Belgium and Slovakia in business

Investments, as of December 31, 2008- The inflow of foreign direct investments from Belgium to Slovakia totalled €318.1 million and accounted for 1.2 percent of total foreign direct investments in Slovakia.Source: SARIO

Investments, as of December 31, 2008
- The inflow of foreign direct investments from Belgium to Slovakia totalled €318.1 million and accounted for 1.2 percent of total foreign direct investments in Slovakia.
Source: SARIO

Foreign trade in 2008:
- Imports from Belgium to Slovakia: €628.23 million
- Exports from Slovakia to the Netherlands: €885 million
Source: The Slovak Statistics Office

Most investments made by Belgian companies in Slovakia have been in banking and finance. But an increasing number of Belgian companies, especially SMEs, are spreading into various other fields of business in Slovakia, for example machinery, transport, interior decoration, consultancy, auditing and accounting.

However, the global economic crisis is also affecting some investors. The Trend financial weekly wrote this March that Immo Industry Group (IIG), a European developer of industrial and logistics real estate filed for bankruptcy. This step was unavoidable after its partner Belgravia Asset Management was liquidated and IIG was no longer able to meet its obligations. In addition to the termination of 74 employees and consultants in its Belgian headquarters, this bankruptcy affected 137 employees in the company’s operations outside of Belgium, including those in Slovakia.

The group had operated in Slovakia since 2005. In cooperation with the J&T Group it built industrial parks in Devínska Nová Ves for suppliers to Volkswagen and PSA Peugeot Citroen, in Ilava for Visteon in Nitra as well as in Dubnica nad Váhom, Trend wrote.

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