Final Word from Friday, March 30, 2007
Wherever money is being handed out for free and controls are weak, there are givers and takers looking to pocket some of the loose change. One of the master givers in recent years has been CzechInvest, the state investment-promotion agency that throws money at investors willing to go through all the bureaucratic hurdles. It should come as no surprise if some money goes missing in the name of removing the bigger hurdles. Industry Minister Martin Říman has made no secret of wanting to do away with investment incentives and is looking for any excuse to divest CzechInvest of its powers. An in-depth look at CzechInvest might indeed uncover some reasons for doing so. But it would be a mistake to emasculate the agency and curtail the inflow of foreign investment until something else is found for sustaining economic growth. Říman has not yet said yet what it will be.[Czech Republic ODS FDI foreign direct investment]