that any investor losing property due to a governmental taking would not receive full compensation.
Another issue of concern to foreign investors in the Czech Republic is restitution. In 1990 and 1991, the federal government of Czechoslovakia enacted various laws aimed at compensating those people whose property was confiscated by the communist regime during the period of 1948-1989. Under the restitution laws, persons have the right to claim compensation for property taken from them by the communist government. Most claims for restitution of non-agricultural property had to be filed by October 31, 1991, and agricultural property by December 1992. There were additional open seasons for claims in 1994 and 1998 respectively but all deadlines for these claims expired on July 8, 1999. In 2000, however, a new law to alleviate some of the property damages during the Holocaust entered into force. It amends the restitution laws allowing the state, subject to certain conditions, to return communal Jewish property, works of art and land illegally seized by the Nazis to entitled Jewish communities and individuals.
Although deadlines for submitting restitution claims are now officially past (note: Czech court decisions have struck down the deadline as it applies to direct restituents and their heirs), it is nevertheless important that foreigners seeking to invest in the Czech Republic first ensure that they have clear title to all land and property associated with potential projects. The process of tracing the history of property and land acquisition can be complex and time-consuming, but it is necessary to ensure clear title. Title insurance is not yet offered in the Czech Republic. Investors participating in privatization of state-owned companies are protected from restitution claims through a binding contract signed with the government.
Dispute Settlement
The Czech commercial code and civil code are largely based on the German legal system. The commercial code details rules pertaining to legal entities and is analogous to corporate law in the United States. The civil code deals primarily with contractual relationships among parties. When the Czech Republic was formed in 1993, the new Czech government maintained the previous commercial and civil codes. The laws have been extensively amended since then, but gray areas still remain. The judiciary is independent, but decisions may vary from court to court. Commercial disputes, particularly those related to bankruptcy proceedings, can drag on for years, though new bankruptcy legislation passed on July 1, 2006 and due to go into effect July 1, 2007 should speed up the process. A new, streamlined Commercial Registry process took effect on July 1, 2005. While the new legislation is an improvement over the previous system, which placed the registry process entirely in the hands of the courts, companies report that in practice the process is still quite time-consuming
The new bankruptcy law is designed to address important structural impediment such as the slow and uneven performance of the courts, weakness of creditors' legal standing, and the lack of provisions for corporate restructuring. According to local legal experts, the new law shortens court proceedings and makes them much more transparent, gives a stronger position to creditors and renders the entire process more efficient. To this end, the new law has been given a more extensive and more accurate structure, the terms it uses have been made more exact, deadlines have been implemented and a number of crucial decisions have been passed directly to creditors.
The Czech Republic ratified the Convention on the Settlement of Investment Disputes between States and Nationals of Other States in 1993. The U.S.-Czech Bilateral Investment Treaty provides for international arbitration of investment disputes with the state. The Czech Republic has ratified the New York Convention on the Recognition and Enforcement of Arbitral Awards. As a signatory of the latter convention, it is required to uphold binding arbitration awards in disputes between Czech and foreign parties. However, arbitration of disputes between two Czech corporations outside the Czech Republic is not permitted, even if the owners are foreign. Applications for enforcement of foreign judgments can be made to the Czech courts and will be determined in accordance with a bilateral recognition treaty, if any, or otherwise pursuant to the requirements of Czech law. Judgments rendered in other EU countries are enforceable in accordance with applicable EU regulations.
Investment Incentives
In 2004 the Czech government revised and approved a new package of incentives to attract investment, with additional changes currently under consideration by the government. According to CzechInvest, the incentives are offered to foreign and domestic firms that make investment projects in manufacturing, business support services, and technology centers. The package for manufacturing projects includes relief from corporate taxes for up to ten years, job-creation grants, re-training grants and opportunities to obtain low-cost land. A tax incentive is also available for expansion of an existing manufacturing investment. Tax deductions for new machinery, job creation grants, and re-training grants are also available under certain conditions to qualified companies. Business activity and training subsidies are offered for research and development technology centers and business service centers in software development, customer service and repairs. In December 2006, CzechInvest proposed amendments to the FDI incentives legislation that would raise the required percentage of manufacturing investments in machinery from 40% to 60%. The amendments, if approved by Parliament, would enter into force in 2007. These incentives were developed in accordance with EU regulations to ensure their compatibility with EU rules on industrial subsidies and are funded through the Czech national budget.
The Czech Republic is in compliance with WTO Trade Related Investment Measures. There are currently no general performance requirements imposed on foreign firms for establishing, maintaining, or expanding their investments, except in connection with the incentives described above. These performance requirements generally relate to the amount of investment or hiring of employees if special job-creation grants are received with the incentive package. For more information contact CzechInvest, Director Mr. Tomas Hruda, phone: 420-296 342 500, fax: 420-296 342 502, address: Stepanska 15, 120 00 Praha 2, Czech Republic, info@czechinvest.org, www.czechinvest.cz. Special performance requirements are negotiable.
Foreign workers in the Czech Republic must obtain permits and visas in advance of their taking up employment and residence. The process of obtaining the required permits can be time-consuming.
Right to Private Ownership and Establishment
The right of foreign and domestic private entities to establish and own business enterprises is guaranteed by law in the Czech Republic. Enterprises are permitted to engage in any legal activity with the previously noted limitations in some sensitive sectors. Personal ownership of real estate by non-resident foreign individuals is not permitted, but since January 1, 2002, foreign companies registered to do business in the Czech Republic and Czech branches of foreign entities may own real estate, other than agricultural and forest land. Since May 1, 2004, EU nationals can acquire Czech real estate with some exceptions relating to agriculture land and forests. U.S. and some other nationals can purchase real property if they comply with temporary residence requirements. Czech legal entities, including 100% foreign-owned subsidiaries, may own real estate without any limitations.
Protection of Property Rights
Existing legislation guarantees protection of all forms of property rights, both intellectual and physical. Secured interests in land (mortgages) and in personal property are permitted. Government subsidy programs are making mortgage financing more accessible, and consumers are becoming more used to using both secured and unsecured forms of credit. According to American lawyers in the Czech Republic, enforcing judgments and foreclosing security interests in land and personal property can still be difficult in practice.
Major amendments to the Commercial Code came into force in 2001 that strengthen protection of creditors and minority shareholders. The law includes detailed provisions for mergers and places time limits on decisions by the authorities on registering of companies. New laws on auditing and on accounting were also enacted. These laws include the use of international accounting standards (IAS) for consolidated corporate groups.
The Czech Republic is a signatory to the Bern, Paris, and Universal Copyright Conventions. In 2001, the government ratified the World Intellectual Property Organization (WIPO) Copyright Treaty and the WIPO Treaty on Performances and Phonograms. Domestic legislation protects all intellectual property rights, including patents, copyrights, trademarks, and semiconductor chip layout design. Amendments to the trademark law and the copyright law have brought Czech law into compliance with relevant EU directives and WTO Trade-Related aspects of Intellectual Property rights (TRIPS) requirements. Changes to the civil procedure code, effective January 1, 2001, provide for ex parte search and seizure in enforcement actions. The Czech Republic increased copyright protection for literary works from 50 to 70 years, effective December 1, 2000, and boosted the powers of the customs service and the Czech Commercial Inspection to seize counterfeit goods. A 2006 amendment to the Law on Civil Procedure made ex-parte search more accurate, clearer and easier to apply and enforce. The amendment also makes it easier to define and get back losses caused to owners by piracy. The Embassy continues to work with U.S. industry and Czech government officials to further improve enforcement of intellectual property rights.
Transparency of the Regulatory System
Tax, labor, environment, health and safety, and other laws generally do not distort or impede investment. Policy frameworks are consistent with a market economy. All laws and regulations are published before they enter into force. Opportunities for prior consultation on pending regulations exist, and all interested parties, including foreign entities, can participate. A biannual governmental plan of legislative and non-legislative work is available on the Internet, along with information on draft laws and regulations (often only in Czech language). Comments can be and are made by business associations, consumer groups and other non-governmental organizations, including the American Chamber of Commerce.
However, bureaucracy and unnecessary red tape remain a source of complaints by both domestic and foreign investors. Delays and allegations of corruption are common, especially in the process of registering companies and changes to corporate structure, and are of particular concern to foreign companies operating in the Czech Republic.
In content and principle, Czech competition policy meets OECD standards. An Act on the Protection of Economic Competition entered into force in 2001, adopting rules consistent with EU competition policy as regards restrictive agreements, abuse of dominant position and merger control.
Efficient Capital Markets and Portfolio Investments
According to the CNB, in 2001 the last state financial institution (non-joint stock companies established prior to 1989) was privatized. The government has more than a 50% share of the equity capital or is a controlling shareholder in two banks: The Czech Export Bank and the Czech-Moravian Guarantee and Development Bank. The banking sector has recovered from the 1998-99 recession, the poor payment discipline of many of the banks' clients, and non-competitive loans offered in the early 1990s. Stricter oversight by the central bank has been imposed. Commercial banks have returned to profitability after posting losses in 1999. As of September 30, 2006, the total assets of commercial banks stood at CZK 3.1 trillion (USD 158.7 billion), according to the CNB. As of the same date, non-performing loans amounted to 12.8% of total credit volume, compared to 28.8% in 2000. This figure does not include non-performing loans (with a face value of $2.4 billion as of Nov. 30, 2005) transferred to the Czech Consolidation Agency, which is charged with liquidating them. Foreign investors have access to bank credit on the local market, and credit is generally allocated on market terms. In 2002, the banks for the first time established a mechanism for sharing credit histories of borrowers.
The Czech securities market has been handicapped by a poor reputation generated by several years of lax regulation, fraud and scandals. However, when the economy thrives the market follows suit, and although the Prague Stock Exchange (PSE) is small (with only 32 companies listed for stocks), the overall trade volume of stocks in 2006 was CZK 849.0 billion, the second highest value in its history, 18.5% behind the maximum value in 2005 (CZK 1,041.2 billion).. The first successful initial public offering of a company's shares since the stock market opened in 1992 took place in 2004. In 1998 the government created a Securities and Exchange Commission to function as capital market watchdog. The Commission has made important strides in establishing a regulatory framework for Czech capital markets and enforcing new rules. It has employed a large number of new staff. A new securities law was adopted in 2001 to improve regulation of brokers and dealers. Legislation adopted in 2002 gives the SEC more flexibility in issuing guidelines and requiring reporting of information. In 2006, the SEC moved into the Czech National Bank as part of a plan to bring all of the financial regulators under one roof.
Political Violence
The risk of political violence in the Czech Republic is extremely low. The Czech lands have never had a history of political violence or terrorism in modern times. Two recent historic political changes -- the "Velvet Revolution" which ended the Communist era in 1989 and the division of Czechoslovakia into the Czech Republic and Slovakia in 1993 -- occurred without loss of life or significant violence.
Corruption
Current law makes both giving and receiving bribes criminal acts, regardless of the actor's nationality. Jail sentences have been increased to up to eight years for officials, with stiffer penalties for bribery previously enacted by Parliament. Bribes cannot be deducted from taxes. Law enforcement authorities are responsible for combating corruption. These laws are applied equally to Czech and foreign investors. The Czech Republic ratified the OECD anti-bribery convention in January 2000. A November 2006 OECD peer-review of the Czech Republic’s implementation of the anti-bribery convention found that the Czech government needs to take additional steps, including criminalizing individual bribery and putting in place sanctions for non-compliance.
While there has been no lack of public accusations and suspicions of bribery, only a few cases have reached the prosecution and conviction stage. Allegations of corruption are most pervasive in connection with the court-controlled system of company registration and the police. Such allegations have also been raised in the course of recent privatizations and government procurements. A 2004 government procurement law, required for EU accession, sought to curb illegal activities in this sphere by ensuring that public tenders were not tailor-made for specific businesses, but according to the Transparency International (TI) chapter in the Czech Republic, has failed to do so. Their research has shown that more than half of public contracts in the Czech Republic are not awarded in keeping with the 2004 Public Procurement Act. TI actively conducts public information campaigns through distribution of posters and has given numerous broadcast and print media interviews on corruption and bribery cases.
Bilateral Investment Agreements
The former government of Czechoslovakia signed a bilateral investment treaty (BIT) with the United States, which came into effect in 1992. The Czech Republic adopted this treaty in 1993, after the split with Slovakia. Amendments to the treaty were approved in 2003 following negotiations involving both the Czechs and the European Commission designed to meet EU concerns about perceived conflicts with the EU acquis communautaire. The Czech government subsequently requested the United States consider further amendments that would affect the BIT’s coverage and dispute settlement provisions; bilateral discussions are continuing.
To date, 77 countries have signed and ratified similar agreements with the Czech Republic. They include: Australia, Austria, Belgium-Luxembourg, Bulgaria, Canada, China, Denmark, Finland, France, Germany, Greece, Hungary, Israel, Indonesia, Italy, Jordan, Kazakhstan, Lebanon, North and South Korea, Mongolia, Norway, Paraguay, Poland, Russia, Slovakia, South Africa, Spain, Sweden, Switzerland, Thailand and the United Kingdom. Agreements with other countries are in the process of ratification.
A bilateral U.S.-Czech Convention on Avoidance of Double Taxation has been in force since 1993. In 2006 negotiations on a bilateral Totalization Agreement that would exempt Americans working in the CR from paying into both the Czech and U.S. social security systems were concluded. The agreement awaits final approval from both capitals before entering into force, expected in 2008.
OPIC and Other Investment Insurance Programs
Finance programs of the Overseas Private Investment Corporation (OPIC), including investment insurance, have been available in the Czech Republic since 1991. Investors are urged to contact OPIC's offices in Washington directly for up-to-date information regarding availability of services and eligibility. The OPIC InfoLine (202) 336-8799 offers general information 24 hours a day. Application forms and detailed information may be obtained from OPIC, 1100 New York Avenue, NW, Washington D.C. 20527. The Czech Republic is a member of the Multilateral Investment Guarantee Agency (MIGA).
Labor
The wide availability of educated, low-cost labor on the doorstep of the more expensive Western European labor market is a major attraction for foreign investors, particularly those looking to invest in manufacturing industries. Wages and benefits are on the rise, but the Czech Republic will still have far lower labor costs in the years ahead than those in Western Europe (although labor costs further to the East will remain even lower, including in new EU countries Romania and Bulgaria). There are currently no significant shortages of specialized labor skills, though foreign investors still cite weaknesses in middle-management levels, especially those with Western language skills, IT specialists, and engineers. Various factors, including rigidities in the labor code on overtime and the housing market, reduce the mobility of Czech workers within the country.
By law, all workers have the right to strike once mediation efforts have been exhausted, with the exception of workers in sensitive positions (nuclear power plant operators, military, police, etc.) Significant labor unrest remains rare, particularly in the private sector. Public sector unions, notably the rail workers and health workers, have staged strikes when the government tried to limit public sector wage increases. Workers in the Czech Republic have the legal right to form and join unions of their own choosing without prior authorization. Currently, about 20% of the total labor force is a member of some labor organization. The overall number of union members has fallen sharply since 1991, reflecting the fact that union membership is no longer compulsory. Although union membership has been dropping at a rate of 8% per year, the former Social Democrat (CSSD) led government was responsive to labor concerns and passed a new labor code in parliament that is considered by observers to be ‘labor-friendly.’ The new labor code entered into force January 1, 2007.
The Ministry of Labor and Social Affairs sets minimum wage standards. The standard workweek is 40 hours. Caps exist for overtime. Workers are assured 30 minutes of paid rest per work day and annual leave of at least four weeks per year.
Foreign-Trade Zones and Free Ports
Czech law permits foreign investors involved in joint ventures to take advantage of commercial or industrial customs-free zones into which goods may be imported and later exported without depositing customs duty. Duties need be paid only in the event that the goods brought into the free zone are introduced into the local economy. The investment incentive package also permits duty-free import of high tech goods and creation of additional foreign-trade zones. Due to EU accession and the investment incentives offered by the government, the advantages of using these free-trade zone are limited and they have waned in popularity.
Foreign Direct Investment Statistics
According to the preliminary data compiled by the Czech National Bank and CzechInvest, the stock of foreign investment in the Czech Republic at the end of 2005 (including reinvestment of profits) totaled $54 billion in 1993-2005 (49% of 2005 GDP). Germany and the Netherlands are officially the leading foreign investors. Their investments totaled $13.2 billion (24.4%) and $9.2 billion (17.0%) respectively, followed by Austria with $4.9 billion (9.0%), France with $3.4 billion (6.3%), the United States $3.3 billion (6.1%) and UK with $2 billion (3.7%). Other major investors included Belgium, Switzerland and Slovakia. In 2005, massive investment in the local telephone company by a Spanish company brought in $4.8 billion of the total Spanish FDI of $9.5 (17.5% of estimated 2005 GDP) in 2005. Czech Republic ranked first in Central and Eastern Europe in both FDI stock and inflow per capita in 2005. The upswing in investment since 1998 is generally attributed to the introduction of investment incentives, as well as the Czech Republic's natural advantages.
By sector, from 1993-2004 foreign direct investment stock was divided into manufacturing ($21.1 billion or 42.4%), financial services ($8.1 billion or 16.3%); trade, hotels and restaurants ($6.7 billion or 13.5%); transportation and telecommunications ($2.7 billion or 5.5%); real estate and business activities ($4.6 billion or 9.3%); and electricity, gas and water supply ($3.5 billion or 7.1%). Other sectors attracting foreign investment included mining and construction. Government officials anticipate the steady inflow of investment to continue.
The stock of Czech direct investment abroad totaled $2.8 million as of December 2004. The flow of Czech investment abroad was $546.2 million in 2004 alone, with principal destinations of Bulgaria (67%), followed by Slovakia (17.1%), Portugal (3.3%), and U.K. (3.2%). 1.4% of 2004 FDI outflows went to the United States.
Significant foreign investors include:
U.S.
Conoco/Dupont $665 mil
Philip Morris $420 mil
Pepsi-Cola International $291 mil
Coca Cola $200 mil
IFC Kaiser $176.4 mil
Cable, Design and Technology (CDT) $170 mil
Ford Motor Company $115 mil
E.M. Warburg Pincus and Co. LLC $110 mil
Proctor and Gamble $109 mil
Other Countries
Telefonica Spain $4.8 bil
RWE Gas AG Germany $3.6 bil
Toyota/PSA Japan/France$1.3 bil
Hyundai Motor Korea $1.2 bil
KBC Bank NV Belgium $1.2 bil
Volkswagen AG Germany $1.2 bil
Societe Generale France $1.0 bil
ING Holdings Netherlands $936 mil
Philips Netherlands $733 mil
South African Breweries South Africa $619 mil
Kappa Packaging BV Netherlands $445 mil
Siemens Germany $373 mil
Daewoo Korea $357 mil
DHL Germany $230 mil
Sources of data for this report included the Czech Statistical Office, the Czech National Bank, CzechInvest, OECD, IMF and Central European Advisory Group.
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