Slovakia invites Indian investors

With a view to attract Indian FDI in Slovakia, Robert Maxian, first secretary, economic and commercial Affairs, embassy of the Republic of Slovakia, on Thursday urged the India to invest in Slovakia.

Citing some of the buiness incentives in Slovakia, Maxian said the business environment in Slovakia was conducive to foreign investors.

Uniform tax rate of 19 per cent for the corporates and a highly skilled workforce were other incentives.

Being both an OECD and WTO member, Slovakia is in touch with the world economy, as result of which it has seen an impressive FDI growth.

Its total export touched 33.3 billion Euro last year.

The country also has a low labour cost, about a sixth of advanced EU countries.

Acknowledging the importance of India in the global economy, Maxian said his country had been seeing favourable trade relations since 2000.

Indo-Slovak foreign trade stood at $70 million in 2000, which grew to about $140 million in 2005.

Slovak import from India during January - June 2007 was at $73.4 million and export during the same time was $37.4 million.

In 2006, Slovakia had exported items like Flat Rolled Steel products, Seismological Equipments, Special Purpose Motor Vehicles and Electronic products.

It imported leather products (some of which from West Bengal), drugs and pharmaceutical products, cotton yarn, agricultural products, tea and coffee.

Recently, Slovakia signed a contract with the Indian Airforce, for supply of airport registration equipment to 67 airports in India.

Indo Slovak joint venture companies are also coming up.

Texpro Films, a 50"�50 partnership company between Slovak Chemosvit and Ind X Pro is already present in Indore, with another company in Bangalore.

There is scope for improvement, said Maxian.

Companies like Tata Auto Components and Hero Honda have already shown interest in doing business, he said.

Potential sectors include motor vehicles and accessories, railway equipments, chemicals, petrol and military items.

The main job is to make people and industry aware about Slovakia, admitted Maxian.

For that, more cultural exchange programmes and interactive sessions have been planned.

BCC suggested direct flights between Kolkata and Bratislava (capital of Slovakia).