Diversification key to Slovakia’s economic growth, says exec

MANILA, Philippines - Amid dynamic growth and economic reforms, Slovakia realized the need for “diversification” when it was affected by the financial crisis that hit Europe, the country’s official said.

Slovak Deputy Prime Minister and Minister of Foreign and European Affairs Miroslav Lajcak attributed his country’s successful economic transition to being able to identify the country’s strength as well as the government’s commitment and vision.

With 85 percent of Slovakia’s exports going to the European Union (EU) market, Lajcak said one lesson from the financial crisis that shook Europe was to diversify, look for new partners, revisit old friends and discover new friends – which are the reasons why Slovakia is now actively seeking new economic opportunities.

“Slovakia, being so deeply integrated, was very much dependent on the situation in the EU… so when Europe is in a bad shape then we are hit negative and this is what we have encountered in recent years,” Lajcak told The STAR in an interview on Monday.

He said that while Slovakia’s economy was “healthy and sound,” the markets of their main partners were affected by the financial crisis.

“So one conclusion is more diversification to have more dialogue and more trade with countries outside the EU,” he said.

Slovakia emerged as an independent country 22 years ago. The republic was established on Jan. 1, 1993 after Czechoslovakia split into two countries – Czech Republic and Slovakia.

Lajcak said the strategic aim in 1993 was to join the EU and the North Atlantic Treaty Organization (NATO), which Slovakia accomplished in 2004.