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Slovak Investment News from December 2016

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Economy News
ECONOMY NEWS

ECONOMY
The European economy will continue in a moderate growth that should be based on a stronger labor market and private consumption. The European Commission predicts this growth in its latest, autumn economic prognosis. Gross domestic product of countries using the common currency, the euro, should swell this year by 1.7 percent. Brussels expects this year’s growth throughout the European Union at 1.8 percent. According to the prognosis, Slovakia’s economy will keep a solid over 3 percent growth in the coming years.

DEBT
Slovakia’s national debt will increase this year, while in the coming years its share in the economic performance should decline, informed the Ministry of Finance. The debt will reach this year a sum equivalent to 53.1 percent of the country’s GDP compared to 52.5 percent last year. In the following years, the share of the national debt in the country’s GDP should decrease to 48.7 percent in 2019.

INVESTMENT
Companies in Slovakia last year have invested 2.4 billion euros in significant projects. According to an analysis by the company KPMG, together 70 industrial and trade companies made significant investments, putting money particularly in extending and streamlining their production capacity, development of new products, and new production processes. KPMG considered investments significant from the viewpoint of the Slovak market that exceeded 10 million euros.

TOURISM
A record high number of tourists visited Slovakia during the summer. Between June and August, 1,618,633 holidaymakers visited Slovakia, which is an increase by 15.8% from a year ago. Tourists spent in Slovakia during the summer a total of 5 million nights, up 15.6% year-on-year. They stayed for 3.1 nights on average. The number of local visitors grew by 15%.

Firms and Finances
FIRMS & FINANCES

Three investors and 30 million euros to Vranov
Three investors are heading to the industrial park Ferovo in Vranov nad Toplou with investments worth nearly 30 million euros. They plan to employ more than 500 people.

Minebea comes to Košice
East Slovakia can possibly add a large Japanese investor - Minebea that operates in the field of electrical engineering and manufactures components for the automotive industry. Investment for 100 million euros in Kosice can create up to a thousand jobs.

Automotive sector in Slovakia is still going strong
The Trnava-based carmaker PSA Peugeot Citroën expands the production of engines. The project is right to be approved by the concern’s management. The Trnava-based carmaker finishes the preparation on production of the brand new model C3. From January it plans introducing also other production shift in the factory. The Zilina-based Kia, which has the engine production as the only one in Slovakia, also prepares expansion in its engine production. In addition to being No. 1 in the number of vehicles produced per capita, Slovakia may become also no. one in the number of engines per capita. At the moment only the Bratislava-based automobile factory Volkswagen does not have its own production of engines, although right this company invests most from the carmakers in Slovakia in expansion of the company’s premises.

New investments to Želiezovce
Good news is coming from southern Slovakia. The small town Želiezovce should experience a revival. Hundreds of people are to be employed in the new production halls. Furniture producer completed a new hall. Forty-five people will find their jobs there. Other investor plans restoring production in the abandoned building of the former energy engineering works with the intention to employ 300 people.

VW builds new logistics center
The largest local carmaker Volkswagen Slovakia will build a new logistics center for 150 million euros in its factory in Devinska Nova Ves. It will start working in late 2017 and it will be operated by an external logistics company. By the new center Volkswagen will close its plan to invest the sum of 1.5 billion euros in Slovakia in 2012 up 2016.

Schaeffler is making a decision about a new location
The German producer of bearings Schaeffler looks for a place for its new production plant in the Central Europe, which may employ up about 4,000 people. In addition to Slovakia, Poland, Hungary, Romania and Serbia are in the game. The decision should be made latest in early 2017.

Marel Slovakia expansion in Nitra
Marel Slovakia plans expanding its factory in the Nitra-based industrial park North. It should be producing devices for the meat producing industry. The company employs 270 people, the aim is to increase this number to 350.

SARIO News
SARIO NEWS

Slovak Matchmaking Fair — A chance for Slovak companies penetrate foreign markets
The Slovak Investment and Trade Development Agency (SARIO) organized in Bratislava on November 3, 2016 the Slovak Matchmaking Fair 2016 (SKB), the largest international business-to-business (B2B) event in Slovakia. The event was held under the auspices of the Slovak Presidency of the Council of the European Union and the Ministry of Economy of the SR. The general partner of the event was the Československá obchodná banka (ČSOB). Read more

New legal form of a business company to support startups and investors
As of the 1st of January 2017 the amendment to the Slovak Commercial Code will come into the force, it introduces a new type of legal unit - simple joint-stock company (j.s.a.). It is a unique form of entrepreneurship/business existing only in a few countries in the world. Simple joint-stock company has been exclusively introduced to simplify a process of starting a business, especially dedicated to start-ups and small and medium-sized enterprises but all also for the other enterprises in Slovakia. The most significant advantage of j.s.a. is that it requires only 1€ minimum capital investment, has a simple structure of the organization and easier entry to the company. Read more

Events

This Newsletter is not in any way legally binding. SARIO does not bear any responsibility for damage caused by inappropriate or incorrect interpretation of information hereby stated.

© 2016 SARIO

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