Slovakia should cut its export dependence on EU - EconMin.

By bne IntelliNews January 30, 2013
Slovakia should focus on diversifying geographically its exports and reducing its dependence on the European Union in order to support future growth, according to the countrys Economy Ministry, SITA news agency reported. Exports, mainly of cars and electronics, are the main driving force of the Slovak economy, but they have been negatively affected by the prolonged crisis in the eurozone, as about 85% of Slovak exports go to the EU, where demand has been slowing. Exports diversification will be one of the key priorities in the strategy to support Slovak exports in 2014-2020, which is being prepared by the ministry and should be ready by October. Under the plans, the ministry and the Slovak Agency for Investments and Trade Development (SARIO) will focus on seeking new markets for Slovakias products mainly in Asia, the Persian Gulf, the Commonwealth of Independent States and the Balkans. Slovakias vehicle manufacturing sector (featuring car assembly plants of Volkswagen, PSA Peugeot Citroen and Kia Motors), which was the sole driving force of Slovakias economic growth last year, achieved an about 50% growth in output thanks to partly diversifying its exports, mainly to China.

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