BUSINESS OPPORTUNITIES – Mar 2008 Trip
In his visit to Singapore in October 2006, the President of Slovak Republic informed that there were several areas the country was interested in. In addition, our several exploratory business trips there also allowed us to talk to trade officials and business people and gathered that there are other business opportunities.
During the October 2006 visit, senior Slovak trade representatives informed Singapore firms at a press conference that we will find opportunities in the country's real estate, infrastructure and recently privatised banking sector. Mr Igor Junas, Chairman, Slovak Chamber of Commerce and Industry added that other areas are "Telecommunications, roads, railways and the river transports. Generally all types of infrastructure. We're in a boom of construction because the European Union is very much interested in the best roads and so the goods can move freely and fast through European Union…”
From our observations and discussions we found the following information:
Automobile Industry
Slovakia is estimate to be producing 900,000 cars in 2007 according to trade reports. This figure has already earned her the title of “Detroit of Europe”. In this industry there are opportunities for supporting industries such as car spare parts, tyres and accessories.
Tourism
The cross border visits by EU citizens into Slovakia is quite large. They come for two chief reasons: lower costs and wide range of activities, including medical hot spa. Slovakia has been known for her medical spas and she is also looking for investors to improve and upgrade these facilities. There are also many castles looking for refurbishment and renovations to change into tourist related facilities, eg. hotels, restaurant, wedding venues, convention venues. Rental of such castles had been as low as 1Euro per month, with the provision that the new tenant renovate the place and put up a business plan.
Real Estate
Many buildings are old and in need of renovation. Also with an improved economy many are looking for new and modern homes to buy. We could see many apartments been built in the capital, particularly on the hillsides surrounding the city.
Low Cost Goods
Slovakia is not a rich country, compared to the Western Europeans. It is newly independent (1994) but it is part of the European Union. The people want the EU standard of living but cannot afford the expensive goods from the EU. They look to China and other countries for lower cost products – household goods, electronics and even gardening tools.
F&B
Asian or Chinese food will be much welcome. Though not unfamiliar with Chinese food – there are Chinese restaurants in the city and other major towns – these have been opened by Chinese students who did not leave the country after their education, or by Chinese entrepreneurs related to these students. They have been to Singapore and like the Food Court Concept. A hotel owner and an exhibition owner are willing to explore this with interested parties from Singapore.
Logistics
Currently logistics is controlled by the Germans and the French, with access to the sea. Slovakia is landlocked, with river (Danube) access. They want to improve their logistics hub and are willing to discuss with logistics owners for tieups.
Other Desired industries to participate in this business mission:
● manufacturers (car spare parts, electronics, engineering)
● export companies (textile, furniture, agricultural products, electronics)
● telecommunications products & services
● services (IT, research & development, travel agents, F&B, training & development)
● investors (real estates, wellness & spa, logistics, infrastructure, manufacturing)
● wellness & lifestyle products and services | 
