FUTURE-READY SLOVAKIA: LET´S TALK COMPETITIVENESS

Slovakia’s position in global rankings is declining, and the economic landscape is becoming increasingly challenging. The EU’s Competitiveness Compass sends a clear message: competitiveness is no longer a luxury; it’s an urgent priority. The question is no longer if we act, but how. How can Slovakia move beyond simply attracting investment and become a truly future-ready country, powered by innovation, resilient institutions, sustainability, and a dynamic business environment? This high-impact event brings together the sharpest minds, business leaders, policymakers, economists, and innovators for bold, solution-driven discussions on Slovakia’s economic transformation. We’ve curated over 5 key events, each opening critical conversations that matter to both businesses and institutions. Join us and be part of shaping Slovakia’s future.

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Trust in Institutions

Trust in public institutions is a critical factor for Slovakia’s competitiveness, shaping both public and private sector efficiency. According to the 2024 OECD Trust Survey, only 31% of Slovaks report high or moderately high trust in their national government, significantly below the OECD average Such low trust erodes public engagement and complicates the implementation of necessary reforms, particularly in areas like innovation, digitalization, and sustainability. Addressing this trust deficit requires prioritizing transparency, combating corruption, and ensuring fairness in decision-making processes. By strengthening institutional integrity and restoring citizen confidence, Slovakia can improve its governance framework, thus enhancing its competitiveness in attracting investment, fostering innovation, and driving economic growth.

Good Business Environment

Slovakia proved over time to be an economy with a concrete strategy to attract investments. Whether it was the reasonable cost of labor going hand in hand with the good productivity level, later it was the flat tax rate, state subsidies, and a skilled, educated workforce. Today, sector-wise, Slovakia stands on the three main pillars which are automotive, electrotechnical, and 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?

Sustainability, Green Investments, Inflation Reduction Act

With changes in the U.S. government, there may be a shift in priorities, with a stronger focus on traditional energy sources like oil and gas, potentially reducing the emphasis on green investments. In contrast, the EU remains committed to the Green Deal, continuing to prioritize sustainable growth, clean energy technologies, and green investments. As part of the EU, Slovakia stands to benefit from these ongoing initiatives and funding. However, in light of shifting global policies, Slovakia will need to effectively leverage EU green opportunities to maintain its competitiveness while adapting to a changing international investment landscape.

Local Investment Into Innovation As A Solution – Biotech, Space, Smart Technologies

Europe is failing to translate innovation into commercialization. Innovative companies that want to scale up in Europe are hindered at every stage by inconsistent and restrictive regulations. As a result, many European entrepreneurs prefer to seek financing from US venture capitalists and scale up in the US market. Between 2008 and 2021, close to 30% of the “unicorns” founded in Europe – startups that went on to be valued at over USD 1 billion – relocated their headquarters abroad, with the vast majority moving to the US. Investing locally in smart technologies is a vital step to addressing Europe's challenges in turning innovation into successful commercial ventures. Simplifying regulations, improving access to venture capital, and incentivizing research and development in areas such as IoT, AI, and sustainable energy. Slovakia, with its strengths in industries such as automotive, smart cities, and digital health, is well-positioned to lead by example. By fostering collaboration between government, academia, and the private sector, Slovakia can help retain talent, keep innovative startups in Europe, and strengthen the continent’s global competitiveness in smart technologies.

AmCham Slovakia