Final Word from Wednesday, June 27, 2007
Once information appeared about alleged improprieties at CzechInvest under Tomáš Hruda, it took Industry Minister Martin Říman mere hours to remove Hruda. Once information starting appearing about the strange group of people being appointed by new CEO Roman Čermák to replace Hruda's team, it took Říman two weeks to act, and the results seemed mainly to be a smokescreen. CzechInvest is being converted from one of the CR's best-run agencies to an employment service for shady folks with agendas. This comes at a bad time. Inward investment is on the decline, and the tax breaks of the early investors are starting to expire. With rapidly rising wages, skyrocketing electricity costs and delays in infrastructure improvements, the CR risks losing these investors. CzechInvest needs to reinvent itself as the agency in charge of making sure they stay.[Czech Republic investment incentives ČEZ]