The determination of the Karlovy Vary Region to set a vision for the functioning of the region for the coming years is a topic of great interest to us. This is a structurally affected region that is redefining its future. We were very pleased to attend and support the region-wide conference called reVIZE 1.0, which took place on 18 April 2024 in the beautifully renovated premises of the Imperial Spa in Karlovy Vary.

Our representative and partner of the group, Tomáš Brabenec, a native of the Karlovy Vary Region, spoke at the conference with ideas on how to “crank up” the region. Thomas presented the idea that it is impossible to rely on gradual evolution, which de facto preserves the status quo. It is necessary to use non-traditional tools.

He suggested that the region could be a prioritized investment zone. In the zone, the region would be able to define its own business conditions. It should not be about the use of redistribution of funds, as today’s subsidy projects are set up, but about support in the form of e.g. a specific tax regime (e.g. when trading and operating in a given zone using completely minimal taxation, or “contractual taxation with the region”), corporate regime (for example allowing foreign (EU) entities to operate according to their law), labour law (completely free, unregulated and only contractually defined employment conditions), etc.

Such zones in the region and their use, especially by foreign investors, should, given the geographic location of the region, its natural wealth and the transport links expected in 2030, have massive spillover effects, especially in the tertiary sector of the local economy. This is currently a vision outside the current legislative framework of the Czech Republic, but why not try....

At Grant Thornton, we have an ambition to import high value-added services to structurally affected regions. We know how to help such regions unlock their growth potential and we want to be there. We are working on a study that discusses this idea in detail.

This is what the reVIZE 1.0 conference of ideas looked like