The largest business mission has returned from Russia

132 representatives of Czech companies took part in the business mission accompanying President Milos Zeman on his visit to Russia from 20th to 24th of February. It was the largest international business mission originating from the Czech Republic organised since 1989. The mission was coordinated by Confederation of Industry of the Czech Republic, Czech Chamber of Commerce in association with Chamber of Trade and Industry for the Commonwealth of Independent States.

During the mission company representatives took part in two large business forums, first in Moscow, and second in Yekaterinburg, the Sverdlovsk Oblast Regional Centre. Each business forum was attended by hundreds of Czech and Russian entrepreneurs and company representatives interested in ongoing economic relations between the Czech Republic and Russia. During the forums 15 cooperation agreements and contracts worth around 20 billion Czech crowns (USD 940 million) were signed under the patronage of President Zeman.

In the recent years, the mutual economic relations between the two countries have been negatively affected by the US and EU sanctions regimes. However, following the initial sharp decline in Czech exports to Russia (from the total share of all Czech exports of 3.7% in 2013 to the total share of 1.9% in 2016), Czech exports to Russia have now stabilised and, in fact, are on the increase. Between 2016 and 2017 there has been a more than 20% increase in Czech exports to Russia.

The Czech Republic currently exports to Russia mainly cars and trucks, parts and accessories for motor vehicles, machinery and equipment used in industry, office machinery and equipment for automatic data processing, various electrical and consumer products, sporting goods and toys. From Russia the Czech Republic imports natural gas, petroleum derivatives, steel, aluminium and chemical raw materials.