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SARIO Business Summary for January 2017

TAXES
The number of Slovak companies seated in tax havens keeps growing. According to the consulting company Bisnode Slovensko, it has more than tripled since 2005. Ten years ago, over 1,500 Slovak companies were registered in tax havens compared with the current 4,700.

E-MOBILITY
Slovaks are gradually developing an appetite for electric vehicles. Over the first ten months of this year, 123 new electric cars were registered, nearly twice as many compared with last year.

PRODUCTION
Manufacture of electrical equipment and the automotive industry are the fastest growing manufacturing sectors in Slovakia. The output in the automotive industry, vital for the Slovak economy, expanded 8.7 percent. Behind both increases is higher demand abroad and at home. At the other end of the chart are pharmaceutical industry and the currently receding production of rubber and plastics.

COMPANY NEWS

New Japanese investor in Košice
A large Japanese investor, the company Minebea, is coming to Košice. Over the next five years Minebea will invest 60 million euros in the construction of the new factory, which will open 1,100 jobs. The new factory should produce various electric motors, which have applications in the automotive industry but also in the production of robots and automated systems, home appliances and tools. The company also wants to build a research and development base here.

4 million euro investment in Považská Bystrica
The automotive industry will give work to additional 140 Slovaks. An Asian manufacturer of sealants used in vehicle construction company Uni-Tech, wants to build a plant for four million euros in the industrial park of the former engineering works Povazske Strojarne in Povazska Bystrica.

Ten years of Kia Motors production in Slovakia
Kia Motors marked the tenth anniversary of production in Europe. From the official launch of volume production on 7 December 2006, over 2.5 million vehicles and 3.8 million engines have rolled off production lines at Kia Motors Slovakia in Žilina. The company has invested more than 1.7 billion EUR since its arrival in Slovakia, generating over 20,000 jobs directly at the plant and among 40 of the facility’s most significant Tier 1 and Tier 2 suppliers. Operating three production shifts each day, Kia alone employs approximately 3,800 people.

New jobs in Šahy
The German manufacturer of shock absorbers ZF Slovakia wants to build its new plant in Šahy. The greenfield investment will cost 12.5 million euros. The project will create 450 new jobs in two stages.

15 million investment in Lučenec industrial park
One hundred new jobs are to be created in Lucenec. The Czech producer of honeycomb panels wants to settle in the industrial zone and in the industrial park. The investment is to reach 15 million euros. The investor plans to launch full production in four years and to employ 100 people.

First bio-mass logistics center
The first bio-mass logistics center was open in Kysucky Lieskovec. The investment for 7 million euros will help small sized producers of wooden pellets to buy raw material, will give advice with the technology production and sale for better prices. It will bring also 33 new direct jobs and other dozens of jobs should be created at producers of milled garbage.

Rimavska Sobota expects new plant
A new plant is likely to be built in the town of Rimavska Sobota. The company Hyca plans to construct a new factory there making flatbed trucks and containers for 1.2 million euros. The investment is expected to open 20 new jobs.

Industrial park in Vranov nad Topľov is growing
Four companies are interested in the industrial park Ferovo in Vranov nad Topľou. They want to create roughly 700 jobs and to invest almost 45 million euros. They are interested also in the state aid, but claim that can do also without it.

New legal form of a business company to support startups and investors
As of the 1st of January 2017 the amendment to the Slovak Commercial Code will come into the force, it introduces a new type of legal unit - simple joint-stock company (j. s.  a.). It is a unique form of entrepreneurship/business existing only in a few countries in the world. Read more

Source: SARIO – Slovak Investment and Trade Development Agency

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