Major Economic Indicators
- After the dissolution of Czechoslovakia in 1993, Slovakia, with a small population, embarked on a number of ambitious plans for deep structural reforms. Among others, the abolishment of dividends tax, inheritance and gift taxes, and real estate transfer tax, has helped the country develop fast as one of the preferred business locations within the EU.
- The National Reform Programme of Slovakia 2015 (NRP) describes the structural measures the country plan to implement over the next two years. These measures include improving the efficiency of tax collecting, continuing with pension system reforms, the consolidation of public finance and public employment service reform, as well as the construction of additional sections of motorways and expressways.
- Traditionally strong sectors for the country include automotive, engineering, chemical and biotechnology, electro-technical engineering, wood-processing and the food industry. Growing opportunities are to be seen in several priority sectors, notably research and development, design and innovation, business process outsourcing (such as shared service centres), high-tech sectors (including ICT), and tourism.
- Slovakia is favourably situated in the heart of the Europe, between East and West, and between Poland, Hungary, Austria, the Czech Republic and Ukraine. After adopting the euro in 2009, Slovakia has become one of the fastest-growing eurozone members over the past decade.
- A new, 15-day cargo train service linking Liaoning province in China and Slovakia began operations in August 2015 through Russia and Ukraine. It serves as a conduit for Japanese and South Korean commodities transported overland from Yingkou Port in Liaoning to Europe.
- In order to attract foreign investment, the Slovak government has put in place a number of investment incentives, including tax relief, cash grants and discounted property transfers for projects related to industry, technology centers, shared service centers and tourism. More information can be found at the Slovak Investment and Trade Development Agency (SARIO).
- The inflows of foreign direct investment (FDI) to Slovakia amounted to US$479 million in 2014, with China contributing US$46 million. As of the end of 2014, China’s total stock of FDI in Slovakia topped US$127 million, up from US$0.1 million in 2005. Investment from Hong Kong, though, is far from significant.
Hong Kong’s Trade with Slovakia
More information on the Belt and Road countries’ economic and investment environment, tax and other subjects that are important in considering investment and doing business are available in The Belt and Road Initiative: Country Business Guides.