Investor boom in Slovakia could be over
The boom that Slovakia enjoyed with the influx of direct foreign investment is now starting to wane, with the country dropping from 2nd spot as the most attractive country in Central and Eastern Europe to fourth now.
A recent survey conducted by the German Chamber of Commerce and Industry has shown that the Czech Republic, Poland and Slovenia have all now overtaken Slovakia. Investors from Germany are most aggrieved about non-transparent public tenders, inflexible labour law and rising salaries.
Many investors are now moving out of Slovakia, seeking more ‘fertile’ grounds with cheaper labour forces, such as cable-harness producer Delphi, which recently moved its plant from Senica to Romania. Other examples include U.S. corporation Kimberly-Clark, which shut down its operation in Piestany to open it again in China, and Canadian company Hot Spas Europe, which is already playing with the idea of shipping out to India.