Also, the Czech Republic recognized the benefits of world trade. It applied for and was granted membership into the European Union. As an EU member, it has the advantage of being geographically located in the center of Europe facilitating import and export of goods. It has a relatively low cost structure in its manufacturing base, and a well-qualified labor force. Liberal regulations governing foreign investment have made the Czech Republic is an attractive destination for foreign investment.
To further accelerate its transition to a market economy prior to its full admission to the EU in 2004, the Czech government harmoniz