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Foreign investors express optimism about Slovak economy

Foreign investors operating in Slovakia believe the economic crisis is ending and expect their businesses to flourish in the coming months, according to an economic sentiment survey conducted among 166 investors from other European countries undertaken by seven foreign chambers of commerce in February and March 2011. The Slovak-German Chamber of Commerce noted, however, that respondents said Slovakia must still resolve several problems which could be obstacles to further investment.

Foreign investors operating in Slovakia believe the economic crisis is ending and expect their businesses to flourish in the coming months, according to an economic sentiment survey conducted among 166 investors from other European countries undertaken by seven foreign chambers of commerce in February and March 2011. The Slovak-German Chamber of Commerce noted, however, that respondents said Slovakia must still resolve several problems which could be obstacles to further investment.

While less than 30 percent of the surveyed investors regard the current economic situation as good, almost two thirds of them expect the economic environment to improve significantly over the course of 2011. Nearly 39 percent of the surveyed businesses said they will be looking to hire more employees this year.

“We are optimists now too, since movement has returned to the Slovak economy,” said Vladimír Slezák, the general director of the Bratislava-based branch of Siemens. The surveyed investors see Slovakia’s EU membership, its relatively low-cost labour force, and its tax system as strong positives and said they still perceive the country as the most attractive investment destination in central and eastern Europe. As many as 83 percent of the investors said they would invest in Slovakia again if they had to make that decision. The respondents added that problems with corruption, law enforcement and a lack of school graduates in technical fields remain negative factors when considering Slovakia as an investment destination.

Source: Slovak-German Chamber of Commerce

Compiled by Zuzana Vilikovská from press reports
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