– How would you summarize the current political situation in the Slovak Republic?
Slovakia's political situation is remarkably stable and is experiencing its best period since its founding 11 years ago. The center-right coalition government has enabled significant reforms over the past year and allows the country to face 2004, the year in which Slovakia will join the European Union, with great confidence.
The year 2003 was a very important one, as it saw the confirmation of Slovakia's accession to both NATO and the European Union, allowing the country to participate in all the EU forums and working groups throughout the year. Significant reforms were also implemented in 2003, which, thanks to political stability, were carried out efficiently and quickly in areas such as taxation, healthcare, education, and pensions, among others.
– What are the economic factors that could be highlighted as attractive for foreign investment?
Slovakia is a country in Eastern Europe that has legislation, regulations and taxation similar to that of the countries in the rest of the continent, perhaps more up-to-date due to pre-European Union reforms.
The tax reform has resulted in a single, low corporate profit tax rate of around 19%. Furthermore, labor costs are moderate and, so far, there have been no labor disputes. This climate, combined with specialization in the automotive sector, is attracting investors such as Volkswagen, Peugeot, and Hyundai.
– What are the relations like between Slovakia and Spain?
They are undoubtedly going through an excellent period. From a political standpoint, Slovakia took careful note of the countries that supported its entry into NATO and the EU, including Spain.
On the economic front, trade volume for 2003 will approach €1.000 billion. However, trade with Spain must grow to reach levels similar to those of other EU countries.
Investments are clearly scarce, as Spain ranks 20th, so a significant growth effort is required to reach adequate levels.
– In your opinion, in which sectors of the Slovak economy are the best investment opportunities?
There are some sectors that the Government wishes to promote, expand or improve and towards which EU monetary flows will arrive, such as automotive, tourism, construction, communications and the environment.
– What advice would you give to Spanish businesspeople interested in analyzing Slovakia as an investment destination?
Spain has a political and economic role to play among the world's leading countries, but to assume it requires an investment presence not only in traditional areas (such as Latin America), but also in areas such as Eastern Europe that offer proximity, growth, and top-level opportunities.
I invite Spanish businesspeople to visit and learn about Slovakia, so they can discover and evaluate the wide and diverse opportunities available to investors.
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