India and Czech Republic have upgraded their economic cooperation and fixed a target of bilateral trade volume of two billion US Dollars by next year. The current volume is 1.3 billion US Dollars. The decision was taken today in New Delhi between the visiting Czech Minister for Industry & Trade, Mr. Martin Kocourek and Commerce and industry minister Mr. Anand Sharma.

During the discussions, Mr. Sharma stressed the need for a liberal visa regime for business people and suggested that a system of issue of long-term business visa on the recommendations of apex business chambers should be put in place. The Czech Minister agreed that VISA regime needs to be addressed more forcefully and informed the Indian side that next week their government will discuss Investment Incentive Act for the Czech Republic and corresponding resolution of VISA related issues will form part of the discussion.