- The CEE region has had 90 million EUR put into investments.
- The combined GDP of the region is £1 trillion.
- The GDP in the region will continue to grow at a rapid rate of at least 3% over the next four years.
- Central and Eastern Europe’s annual growth has been 2.6% over the last five years.
- This is much higher compared to the Eurozone’s 0.5% and the UK’s 0.2%.
- Though the growth isn’t as high as BRIC (4%), the risks and costs are significantly lower in the CEE region.
- CEE has a low public debt of 50%, compared to the Eurozone’s average of 90%.
- The region has started to receive £125 billion for EU funding, which will be paid until 2020.
The Slovak Republic is a popular market for business, investment, and development given its central location and placement between the West and the East. It sits in the centre of the CEE (Central and Eastern Europe), a business region that is home to over 110 million people. Slovakia has a 5.4 million population and is home to a vast automotive industry which is responsible for 43% of the countries economy.
- Slovakia is a full member of the European Union, Eurozone, Schengen Area and NATO simultaneously. Slovakia is landlocked and it’s most significant industries reflect the country’s utilisation of its large areas of flat land, fertile pastures, and dramatic mountain ranges. Slovakia borders Austria, Czech Republic, Hungary, Poland, and Ukraine – significant import and export partners.It is only an hour away from Vienna, two and a half hours away from Budapest, and three and a half hours away from Prague. Commonly referred to as the “Tatra Tiger,” Slovakia has one of the fastest growth rates in the European Union.
Slovakia is an ideal investment destination mainly because of its political & economic stability strengthened by the common European currency, the Euro, competitive taxation system tax, availability of highly skilled and educated workforce offering the highest labour productivity in the CEE region with favourable labour costs. Many businesses have already established shared service centres within Slovakia, like Johnson Controls, SwissRE Business Services, Dell, IBM, Amazon, Henkel and Kraft Foods European to name but a few. All business sectors are represented and Slovakia is the central geographical and logistic hub.
WHY INVEST INTO SLOVAKIA
- Massive business potential and opportunity
- Safe investment environment: political and economic stability
- Central European hub & favourable geographic location with great export potential
- Fastest growing Eurozone member within the last 10 years (CAGR)
- Slovakia 10 Year CEE Leadership in Doing Business 2004 – 2013 (World Bank)
- CEE leader in labor productivity and in TOP 10 hard working countries (OECD)
- High adaptability of labor force to different culture management styles
- Nr. 9 worldwide in adapting to new technologies & high innovation potential
- Currency the Euro, easy trading within Europe
- Large selection of industrial land & office space.
According to SARIO, the most significant industries in Slovakia include:
- Automotive: Slovakia exports 1 million cars per year and is more productive per head than any country in the world. Examples of automotive firms based in Slovakia are Kia, PSA Peugeot Citroen and Volkswagen.
- Energy: Like Slovakia’s V4 neighbours, Slovakia uses coal for its predominant energy supply. In addition, a significant amount of money is being used to deconstruct one of Slovakia’s two nuclear power plants.
- Technology / Information Technology: Slovakia is a technologically advanced country, with major companies such as ESET, Sygic, and DigitalFlightDeck.
- Research & Development: Low labour costs, high levels of education, and multilingualism have created great opportunities for the Slovak technology market.
- Engineering: Abundant natural resources have greatly encouraged Slovak engineering, metallurgy, and metal processing industries. Volkswagen and KIA Motors also provide engineering opportunities in Slovakia.