Speech of Mr. Jozef Máder, Foreign Trade Department of SARIO

Another keynote speaker at the seminar held on 1st of October in Bratislava was Mr. Jozef Máder from the Foreign Trade Department of SARIO (Slovak Investment and Trade Development Agency). In his speech, Mr. Máder described the current economic and investment environment of Slovakia and presented the possible incentives provided for eligible investors by the Slovak legislation.
After the gradual integration process, Slovakia became a reliable EU partner with a strongly export-based and open economy. 98% of its GDP is generated by foreign trade, of which 85% remains in the EU. Mr. Máder further specified the main areas of Slovakia’s trade potential as the energy sector comprising the production of power generators and power equipment, the automotive industry with the production of vehicles and its components, the industrial production and investment units for mining industry, the sector of infrastructure and construction, and water treatment and renewable energy sector.
When it comes to the economic environment of Slovakia, the country has an excellent geographical position with a great positive impact on logistics performance. Furthermore, Slovakia’s currency is Euro which helps to eliminate the currency risks, constrains the transaction costs and helps the economy to grow. As of 2010, Slovakia’s GDP growth was higher than the average GDP growth of EU 28 and it’s Country Credit Ratings are one of the bests in CEE. Another of its advantages is a simple and fair tax system with 22% corporate tax and a zero dividend tax, real estate transfer tax as well as zero inheritance and gift tax. According to the World Bank Project „Doing Business“ which classifies economies in 10 areas of business regulations, Slovakia was a leader in the CEE region from 2004 to 2013 and in the year 2015 its overall ranking increased, currently placing Slovakia at 37. place from among 185 countries.