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Slovakia Steps Forward: What Interests Central European Industrialists in the Russian Market

25 June 2018

National Exhibitor

Slovakia, one of Russia's top 20 trade partners, intends to present its companies at the upcoming INNOPROM-2018. The Slovak Investment and Trade Development Agency (SARIO) will organize the National Stand, which will feature six companies, and arrange for consultations on investment options and commercial cooperation with the Slovak Republic.

 

"Slovak companies will exhibit for the first time at INNOPROM International Trade Fair 2018 with the aim of boosting their business activities in the fields of electrical equipment, ecological solutions, filtration technologies and energetics. Slovak Investment and Trade Development Agency, organizer of the Slovak National Stand, will be present at the booth to consult all the investment and business opportunities with Slovak Republic," SARIO shared.

 

The National Stand will feature SEZ PLASET s.r.o., which specializes in the production, assembly and sales of electrical devices and systems, mechanical engineering products, instruments, and molds.

ADRIAN GROUP s.r.o., which will also showcase its products at the National Stand, offers energy saving solutions for extremely large industrial and agricultural spaces, sports venues, and commercial facilities. The company will demonstrate complex systems based on infrared heaters, gas fired hot air units, hot air generators, door curtains, destratificators, and control systems.

Other Stand participants include ECOFIL spol. s r.o. (filtration devices, a wide range of filter elements, and filtration of various oils and inflammable liquids), EUROPALT spol. s r.o. (auto parts, products for mechanical engineering and environmental solutions, laser cutting, bending, and welding), Herman Slovakia Distribution s.r.o. (cutting, grinding, and flap disks), and KURUC - COMPANY spol. s r. о. (technologies for the production of construction materials, processing of multilayer materials, and processing of paper/cardboard/PET packaging).

 

Cars and Electronics

The Slovak Republic has determined several areas which drive the economy / SARIO infographics

According to SARIO, over the past 10 years transnational corporations have chosen Slovakia as their priority site for further expansion into Central and Eastern Europe. Slovakia is experiencing a lasting economic uplift reliant on constantly growing domestic demand and an increase in internal and external investment. Since 2013, actual GDP growth more than doubled and amounted to 3.3% in 2016.

Key segments of Slovak economy include mechanical engineering, auto industry, electronics, and shared services and information and communications technology centers.

 

"The position of Slovakia as one of the key players in the automotive industry will be further strengthened by the world class manufacturing facility of Jaguar Land Rover which is already being built in Nitra. Slovakia has very strong tradition in the electronics industry. It has become the second largest pillar of Slovak industry after automotive sector the second strongest employer and exporter," SARIO emphasizes.

 

Fuel Magazines and Coal

Last year, Slovak exports to Russia increased by 7.6%. According to SARIO, Slovakia supplies Russia with motor vehicles, electrical machinery, equipment, paper and medicinal products. In 2017, import from Russia grew by an impressive 24.8% - almost a quarter year over year. Russia's main exports include energy and mineral resources.

 

In 2016, mutual trade turnover dropped by 28.6% to €4.1bn; in 2017, it grew by 15.91% to €4.84bn, according to the international economic information website of the Ministry of Economic Development of Russia.

The website also states, "Negative macroeconomic and geopolitical factors that have been in effect since 2014 had influenced our trade and economic relations, but we overcame these adversities in 2017."

Russian oil export to Slovakia increased to €1.84bn in 2017 (18.48% increase), and gas export went up to €0.91bn (30.2% increase). Coal also exhibited positive dynamics, as it grew to €0.11bn (47.54% increase). Another strong performer was the auto parts segment (particularly pneumatics and plastic goods) with 38.44% growth.

At the same time, we saw a sharp drop (76.17% reduction to €50 mln) in the supply of fuel magazines for Slovak nuclear power stations. This reduction results from the operations of TVEL Fuel Company: in 2016, the corporation supplied Slovakia with fuel for two units of Mochovce Nuclear Power Plant, which is currently under construction; 2017 supplies involved only operational facilities.

78.51% of Slovak imports into Russia constitute cars, equipment, and transport vehicles for the total of $1.58bn, according to Russian-trade.com.

 

"Slovakia has always been one of Russia's main strategic, trade and economic partners in Central Europe, and Slovak enterprises have distinguished themselves as reliable suppliers of machinery and technical products for Russian processing companies,"

George Kalamanov, Deputy Minister of Industry and Trade of the Russian Federation, stated.

Business Mission

At the government level, the Slovak Republic and the Russian Federation communicate through the Intergovernmental Commission on Economic, Research and Technology Cooperation. The Commission is chaired by the Minister of Industry and Trade of the Russian Federation Denis Manturov (left) and the Minister of Economy of the Slovak Republic Peter Žiga (right) / Photo courtesy of minpromtorg.gov.ru

Russian and Slovak institutions and agencies seek to strengthen bilateral cooperation by organizing business meetings and missions for national companies. In addition for the Russia-Slovakia Intergovernmental Commission, Russian and Slovakian Chambers of Commerce and Industry hold regular discussions in the format of joint round table events.

The REC Group is also engaged in fostering bilateral relations: over January-September of 2017, REC member companies (Russian Export Center, EXIAR, and ROSEXIMBANK) provided financial support to five Russian projects engaged in exporting goods to Slovakia. Moreover, in the end of 2017 the REC organized a business mission for Russian exporters, including Russian Railways, Sibur International, Association of Furniture and Woodworking Enterprises, Russian Union of Entrepreneurs of Textile and Light Industry, etc.

 

"I am positive that this joint business mission for Russian exporters working in Slovakia with the participation of EXIAR, EXIMBANKA SR, and SARIO will bring our cooperation to a new level and expand the range of potential joint projects,"

Zalina Kobesova, Deputy Head of International Cooperation Department of the Ministry of Industry and Trade of Russia, pointed out.

 

Representatives of the Chamber of Commerce and Industry of the Russian Federation add that active corporate involvement in exhibitions held in Russia and Slovakia will facilitate the expansion of business cooperation. INNOPROM-2018 participants and guests will have an opportunity to learn about options offered by Central European companies and launch negotiations with foreign entrepreneurs.

Let us remind you that several countries, including Switzerland, Italy, Japan, and Germany, will present their National Stands at the exhibition. European and Asian companies intend to establish new business contacts with Russian industrialists. Moreover, at B2B meetings arranged as part of the National Buyer Industrial Export Development Program, Russian exporters will be able to communicate with corporate representatives from 25 countries of Central and South-East Asia, North and Central Africa, EAEU, and the Middle East.

The Republic of Korea will be among the largest INNOPROM-2018 exhibitors. As the Partner Country of the exhibition, South Korea will showcase its companies at a stand spanning over 3000 sq.m. The Russia-China Expo will be held concurrently with INNOPROM. Its participants will include over 150 top Chinese enterprises.

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