outlook current rating ( october 03 ) bbb / a - positive ( october 03 ) a3 / a3 stable ( october 03 ) bbb / a - stable december 02 bbb / a - positive november 02 a3 / a3 stable march 03 bbb / a - stable october 01 positive october 02 positive november 02 bbb - / bbb + positive bbb / a - baa3 / a3 stable november 99 bb + / bbb + stable positive september 00 bb + / bbb + november 00 ba1 / baa2 february 01 bb + / bbb + november 00 bb + / bbb + positive november 01 baa3 / a3 december 98 bb + / bbb + positive stable september 98 bb + / bbb + negative october 99 ba1 / baa2 stable june 97 bbb - / a stable march 98 ba1 / baa2 negative october 98 bbb - / a - negative april 95 bb + / stable november 97 baa3 negative august 96 bbb - / a - - february 94 bb - / stable may 95 stable * * 8. baa3 * - conclusion slovakia has taken many steps in order to become more attractive place to make an investment, mainly in the recent years. moreover, it is obvious that economy is on the path to stabilization, both external and internal. all major reforms are timed in the way to be introduced before 2005 and more importantly before joining erm2. legislation favoring foreign investments has been applied to a large extent. labor and production costs are one of the lowest in the region. vast majority of investors are satisfied and confident about future. besides, slovakia experiences one of the highest dynamics in the region. all these features make slovakia a more perspective country to invest day by day.

elena kohutikova : slovakia - perspective place for investments speech by ms elena kohutikova, deputy governor of the national bank of slovakia, at the conference “ middle and east europe – region of the future ”, salzburg, 15 october 2003. * * * slovakia has been disregarded as a reasonable country to place an investment in, for a long time. this trend has been showing on the results of total foreign direct investments made in slovakia until 1999 compared to the other countries acceding to the european union in may 2004. after the changes of general economic policy ( economic reforms, legislative changes, making institutions more transparent … ) with the new government seizing power in 1998, this fdi per capita gap shrinked to minimum. at present, overall environment is very much competitive for new investments within the area ; it still ranks fourth behind czech rep., hungary and poland, however capacity to invest, experience of the foreign companies that invested already and overall conditions created by government motivation to attract new investments makes slovakia a very interesting market. this contribution aims to view some of the attributes of slovak environment and features of the country that have a vast importance in the course of decision - making process on placement of an investment. 1. location and infrastructure slovakia is a small open economy ( with exports plus imports ratio to gdp amounting to 155 % ). therefore, development of external relations is of high importance for the country. thanks to location, slovakia, near european markets as well as near eastern european emerging markets may represent a bridge between east and west. european market of 350 million people is accessible within one - day truck drive ( more than u. s. and canada combined ). despite relatively hilly surface, major roads infrastructure is fairly well developed. moreover, government highway construction program aims to conclude main corridors connecting north and south, and east and west in the medium resp. long run perspective. 2. external stability slovakia became a member of oecd in 2000. this membership invitation declared stable environment, transparency and clear path in economic development based on the premises of the world trade organization. oecd membership itself helped to certain extent to ensure exponential growth of investments in 2000 - 2002. slovakia will enter european union in may 2004 and soon will become a member of nato as well ( ratification process in member countries is running in the moment ). economy has been stabilized and maastricht criteria should be reached and fulfilled until 2006. according to the strategy, slovakia plans to adopt euro as soon as possible