Volvo’s is the first large-scale manufacturing investment in Košice since the steelmaker U.S. Steel arrived in the city almost 25 years ago. (source: SME-Marko Erd)
November 2021
Five Slovak firms were in the top 50 fastest growing technology companies in Central Europe, according to a new ranking by consulting firm Deloitte. The highest-placed was Kontentino, which offers software that improves teamwork in the creation of content and advertisements on social media. It is the fastest growing Slovak company for the second consecutive year.
The European Labour Authority (ELA) officially opened its headquarters in Bratislava. Read an interview with its executive director, Cosmin Boiangiu, here.
December 2021
The World Bank concluded an agreement on joint development with the Slovak company InoBat Auto through the International Finance Corporation (IFC). Within the framework of the World Bank, the IFC focuses on the development and financing of the private sector.
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Single-use plastic is banned from restaurants, bars and cafés.
January 2022
The AirCar, a dual-mode car and aircraft vehicle, was granted an official Certificate of Airworthiness by the Slovak Transport Authority.
AirCar piloted by Štefan Klein landing in Bratislava. (source: TASR)
The median monthly salary in Slovakia in 2021 was €1,288 gross. Meanwhile, one in 10 Slovaks earned less than €800 per month in the same year.
A deposit scheme for PET bottles and cans was launched. Bottles and cans labelled with the letter “Z” can now be returned directly to shops, either via special machines or at counters (particularly in smaller shops).
February 2022
Instant payments, which allow the transfer of money from one bank account to another within seconds, are implemented in Slovakia.
U.S. Steel Košice’s plans for a potential €1.3 billion investment to modernise its factory were submitted for environmental impact assessment.
U.S. Steel Košice (source: TASR)
Slovak charging infrastructure company Greenway received investments from the funds Helios Energy Investments and Generation Capital totalling €85 million to expand infrastructure. According to the company, this is the largest investment of its type in the region.
March 2022
If Slovakia does not participate in the transition to e-mobility, by 2040 its GDP could, in the worst scenario, be 10 percent lower than in the best-case scenario, according to a report by the GLOBSEC Policy Institute.
MPs approved an amendment to legislation on conditions for receiving investment aid. Under the amendment, it should be easier to sustain new jobs, and even companies that ran into difficulty during the Covid-19 pandemic will be able to receive aid.
April 2022
Slovak student company Scribo won the De La Vega Global Entrepreneurship Award. Scribo, which was formed by students from a Košice school, beat five other nominees from around the world to claim top spot in the global competition.
Japanese pharmaceutical company Takeda launched their Innovation Capability Center (ICC) in Bratislava. It is expected to drive its data, digital and technology agenda forward.
(source: Courtesy of Takeda)
May 2022
The perception among foreign investors of the current Slovak economic situation improved, but their expectations for the future worsened, according to a survey by the Slovak-German Chamber of Commerce and Industry (AHK Slowakei) conducted among representatives of 75 predominantly German and Austrian companies.
Standard and Poor’s Global Ratings revised its outlook on Slovakia to negative, citing concerns over lower levels of economic growth and post-pandemic fiscal consolidation due to the invasion of Ukraine.
Natural gas supplies for Slovakia were secured until the end of next year. State utility SPP signed a contract for the supply of Norwegian natural gas covering 32 percent of Slovakia’s annual consumption. The company also signed contracts for supplies via LNG gas tankers to cover an additional 34 percent of domestic gas consumption.
(source: SITA/AP)
June 2022
Six years after Britain voted in a referendum to leave the European Union, Slovakia remained popular among British entrepreneurs. While 988 British entities operated on the Slovak market in 2016, by 2022 there were 1,351 of them.
Slovnaft announced plans to invest €63 million for the modernisation and expansion of polypropylene production. This plastic is used in industry, for example in the production of textiles, food containers and toys.
Slovakia got one of the largest biotechnological investments in its history. German concern Evonik said it would build a large plant for ecological natural additives for household and personal hygiene cleaners in Slovenská Ľupča.
July 2022
Slovakia will have a fifth carmaker. Volvo Cars announced it will build a production plant in the Valaliky industrial park near Košice, in a €1.2-billion investment. The plant will specialise in the production of electric cars.
Aluminium smelter Slovalco, based in Žiar nad Hronom, announced mass layoffs amid rising energy prices. A total of 300 out of 450 employees were set to lose their jobs, but this number may not be final. Approximately 2,500 more jobs are linked to production at the company.
Prices in Slovakia grew at the fastest rate recorded since 2000, with rises affecting nearly all goods and services. Inflation reached 13.2 percent, breaking a 22-year record, the Statistics Office reported.
August 2022
Ratings agency Moody’s changed its outlook on Slovakia to negative from stable, while affirming the country’s ratings at A2, showing the agency considers Slovakia’s economic growth to be solid.
Meanwhile, Fitch affirmed Slovakia’s rating as ‘A’, but revised its outlook to negative from stable.
The Mochovce nuclear plant. (source: TASR - Lukáš Grinaj)
The third reactor unit of the Mochovce nuclear power plant in western Slovakia should finally enter into full operation at the beginning of 2023 after Slovakia's Nuclear Regulatory Authority (ÚJD) rejected an appeal against the unit's launch.
September 2022
According to Bloomberg, Volkswagen could move production from Germany and Eastern Europe in the event of a gas shortage. The agency pointed out that the Czech Republic and Slovakia are dependent on Russian gas.
(source: SME - Marko Erd)
It was reported that American logistics group Panattoni planned to build a new facility in Levice for €12 million. It will be located in an industrial park, and could employ up to 300 people. The group recently began a project in the Záhorie region, and is also promoting a large operation near Dunajská Streda.
The state had approved investment aid for ten companies so far this year, including, among others, Porsche, Foxconn, Muehlbauer Technologies and Kamax Fasteners, according to the Slovak Investment and Trade Development Agency.
October 2022
German engineering and technology company Bosch Group is to expand its production of components for its electric bicycles, known as Bosch eBike Systems, in eastern Slovakia, the Economy Ministry confirmed.
Chemical plant Duslo announced plans to build a €60 million wind power park. It is the first Slovak firm to announce such a plan. It also said it wants to build a large solar park in future.
The automotive industry association ZAP estimated that production of cars in Slovakia could drop slightly this year. Carmakers in Slovakia assembled 1,030,000 vehicles in 2021 - an annual increase of about 4 percent.
Hella Slovakia Lighting, a manufacturer of lighting technology and electronic products for the car industry, said it was hiring 240 new workers.
