Slovak Republic woos Indian investors

Chennai, Mar 13 (UNI) Slovakia, which became a Republic 15 years ago, today wooed Indian business investors to invest in that country.

Participating in an Indo-Slovak Business forum on future opportunities for investors, organised by the Indo-Slovak Chamber of Commerce and Industry here, Mr Peter Ziga, State Secretary, Ministry of Economy, Slovak Republic, said political and economic stability made Slovakia an ideal choice for investments.

Mr Ziga was here as part of a business-delegation headed by Mr Parol Paska, Speaker, National Council of Slovak Republic.

Giving ten reasons for investing in his country, he said Slovakia had the highest economic growth in the region and has emerged as the Central European hub.

A highly skilled workforce was available and labour costs were cheaper and labour productivity was higher.

A new act on Investment aid, which came into force in January this year, provided lot of incentives for investors and grants for long-term assets and allowances to new job creations.

Mr Alexander Ilascik, Ambassador of Slovak Republic to India, said his country has been developing dynamically ever since it became republic in 1993 with the GDP growth rate being ten per cent last year, which was very similar to India.

''Slovakia offers several incentives for investments and offers favourable conditions to mutual business investors.It is also the gateway to huge market in Europe and European Union member countries'', he said and lauded Tamil Nadu as an industrially developed state with lot of industries in automotive and IT sector setting up its base.

Union Revenue Secretary Ambuj Sharma, in his address, said the GDP and the per capita income of Slovakia and Tamil Nadu was almost the same.

''Tamil Nadu's GDP is slightly higher than the national average of nine per cent and the state has its own advantages and strengths in offering best investment opportunities for foreign business investors'', he added.

Pointing out that trade between the two countries was not high, he said there should be delegations covering specific areas of mututal interest and such B-2-B meets would provide opportunities for both the countries.

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