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.
Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Slovakia one of possible locations for new BMW plant.

German car maker BMW considers building a new plant in eastern Europe and Slovakia is one of the potential locations, Hospodarske Noviny business daily reported citing BMW's board member Ian ... more

Slovakia jobless rate edges down to 14.7% in February 2013.

Slovakia's unemployment rate in February 2013 fell for the first time in six months going down to 14.7% from 14.8% in January when it reached its highest level in more than 8.5 years, data from ... more

Frances CCN Group considers new plant in Slovakia - report.

France-based CCN Group, a supplier of components for turbines and automobiles, considers building a new plant in Slovakia in the town of Belusa, Hospodarske Noviny daily reported citing unnamed ... more

Follow Us On

Most Read

  1. Ukraine's birth rate plummets to 300-year low as country’s population collapses
    8 days ago
  2. EU finally boosts defence investment into arms production as Ukraine runs out of ammo
    1 month ago
  3. Don't mention the "D" word - Ukraine
    6 days ago
  4. The 'wet-bulb' set to kill hundreds of thousands of people if temperatures and humidity levels continue to rise
    3 days ago
  5. Europe unlikely to tackle Russian LNG imports anytime soon
    3 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    26 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    1 month ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. BRICS announce a blockchain-based payment system to create a common currency
    29 days ago
  5. Saudi Arabia to scale back plans for Neom city
    16 days ago

Reports

Dismiss