SLOVAKIA registered a negative trade balance of €89 million with India last year. While imports from India to Slovakia amounted to €160.83 million, Slovakia’s exports to India totalled €71.76 million.
“Slovakia has a highly negative balance in foreign trade with India which we want to change,” the Slovak Ministry of Economy stated in mid April, as quoted by the TASR newswire. “This is why it is important to focus especially on energy, mechanical engineering and the car industry, where Slovakia has a real chance to reduce the negative balance.”
Improvement of the negative trade balance as well as enhancement of trade and investment between Slovakia and India were aims of negotiations Slovak Economy Minister Juraj Miškov held during his meetings with representatives of the Indian government and businesses.
Miškov reported that India sees room for cooperation in building small hydroelectric power stations since India has struggled with a shortage of electricity generating capacity.
India is Slovakia’s fourth most important trading partner in Asia. Annual economic growth in India has been running at between 7 and 9 percent over the last five years, making the country one of the fastest growing economies in the world.
25. Jul 2011 at 0:00 | Compiled by Spectator staff