AmCham Slovakia

According to the World Economic Forum, a country's competitiveness refers to its ability to compete effectively in global markets. This concept encompasses various factors contributing to a nation's productivity and economic performance. Competitiveness is "the set of institutions, policies, and factors determining a country's productivity level.

The European Union defines competitiveness as the ability of an economy to sustain a high productivity rate, which drives growth, income, and welfare. A competitive country can successfully engage in international trade, attract investment, and maintain a high level of income and living standards for its people.

Based on Draghi’s report: „The previous global paradigm is fading. The era of rapid world trade growth looks to have passed, with EU companies facing both greater competition from abroad and lower access to overseas markets. Europe has abruptly lost its supplier of energy. All the while, geopolitical stability is waning, and our dependencies have turned out to be vulnerabilities.“ Technological change is accelerating rapidly. Europe largely missed out on the digital revolution led by the internet and the productivity gains it brought. In fact, the productivity gap between the EU and the US is largely explained by the tech sector. The EU is weak in the emerging technologies that will drive future growth. Only four of the world’s top 50 tech companies are European. Yet, Europe’s need for growth is rising.”

Slovakia over time proved to be an economy with a strategy attracting investment. In the beginning, it was the reasonable cost of labor and good productivity, later it was the flat tax rate that boosted the interest of FDIs in doing business in Slovakia, state subsidies, and an educated workforce that attracted mainly shared service centers. Today, Slovakia’s competitiveness stands on three main pillars, sector-wise it is the automotive sector, the electrotechnical sector, and the sector of shared services. 

• What strategy does Slovakia have to be competitive in the future? 
• How is Slovakia ready to go hand in hand with the competitiveness strategy that the EU recently presented? 
• What is Slovakia’s competitive advantage?

Let’s reflect on these questions and many more on the FUTURE READY SLOVAKIA: Let’s talk about competitiveness! Conference.