India's relations with the Czech Republic

India’s relations with Czech Republic

India has friendly, cordial and cooperative relations with the Czech Republic, which is part of the European Union. The relationship covers political, economic and commercial fields as well as cooperation in technology and culture exchanges. Bilateral trade between India and the Czech Republic is a little over USD 1 billion. Czech investments in India are in automobile and power sectors, whereas from India, companies from automobiles and IT sectors have made investments in the Czech Republic. The Czech Republic pledged to support India’s bid for a permanent membership in the U.N Security Council on June 7th 2010, during Vice President of India, Hamid Ansari’s visit there. Three agreements were signed, including one on social security that states that citizens working in either country for less than five years will be exempt from social security contributions. Around 700 Indians working in Czech Republic will be protected by this pact. The two other agreements signed were an agreement on economic Cooperation and on a Protocol on Amendment of the Agreement between India and Czech Republic for the Promotion and Protection of Investments that was originally signed on October 11, 1996. Both governments expressed the desire to enhance cooperation especially in science, technology and to strengthen economic and cultural ties.