Bloomberg News

Slovakia Won 518 Million Euros in Foreign-Investment Pledges

December 15, 2011

Dec. 15 (Bloomberg) -- Slovakia won more foreign direct investment projects in 2011 compared with the previous year as the eastern euro-region’s member improved conditions for doing business to boost the inflow.

The state investment agency Sario negotiated 26 investment projects worth 518 million euros ($673 million) this year, compared with 8 projects in 2010 valued at 123 million euros, according to a handout distributed to journalists today before a press conference in Bratislava, Slovakia. The projects brokered this year will create 4,354 jobs, Sario said.

The former communist country that adopted the euro in 2009 relies on foreign capital to boost export capacity and drive economic growth. The administration of Iveta Radicova, which assumed power in July 2010, is working to eliminate bureaucracy to make the country, which has become a region’s hub for electronics and the car industry, more attractive for investors.

A plan by Honeywell International Inc. to build a 38 million-euro turbocharger plant creating more than 400 jobs was one of the largest projects brokered by Sario. The agency’s data don’t include investments destined for regions with below- average unemployment, which aren’t entitled to receive state aid, such as Volkswagen AG’s plan to invest more than 1 billion euros over five years to expand its assembly plant near the capital.

--Editors: Douglas Lytle, Alan Crosby

To contact the reporter on this story: Radoslav Tomek in Bratislava at rtomek@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net


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