Slovakia
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Prime Investment Location in the Heart of Europe
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| Slovakia, which separated from the Czech Republic in 1993, has firmly embraced far-reaching reform as well as integration with the EU and NATO. |
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Rudolf Schuster
President
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Mikulás Dzurinda
Prime Minister
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Consequently its economy has prospered and foreign investors are becoming more aware of this attractive and stable location in the heart of Europe.
Under President Rudolf Schuster and Prime Minister Mikulás Dzurinda, Slovakia has been formally invited to join both NATO and the EU. The population of 5.4 million is set to reap tremendous benefits from accession into the EU at the next enlargement, scheduled to take place before 2004. Slovakia is already a member of the Organization for Economic Cooperation and Development (OECD) and the World Trade Organization (WTO), and is well positioned to benefit from free access to pan-European markets.
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The nation’s GDP has grown steadily since 1993, and in the first half of 2002, GDP levels were among the fastest growing in Europe. Slovakia has a number of competitive advantages: a comprehensive transportation network, low cost utilities, a skilled labor force, low wage levels, a strong industrial tradition and a number of investment incentives. Slovakia’s workers are highly educated at world-class technical colleges and universities, but wage levels are up to 50 % cheaper than the neighboring Czech Republic, Hungary or Poland.
The government is committed to attracting further foreign investment, and has introduced wide-ranging reforms. The business environment has become more transparent and less bureaucratic and legislation is being adapted to meet EU standards. The Slovakian population is entrepreneurial and outward looking: many Slovak companies are actively seeking foreign partners. |
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