Slovakia getting ready for Brexit

Slovakia getting ready for Brexit

The Slovak government is preparing measures for all possible United Kingdom exit scenarios from the European Union, including a no-deal or hard Brexit, said the Slovak Prime Minister Peter Pellegrini. "If many companies decide to leave the United Kingdom as a result of a hard Brexit, it may even be an advantage for Slovakia," noted Pellegrini. According to the PM, at the economic forum in Davos, Switzerland last week, several large companies doing business in Slovakia confirmed to him that they were satisfied with their employees and wanted to remain in Slovakia. The Prime Minister pointed out that Slovakia's projected economic growth is well above 4 percent. "Therefore, even a possible slowdown will still mean for Slovakia a relatively significant growth in the economy," said Pellegrini.

Moreover, Slovak Vice-premier for Investments and Informatisation Richard Raši was in London last week at an event called Work in Slovakia-Good Idea! aimed at attracting Slovaks working in the UK in IT to come back home to Slovakia. "I was pleasantly surprised that the salary isn't a decisive factor. People want to return to their families," stated Raši, admitting that the salary in Slovakia is almost comparable after deducting costs in the UK.

According to Juraj Janči of the Coface Slovensko company, in the case of a no-deal Brexit, companies which have partners in the UK should protect their business relationships. Janči advises that even insured companies should find information about the partner's credit limit and cover possible exchange rate losses. Moreover, companies should prepare for the introduction of duties and passport controls.

Questions concerning Brexit will also influence the European Parliament election in May. If the United Kingdom remains in the EU, Slovakia will continue to have 13 MEPs. If the UK leaves the EU, Slovakia will have one seat in the Parliament. If Britain postpones its departure, the number of Slovak MEPs will remain the same until Brexit takes place.

Mojmír Procházka Foto: TASR

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