In late 2010 the U.S. Commerce Secretary and the Czech Republic Minister of Industry and Trade signed a Joint Declaration to strengthen commercial relations between the two countries and develop new opportunities in the resurgent nuclear energy sector. The Declaration committed both countries to commercial cooperation on civil nuclear projects, and also encouraged scientific and research cooperation, including training and human resource development. Opportunities in the Czech Republic represent potential for $12.5 billion in U.S. exports in the next five year.
In 2010, the United States and the Czech Republic also launched the U.S.-Czech Economic and Commercial Dialogue. The Dialogue, which includes representatives from U.S. and Czech government agencies, has four main goals: to increase bilateral business development and trade promotion; to facilitate investment expansion; to foster innovation; and to identify and resolve market access issues.
U.S.-Czech trade totaled $3 billion in 2009. Through September 2010, U.S. exports were up 54 percent compared to the same period in 2009 and U.S. imports from the Czech Republic were up 30 percent. The United States is among the top five investors in the Czech Republic with $6.6 billion in foreign direct investment. The Czech Republic has attractive investment incentives, a central location and a well-educated and relatively inexpensive work force.