 Opportunities Abound!
Slovakia is still in transition.
It is integrating into the EU economy and system and yet still retain much of its vestiges of the centrally planned economy. Slovakia wants to leapfrog rather than play catch up.
For this reason, investors and foreign business owners are desired and made welcome. It has many advantages for businessmen willing to take on the first mover advantage:
a) high literacy rate and widespread usage of English
b) low wages and skilled manpower
c) pro-business government policies – reforms on taxes, labour laws, commercial dealings
d) membership in the EU and monetary integration in 2009
e) central location in Europe
f) good transport infrastructure (and more being built and planned)
g) major MNCs are taking notice of and setting up in the country
h) consistently higher GDP growth rates than the EU countries from 2001 to 2006 (forecasted)
i) stable politics and transition of power
j) major franchises and brands are not prevalent in the country
k) commercial tourism is still not present
l) strong contacts with other Central European countries – The Czech Republic, Hungary and Poland – due to shared need of integrating into the EU
m) strong contacts with Russia due to its past political history
n) strong heavy machinery export history and with much room for expansion and modernization
o) require many supportive industries to set up in Slovakia to support its major industry, such as automobile production and
p) a strong urge by the people to move into the European system and way of life
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