Slovakia business travel information

Doing business in Slovakia

In less than 20 years after the fall of communism the Slovak economy has grown to an advanced economy. Slovakia transformed from a centrally planned economy to a market-driven economy. The most important privatizations are nearly completed. The banking sector is almost completely in private hands, and foreign investments have risen.

In 2006, Slovakia achieved the highest growth of GDP, which came to almost 9 percent, among the members of the Organisation for Economic Co-operation and Development. The annual GDP growth in 2007 is estimated at over 10% with a record level of more than 14% reached in the fourth quarter. Slovak GDP per capita was about 72 percent of the EU average in 2008.

Unemployment, peaking at over 19 percent at the end of 1999, decreased to 7,5 percent percent in October 2008 according to the Statistical Office of the Slovak Republic. In addition to economic growth, migration of workers to other EU countries also contributed to this reduction. According to Eurostat, which uses a calculation method different from that of the Statistical Office of the Slovak Republic, the unemployment rate is still the second highest after Spain in the EU-15 group, at 9.9 percent.

Inflation dropped from an average annual rate of 12 percent in 2000 to just over 3 percent in 2002 but it rose again in the years after that because of rising labor costs and excess taxes. It reached almost 4 percent in 2005.

Slovakia adopted the euro currency on 1 January 2009 as the 16th member of the Eurozone. The euro in Slovakia was approved by the European commission in 2008.

Slovakia is an attractive country for foreign investors mainly because of its low wages, low tax rates and well educated labour force. In recent years, Slovakia has been pursuing a policy of encouraging foreign investment.

Slovakia still faces major challenges in the field of the knowledge economy. The business and public research and development expenditures are well below the EU average. The Programme for International Student Assessment, coordinated by the OECD, currently ranks Slovak secondary education the 30th in the world (placing it just below the United States and just above Spain).

In 2008, the Ministry of Finance announced that Slovakia’s economy is developed enough to stop being an aid receiver from the World Bank. At the end of that same year Slovakia even became an aid provider.

Although Slovakia’s GDP comes mainly from the services sector, the country’s industry also plays an important role within its economy. The main industry sectors are car manufacturing and electrical engineering. Since 2007, Slovakia has been the world’s largest producer of cars per capita, with a total of 571.071 cars manufactured in the country in 2007 alone. There are currently three car manufacturers: Volkswagen in Bratislava, PSA Peugeot Citroen in Trnava and Kia Motors in Žilina.

Bratislava’s geographical position in Central Europe has long made Bratislava a crossroads for international trade traffic. Various ancient trade routes, such as the Amber Road and the Danube waterway have crossed territory of today Bratislava. Today Bratislava is the road, railway, waterway and airway hub.

Product tip: Buy a passport holder! Get a big wallet that takes passport, tickets and receipts all together in one place. This way you have all your documents organised and easy to find.

In case of emergencies

Before you go on your business trip to , Slovakia you should always get a travel insurance with a complete coverage.

Make sure your health care insurance is sufficiently covered.
Maybe this is already covered in your regular health care insurance but often you will need to cover this with the travel insurance. Also a good travel insurance should cover the costs of travel for a relative in case of seriously illness or an accident.

The business trip travel insurance should also cover the costs of search, rescue and repatriation.
When you go on business trips on a regular basis, the easiest way to get insured is with an annual multi-trip insurance.

Keep in mind that you can also use this insurance for your pleasure trips so don`t forget to include to insure your leisure activities.

Fortunately, doctors in Slovakia tend to be well-educated and well-travelled, and many have picked up terrific foreign language skills on the way. So it’s not too hard to find an English-speaking doctor in town.

Nemocnica s poliklinikou Podunajske Biskupice
Krajinska 91
Tel: +421 2 4025 1111 (MUDr. Capova, 0918-379 623)
Dr. Ana Čapová, who is the staff doctor at the American Embassy, is also happy to treat foreigners who are not embassy personnel.

Business Etiquette and Protocol

If your are planning a business trip to Slovakia it is a good idea to know at least a little about the culture and etiquette in Slovakia. Use these business etiquette tips as a guideline only. There are too many social, personal and business nuances in Slovakia to be considered. There is no uniform approach possible for all occasions.
For more in-depth information I suggest you buy and read the "Global Business Etiquettes" book.

• Communication:
  Use formal names, professional and academic titles.
  Slovaks are direct, but they prefer it delivered with subtlety.
  Never interrupt somebody.
  Dress formal and conservative.
  


• Meetings and negotiations:
  When making appointments use the 24-hour clock time format to avoid misunderstandings.
  Be very punctual, if you suspect you will late, call and explain the situation.
  Never cancel a meeting at the last minute.
  Shake hands with everyone upon arriving at the meeting and leaving.
  Remain standing until invited to sit down or others do so.
  Quit some time is spent to getting to know you before the business conversation begins.
  The strict following of the agenda’s is to be set by the most senior host during the meeting. Durations can differ much from the planned timing.
  Keep your presentation as short as possible, to the point, accurate and precise, do not exaggerate.
  Follow up a meeting with a letter or an e-mail with all agreements outlined.
  


• Table manners:
  If unsure on how to behave, mimic the behavior of others.
  Wait until you are appointed a seat.
  Avoid alcohol if possible, otherwise drink little.
  If making a toast, stand up.
  The napkin stays folded next to the plate, eat not too much but finish your plate.
  Keep your hands above the table when eating.
  After finishing your plate lay your knife and fork parallel on your plate with the handles to the right.
  Thank your host at the end of the meal.
  

Some phrases in Slovak

The Slovak language is an Indo-European language that belongs to the West Slavic languages (together with Czech, Polish, Silesian, Kashubian, and Sorbian). Slovak uses a modification of the Latin alphabet.

Although in business people speak English, some Slovak phrases can always come in hand....

How are you?	Ako sa mate?
I’m fine, thanks. And you?	Ďakujem, dobre. A vy?
What’s your name?	Ako sa voláte?
My name is ...	Volám sa ...
Pleased to meet you	Teší ma
Good morning	Dobré ráno (used until 8am)
Good day	Dobrý deň (used from 8am until dark)
Good evening	Dobrý večer
Good night	Dobrú noc
Goodbye	Dovidenia, Zbohom
Cheers/Good health!	Na zdravie!
Have a nice day	Pekný deň! Pekný deň prajem
Bon appetit	Dobrú chuť!
I don’t understand	Nerozumiem
Please write it down for me	Napíšte mi to prosím
How do you say ... in Slovak?	Ako sa po slovensky povie ...?
How much is this?	Koľko to stojí?
Sorry	Pardón!
Thank you	Ďakujem vám
Where’s the toilet?	Kde je záchod?
Yes/ No	Áno/ Nie