According to Kameliya Naydenova, Legal Counsel South Central Europe at Mondelez International in Bulgaria, the market has somewhat recovered from the blast wave of the COVID-19 crisis. Yet, many industries still need to overcome the change in demand and consumer habits, as well as certain difficulties brought on by the pandemic.
According to Richard Bacek, General Counsel at Siemens Czechia, there are three significant legislative changes underway in the Czech Republic, specifically in the areas of public procurement, construction, and whistleblowing. Meanwhile, Bacek reports that business in the Czech Republic is still burdened by the dearth of what he calls "reasonable regulation" of the home office concept.
Maido Lillemets, Legal and Compliance Manager at BaltCap in Estonia, reports that the three-pillar pension system in his country has been shaken by the recent legislative move from a mandatory to a voluntary approach to contributions into pension funds. This change, Lillemets reports, has cost the pension funds EUR 850 million already and the eventual cost may exceed EUR 1 billion.
“The energy sector has been highly affected in the past few months, as global demand went down tremendously, which has a significant impact on the whole value chain," says Rytis Valunas, GC for oil and LNG terminals operator Klaipedos Nafta. "Many companies, especially from the oil industry, caught themselves in a situation they never dealt with previously." And, he says, "with the pandemic evolving further, the business environment is not likely going to improve soon.”