Business Opportunities in Slovakia

Slovakia is a country of 5.4 million strategically located at the geographic heart of Europe The Slovak market is increasingly dominated by the automotive, electronics, engineering, tourism and service industries Slovakia?s stable macroeconomic policies have made it a good place for U. S. exporters to do business Slovakia is a member of the North Atlantic Treaty Organization (NATO), the Organization for Economic Cooperation and Development (OECD) and the European Union (EU), Organization for Security and Cooperation in Europe (OSCE), United Nations (UN), Council of Europe, Visegrad 4, Central European Free Trade Agreement CEFTA, International Monetary Fund, World Bank, International Finance Cooperation, World Trade Organization, UNESCO, INTERPOL, and other multi-lateral organizations. It is a member of the EU Schengen Agreement, which allows for the free movement of people. Slovakia adopted the Euro as its currency on January 1, 2009, and became the 16th member of the European Monetary Union, resulting in the facilitation of trade through lower transaction costs, higher pricing transparency and greater monetary stability Slovakia has investment-grade ratings from the three major rating agencies Real GDP growth reached 0.9 % in 2013 GDP growth in 2012 was one of the fastest rates among all EU countries. Unemployment nationwide stands at 14.2 % in 2013 but varies widely from region to region Inflation in 2013 was 1.5 % Continued GDP growth of approximately 2.2 % is anticipated in 2014 U. S. Exports to Slovakia in 2013 totaled USD 339.5million U. S. Imports from Slovakia in 2013 totaled USD 1,546 million Foreign Direct Investment (FDI) stands at more than USD 56 billion with U. S. FDI estimated at approximately USD 4.9 billion U. S. imports from Slovakia are dominated by Volkswagen, Audi and Porsche Sports Utility Vehicles that are manufactured in Bratislava Slovakia?s major trading partners are the Czech Republic, Germany, Russian Federation, China, Poland, France, Austria, Hungary, Italy and the United States