In the first article from this mini-series we will shortly describe Slovakia and its business environment.
Slovakia is part of the European Monetary Union and its currency is the euro (€). It is also a member of several international institutions
- The European Union (since 1 May 2004)
- The Schengen Area
- CERN, WHO and INTERPOL
A modern crossroads in the heart of Europe
Slovakia lies in the heart of Europe and it borders five neighbouring countries, four of which are other members of the EU, with Ukraine as the exception. The country is also well served by its dense road and rail networks.
The capital of Slovakia, Bratislava, together with Vienna 60 km to the West and Budapest 200 km to the South form the closest group of three capital cities in Europe, creating more opportunities for interest and commerce. The location makes Slovakia an ideal place for logistical center or corporate HQ.
Culture and history
Because of its geographical position the Slovak Republic has always been an important crossroads of trade, with a mix of several cultures. In a relatively small area, we can find influence and remnants of both Western and Eastern cultures and religions. Slovakia is country with the highest number of castles per capital. You will also find well-preserved fortresses and mansions, which you can visit to send yourself back in time.
Slovakia is also a country with a rich cultural heritage. The unique folk dances, traditional costumes and gastronomic specialties offer unforgettable experiences.
Slovakia has a huge amount of natural beauty concentrated within its borders. There are more than 1 000 protected areas in this small country. You can find 9 national parks and 16 protected landscape areas with many rare plants and animals.
We cannot forget the spas, for which Slovakia is known not only in the neighbouring countries, but also around the world. The spas are visited by tourists looking for rest and relaxation, as well as by those seeking help from the healing mineral springs for the treatment of various types of diseases.
Since 1993 Slovakia has been one of the most sought-after investment destinations in the region. Hundreds of significant investors from the US, Asia (China, Taiwan, South Korea, Japan) and Europe (Germany, Austria, France, Italy) have chosen Slovakia as a suitable business destination.
Because of the healthy growth structure of the economy, Slovakia is one of the three fastest growing EURO area economies with a growth rate twice as fast as the average in other countries of the EURO ZONE. Other factors contributing to the attractiveness of the business environment are the high security of property rights, the ease of doing business and also the low tax burden. Great advantage is also that the accounting in Slovakia is very similar to the accounting system in Germany or Austria.
The OECD has included Slovakia in the top ten hardest working nations along with Mexico, the US, and Japan. A cheap, skilled and productive workforce adaptable to different types of managerial styles with good language skills are among the top competitive advantages.