For many centuries it was Europe's jewel, full of gold, silver and rich forests. Today, Slovakia is a treasure again - full of educated people and excellent business opportunities.

Slovakia is a small picturesque country in central Europe, protected on three sides by the Carpathian Arc and washed by the waters of the Danube in the South. The undulating relief of its terrain, with the silhouettes of hills and mountains ranges, the calm flow of rivers, the spur of the Danubian plain and the rocky ravines of the High Tatras Mountains, has shaped its inhabitants since ancient times and inspired the Slovaks on their way to Europe.

Three Slovakia's successful reforms (1. establishing own state, 2. from centrally planned to a market economy, 3. accession to the EU) cemented its position in the developed, market orientated world. Slovakia's jobless rate has fallen to its lowest level in five years and is anticipated to fall further; established foreign investors continue to expand their operations and new investors show increasing interest in setting up in Slovakia.

Thanks to FDI in large assembly projects, Slovakia is on its way to becoming a major European hub for automobile production. By 2006, when all factories currently under construction are scheduled to be operational, this country of 5 million people will have a capacity to produce 850,000 cars per year. Into a decade and a half, Slovakia will have been transformed from a country with no assembly capacity before 1991 into a key international player.

Of course there are still many challenges related to the business environment. For example I find annoying very slow enforcement of law and I could imagine much better fight against corruption. Anyway doing reforms is a process and I am sure our economy is on a good track. Overall Slovakia's future appears very positive.

Kindest regards,

Martin Huba
Managing Director
martin.huba@ibsslovakia.sk