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SLOVAKIA
Slovak Republic has joined EU and
NATO in the year 2004 and has fulfilled
the vision and dream of its integration
in to European and transatlantic institutions.
Slovak Republic implements social
and economic reforms aiming to create
the conditions favourable for long-term
and sustainable growth resulting in
improvement of the standard of living
of citizens and fair market environment.
India and Slovakia are free trade
economies, there are no limits between
the trade. Anybody can trade the items
of its choice except of restricted
items.
Slovakia export to India: special
machinery, special purpose motor vehicles,
coins, car components and spare parts,
antibiotics, chemicals, bearings,
diesel engines, boilers, electrical
insulators, flat rolled steel products,
gearboxes, refractory materials etc.
Slovakia import from India: leather
products, agriculture products - rice,
coffee, tea, consumer textile and
cotton products, cotton yarn for knitting
and weaving industry, medicaments
and medical equipments, chemicals,
pharmaceutical products and semi finished
products for pharmaceutical industry,
T-shirts, synthetic fibers, rubber
and plastic products, automotive components
etc.
As per the latest World Bank Group
report, Slovakia is the world's top
reformer in improving its investment
climate and joins top 20 economies
in the world on ease of doing business.
The amount of time required to start
a business was cut by half, time to
recover debt fell by three quarters,
a new private credit registry has
been opened, and employment regulation
was made more flexible.
The country witnessed a jump of 12
per cent in new business registrations
after simplifying its entry procedures
and a 10 per cent increase in credit
to the private sector after its law
reforms. The Slovak government has
introduced some important economic
reforms, one of the most important
reform is the tax reform. The government
has introduced the flat rate of tax,
which is 19 per cent. The corporate
tax, income tax, VAT is 19 per cent.
Potential sectors for investments
and joint cooperation
- Mechanical engineering and transportation
equipment - motor vehicles and their
accessories, gears and control elements,
railway equipments, bearings;
- Electro technical and electronic
industry, power generation - electric
machines and devices, electric light
sources, electrical engineering,
generators, transformers, boilers,
insulated wires and cables;
- Others - chemical, pharmaceutical,
petroleum products, fibers, tyres,
rubber products, plastic products,
medicines, petroleum products, oil
and gas exploration, food processing
industry, arms and ammunition.
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