A business delegation from Slovakia will be visiting Malta on September 7 on a fact-finding mission to explore trade and investment opportunities.
Operating in a wide variety of sectors including tourism and hospitality, ICT, banking security systems, energy, metal production and processing, geology and construction, as well as precision engineering, the Slovakian businesses are seeking to meet representatives of their counterparts in Malta.
A series of business-to-business meetings will be held at the Malta Chamber of Commerce, Enterprise and Industry’s premises in Valletta. An information seminar focusing on doing business in Malta and Slovakia will be held after the meetings.
The countries share a number of similarities: both have open economies which are highly dependent on trade and a strong contribution of services sectors to their GDP. Slovakia joined the European Union with Malta in 2004, although it then adopted the euro as its currency in 2009, a year after Malta.
Both countries were performing well economically before a slight dip in 2009 due to the international economic crisis, from which the two managed to bounce back with strong economic growth in a relatively short time.
The automotive sector is one of the fastest growing sectors in Slovakia, following investment by several international car makers, with the industrial sector accounting for just over a third of the country’s GDP. Barring a minimal share of less than three per cent attributable to the agricultural sector, the rest of the economy – almost two thirds of the country’s GDP – is made up of the services sector, particularly financial services and tourism.
Trade between Malta and Slovakia embarked on an upward trend in recent years, albeit the figures remain rather low.
Last year, Malta exported €1.7 million worth of goods to Slovakia, mostly pharmaceutical products and to a smaller extent electrical machinery and equipment and other goods.
Malta imported products worth €2.8 million from Slovakia, mostly vehicles, machinery and mechanical appliances, as well as electrical machinery and equipment.
Through the business delegation, which is being organised by Malta Enterprise in conjunction with the Consulate of the Slovak Republic in Malta, and the Chamber of Commerce, Enterprise and Industry, Malta and Slovakia will be able to strengthen their commercial ties while businesses in either country can explore opportunities for internationalisation.
Representatives of local businesses wishing to attend the information seminar and participate in the B2B meetings should contact Malta Enterprise at internationalisation@maltaenterprise.com or on 2542 0000.