SMEs in a Small Open Economy â€“ Case of the Czech Republic
Keywords:Small and medium sized enterprises, European Union, Czech Republic
Small and Medium Sized enterprises (SMEs) play an important role in all economies. They stimulate growth, innovations, and competitiveness and create new jobs. SMEs are important for their focus on specific exporting and importing commodities specific services. In Europe, the SMEs are considered to have been contributing to the economic development and stabilization of the economy and as such, this sector has an important place in Europe 2020 Strategy. In the Czech Republic, SMEsâ€™ share on the absolute number of companies, on employment, on the added value and on the volume of foreign trade is vitally important and are comparable with other states of the European Union. SMEs are involved in all major areas of business. They are part of everyday business environment and a cornerstone of the economy. The article is focused on definition of SMEs, on aspects playing a major role in their process of internationalization, on their place and importance in the Czech economy including some examples.Â
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