Investment seminars – part of the business trip to India

Tuesday, 12. April 2011
New Delhi

SARIO representatives take part in the official delegation of the Minister of Economy of the SR during his business trip in India. Slovak mission is supported by investment seminars prepared by SARIO in the cooperation with Indian partner and professional associations.

First seminar took place on April 11th, 2011 with the active participation of Federation of Indian Chambers of Commerce and Industry (FICCI).   Marian Tomášik, the Ambassador of the SR in India and Igor Melišek, Commercial Counselor of the Embassy of the SR in India took place at the seminar as well. Minister Miskov has opened the seminar with his opening remarks and Andrea Gulova, the Deputy of the CEO of SARIO agency and the Director of SARIO FDI Section presented Slovak business environment.

The aim of the investment seminar was to inform potential investors about business and investment environment in Slovakia in connection with the future steps prepared by the Slovak Government to improve it. Indian entrepreneurs were interested in strengthening mutual trade between the SR and India and possible joint venture creation in the areas of defense, IT, tourism and textile industry. Andrea Gulova informed that the SR currently has negative trade balance with India and the mutual trade exchange between both countries does not reaches its potential. The space for mutual trade exchange to grow is especially in the fields of pharmaceuticals, defense and energy.

India has approximately 200times more inhabitants and is about 60times larger than Slovakia and it is our 4th most important partner in Asia. In this context Andrea Gulova said: “Although we are a small country, with our strategic location in the heart of Europe we have lot to offer. We might become gateway to Europe for you.”

For some Indian entrepreneurs Slovakia is not an unknown name since they are successful in doing business with us. Company TANAX INC, the daughter company of giant ARCELOR MITTAL SLOVAKIA or K1 Engineering INDIA PRIVATE Ltd. There are also several Slovak subjects that do business successfully in India:
TERXPRO FILMS PRIVAT, daughter company of Slovak chemical firm or SLOVAK INDIA TRADING COMPANY producing shoes and employing about 400 people.

In the Doing business ranking 2011 the SR ranked 41st while India ranks 134th place. Both sides agreed that it is necessary to improve business environment and support investment. India might serve as an inspiration for Slovakia especially in support of small and medium sized enterprises since its government created many tools for this part of the economy – government helps to build international contacts and international certificates, does promotion for their products, and offers different kinds of lectures. One part of the seminar included also B2B meetings of Slovak entrepreneurs with about 40 Indian businessmen.

FICCI is the largest and oldest top commercial organization in India (established in 1927). It plays an important role in political debates that consequentially influence social, economic and political changes in the country. Through its 400 specialists it is active in 39 sectors of economy and its point of view in political issues is respected by the governments as well as academic community. Its publications are required for its detailed professional content. FICCI cooperates with the chambers of commerce of 79 countries of the world; subjects of private and public sectors are its direct members, including small and medium sized enterprises and multinational corporations and it has indirect members from over 83,000 companies from regional chambers of commerce. This nongovernmental organization serves as the primary contact of Indian industry and international business community.