Pandemic has changed plans of American investors

The full impact on bilateral trade will only be seen once the pandemic ends and economic life returns to normal.

Amazon’s returns centre in Sereď is an example of a successful US project in Slovakia.Amazon’s returns centre in Sereď is an example of a successful US project in Slovakia. (Source: TASR)

While the list of US investments and companies active in Slovakia is not very long, numbering about 90, it include big technological companies like IBM, Dell, AT&T, and the medical company Medline. The Slovak company InoBat and the US company Wildcat Discovery Technologies have also made a joint investment into the R&D of e-car batteries.

“Attracting investments from the electromobility sector is a key prerequisite for the transformation of the automotive industry in Slovakia,” the Slovak Investment and Trade Development Agency (SARIO) told The Slovak Spectator.

Nevertheless, the COVID-19 pandemic has forced US investors to reconsider their planned investments and some even had to downsize their workforce in Slovakia.

Hard hit by COVID-19

The COVID-19 pandemic has hit the United States very hard, inflicting a heavy human and economic toll. The abrupt halt in activity to contain the spread of the coronavirus from March onwards has resulted in a 5-percent contraction in the first quarter of 2020 year-on-year, the sharpest drop recorded since 2008, as well as a surge in the unemployment rate, according to the trade credit insurer Coface.

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