The transformation of economic and social life after the year 1989 was much harder for the economy of the Slovak part of former Czechoslovak Federation. This was true especially for engineering production. There were more structural deformations which were mostly the result of an effort to increase the industrial development of Slovakia after 1948.
In 1994 did the production in field of engineering begin to grow with the decisive production programs for the production of cars (Volkswagen), vehicles, subcontracts for foreign automobile industry, production of bearings and the shipping industry. Enterprises still look for new production possibilities, acquire strategic partners or customers. Nowadays Slovakia has been becoming an important European car producer.
Other fields of industry were not affected by the transformation process as much as the engineering industry. Chemical, metallurgical and pharmaceutical industries are the most important corner-stones of the Slovak economy. Part of the timber industry, pulp mills, textile and clothing industry, producers of electronics, food and tobacco industry were also relatively successful during the transformation into the conditions of a market economy.
Investments: The biggest foreign strategic investors in industry in Slovakia include Volkswagen, Whirpool, Alcatel, Siemens, Kappa, Coca Cola, Neusiedler, Deutsche Telekom, U.S. Steel, Degussa, Aventis, Continental, INA, Nestlé Sony, Panasonic, Punch, Sachs and Emerson. Also big car concerns – French Peugeot/Citroen and Korean KIA/Hyundai have joined the most important investors.
Search for strategic investors for individual enterprises has played a significant role in the industrial policy of each of the Slovak governments since 1989. Industry in Slovakia continues to increase its efficiency and significantly contributed to the strong economic growth of the country. Growth of this field was mainly represented by the metallurgical industry and crude oil refinery. After the start of the new car production enterprises the baton will be again passed to the car industry.
Statistics: According to data issued by the Bureau of Statistics of the Slovak Republic in Slovakia there are 2.600 industrial enterprises with more than twenty employees. Also the dynamism of industrial growth in Slovakia did not stop – it can be seen from record increases of GDP.
Total revenues are mostly represented by engineering (28%), power engineering (18%), chemical industry (13%), and mining industry (9%). They are followed by food industry (9%) and electrical engineering.