The balance of trade between Slovakia and Rumania shows a surplus in favour of our country which does not very much attest to the competitiveness of Rumanian companies. That is why Rumania also goes on looking for efficient ways of increasing the share of foreign investment in the country. The economic situation in the country as well as terms and conditions for doing business, and possibilities of presentations of our companies are discussed by Jaroslav Jarůnek, the head of Trade and Economic Department of the Embassy of SR in Rumania.

What development of trade do you expect between our countries this year?

The economic and social situation of the country is not very good. Macroeconomic indicators show negative trends and the national economy is exposed to pressures resulting from excessive foreign debt. In spite of these facts our exports have been growing since the year 1993. Our exports to Rumania represented Sk 2 078 million (USD 62 million) in the year 1997, and our exports in eleven months of last year amounted to Sk 3 071 million (USD 87.3 million), achieving a +58% growth index. Imports from Rumania went down by 15% in the same period, namely we imported goods for Sk 460 million (USD 13 million). Rumania can be characterized as a country with a positive balance of trade between our countries.

What sectors of Rumanian economy do you consider to be the most prospective ones?

The process of restructuring and transfer of new technologies to industrial sector still lags behind, despite the government program for industrial policy. The support for small and medium enterprises has remained at the level of declarations only, there is no appropriate legislative framework or financial resources. Successfully privatised enterprises with foreign capital are better off.

Innovation programs were carried out in telecommunications, transport and services sectors. Large energy companies (RENEL - Rumanian powerplants, ROMGAZ - gas), railway system (SNCFR set up 5 independent companies) and other important and currently profit-making mechanical engineering companies (e.g. ASTRA Vagoane Arad) underwent successful restructuring. The private sector's share in the national industrial output is 25 per cent. This fact as well as the standard of technological equipment and low productivity of labour in large enterprises whose majority shares are held by the state, are the reasons why there is no dynamic development of industries whose production would mean more added value.

You regularly organize trade fostering activities. What are you planning for this year?

We organize annual presentations of Slovak companies and business missions by separate industries in Bucharest and relevant regions of Rumania. The major event will be the "Days of the Slovak Economy" on 25 and 26 May (within the framework of the TIBCO'99 fair). Representatives of Slovak mechanical engineering, chemical, petrochemical, rubber, electrotechnical companies (in cooperation with the Ministry of Economy SR), and representatives of food processing and processing technologies companies (in cooperation with the Ministry of Agriculture), and representatives of construction material companies will be present. The outcome of the talks of Slovak representatives and their Rumanian partners will be the supporting documents for the 4th meeting of the Intergovernmental Joint Committee at the beginning of June 1999. The participating Slovak entities will also have the opportunity to continue their presentations on 27 May 1999 in Bulgarian town Ruse (about 60 km from Bucharest) sponsored by the trade and economic department of the Embassy of SR in Sofia.

Development of trade between Slovakia and Rumania (million USD)

Slovak Trade FORUM