Economy of Czechoslovakia

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After WWII, the economy was centrally planned, with command links controlled by the communist party, similarly to the Soviet Union. The large metallurgical industry was dependent on imports of iron and non-ferrous ores.

Industry: Extractive industry and manufacturing dominated the sector, including machinery, chemicals, food processing, metallurgy, and textiles. The sector was wasteful in its use of energy, materials, and labor and was slow to upgrade technology, but the country was a major supplier of high-quality machinery, instruments, electronics, aircraft, airplane engines and arms to other communist countries.

Agriculture: Agriculture was a minor sector, but collectivized farms of large acreage and relatively efficient mode of production enabled the country to be relatively self-sufficient in food supply. The country depended on imports of grains (mainly for livestock feed) in years of adverse weather. Meat production was constrained by shortage of feed, but the country still recorded high per capita consumption of meat.

Foreign trade: Exports were estimated at US$17.8 billion in 1985. Exports were machinery (55%), fuel and materials (14%), and manufactured consumer goods (16%). Imports stood at estimated US$17.9 billion in 1985, including fuel and materials (41%), machinery (33%), and agricultural and forestry products (12%). In 1986, about 80% of foreign trade was with other communist countries.

via Czechoslovakia – Wikipedia, the free encyclopedia

South Africa in the Free Zone

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The visit to Oman of the President of South Africa, Dr Jacob Zuma, is part of a long and well orchestrated process designed to bring the two nations together in friendship, trade and tourism. The links being strengthened are the result of lengthy contacts and negotiations, which started with the establishment of a South African Embassy in the Sultanate. Oman was fortunate in South Africa’s choice and the South African diplomatic team went about the task of establishing closer ties between the two nations with zeal and enthusiasm.

The visit of the South African President this week is thus putting the seal on a friendship now well established and given the maritime links of both nations it is fitting that the South Africans are putting much energy in establishing links with the ever growing Port of Sohar and it’s free zone. Much work has been done at a diplomatic and commercial level to organise a very substantial investment in Free Zone Sohar, which is now clearly going to bear fruit.

Private industry interests both in South Africa and Oman have been working on plans to build a vast cold storage facility in the Free Zone for the storage of fresh produce, which will allow fresh products from South Africa to be exported to the whole region. When the facility is completed it will mean that Oman will no longer have to import South African fresh fruit from Dubai. Instead Oman will be exporting South African fruit and fresh products.

The link will be with Johannesburg Market, a wholly owned entity of the city of Johannesburg Municipality, which deals in over 1 million tonnes of fresh produce every year, making it the largest market of this type in the world in terms of volume.

This however is just one example of close co-operation. There are many more. As South Africa’s current Ambassador to the Sultanate, Yusuf Saloojee pointed out the recently signed Partnership Forum Agreement signed by the two nations allows for co-operation in the fields of education, science, technology and agriculture. Part of the visit too is a forum at the Al Bustan Hotel where prominent Omani and South African business representatives are meeting today.

There is also scope for tourism development, especially if direct flights can be established. With South Africa concentrating these days on increasing links through the Brics group of nations (Brazil, Russia, India, China and South Africa) it is becoming increasingly important commercially, politically and diplomatically. Oman has a powerful friend.

via Welcome South Africa | Oman Observer

Dubai exports driven by free zones

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Businesses operating from free zones in Dubai now drive a full 40 per cent of the emirate’s Dh217 billion (US$59bn) export market as the importance of the economic clusters continues to grow.

Companies based in these economic hubs exported or re-exported Dh86bn worth of goods during the first half of the year.

That compares with Dh131bn worth of direct exports and re-exports from local businesses outside the free zones, according to Dubai Exports, an agency under the Government’s Department of Economic Development.

“The start of this year has been very promising, particularly in terms of trade and exports for Dubai,” said Saed Al Awadi, the chief executive of Dubai Exports. “Exports are continuously growing, with some products showing high potential to expand further.”

India alone commanded a 45 per cent share of the value of total exports from Dubai during the first six months of the year, which is up from an average of 40 per cent for all of last year. The country’s appetite for gold and jewellery has helped to make it the top export destination for the emirate.

Switzerland is another popular export destination for the same reason. India and Switzerland together accounted for 87 per cent of Dubai’s precious-metals exports last year.

Demand for Dubai’s commodities has been growing globally as more investors flee to what they perceive are safe alternatives to local stock markets, which have been volatile of late.

Exports of prepared food products, chemicals and cement have also been strong and are expected to grow further, said Mr Awadi.

But the growth of trade from Dubai’s free-zone businesses, in particular, illustrates how much of an effect these companies are having on the local economy.

The first free zone, Jafza,opened 26 years ago at the port of Jebel Ali. This hub, along with others that were launched about that time, were “started initially to promote re-export”, says Jitendra Gianchandani, the chairman and managing partner of Jitendra Consulting Group, which advises businesses about free zones.

Yet many business consultancies have also popped up in newer free zones in recent years.

While the turnover of these consulting services are not included in Dubai Exports data, they are also having a major effect on the local economy, experts say.

More than 50 free-zone companies in the information and communications technology sector alone have expanded their operations this year, said Malek Sultan Al Malek, the managing director of Dubai Outsource Zone and Dubai Internet City.

via Dubai exports driven by free zones – The National.

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Zuma urges opening up of world economy

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Johannesburg – World markets must open up to the least developed countries that had become “innocent bystanders” of the global financial crisis, President Jacob Zuma said on Thursday.

“We feel strongly about the need to open up the world markets in order to stimulate the recovery of the global economy,” he told a business meeting in France.

“The participation of low-income countries in global trade is crucial for their growth and poverty reduction endeavours,” Zuma said.

The meeting took place on the sidelines of the G20 Summit in Cannes.

Zuma said change was inevitable in order to curtail the effects of the crisis and “realistically” attain a higher and more equitable growth.

“We believe that this current crisis should lead to a realisation that change is inevitable. Balanced growth is just as important as strong and sustainable growth.”

Addressing growth was not possible without first dealing with the root causes of imbalances in the global economy.

“To this end, we need stronger commitments from large deficit and surplus countries to do a number of things.”

These included strengthening the fiscal policy environment, maintaining appropriate monetary policies and refraining from protectionism.

Zuma said surplus countries should support investment in developing and low income countries.

This would contribute enormously to promoting development, poverty reduction and decent work.

“Populations in emerging economies and least developed countries will continue to be subjected to harmful and excessive economic volatility and risks until agreement on these often divisive issues is reached within the G20,” Zuma said.

via Zuma urges opening up of world economy: Fin24: Economy

Use an SA company to trade in the free zone

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Dubai International Financial Centre (DIFC)-registered companies will have to be located within the free zone or they will lose their registration, a senior government official has reiterated.

“The UAE’s federal law stipulates that any company registered by a free zone has to have a presence in that free zone and, therefore, it has always been mandatory for any DIFC registered company to be located in the centre or it would lose its registration,” Abdulla Mohammed Al Awar, Chief Executive Officer, DIFC Authority, told ‘Emirates24|7′.

“However, we work closely with the registered firms to ensure that their location transition to DIFC is as smooth as possible and would not disturb their business plans.”

A number of DIFC-registered companies were allowed to conduct business outside its premises due to lack of space in 2007 and 2008 with companies also taking advantage of lower rents than the free zone.

Total leasable commercial space in DIFC’s own buildings stood at 1.217 million square feet as of June 2011, while total commercial office space within third party developers was at 769,000 square feet. Earlier this year, DIFC said about two million square feet of commercial office space was likely to be handed over by third-party developers in the next 18 to 24 months.

This website reported earlier that occupancy level in DIFC Gate District has remained at over 95 per cent, while third-party developments within the free zone have leased 58 per cent of their office space.

Realty agents believe that most of the DIFC-listed companies have already moved base to the third party developments within the free zone  where rents are lower than the Gate District.

A senior official of a company, which moved its office to Liberty House, told this website: “We directly negotiated with the owners and managed to get a good deal… just that we had to sign a long-term lease.”

via DIFC firms must be located within the free zone – Emirates 24/7

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