Economic Relations

Economic Relations

The former Czechoslovakia was one of India's major trade partners in Eastern Europe. India's volume of trade with Czechoslovakia in 1991-92 was higher than any other country in the region.

According to latest available figures, India's trade turnover with the Slovak Republic has been as follows (in million US$):

Source: Ministry of Economy of the Slovak Republic / National Bank of Slovakia

The drop in bilateral trade in 1993 was largely due to the confusion arising from Czechoslovakia's split into two independent countries, the termination of the Rupee-payment arrangements, and the switchover to hard currency trade. Bilateral trade shifted from the earlier system of balanced trade in non-convertible Indian Rupees to payments in convertible currency from 1st January 1993, for which a new trade and payments agreement was signed with Slovakia in May 1993.

Major items of trade are as follows:

Slovakia’s Exports to India Motor vehicles, piston engines, machinery for working rubber or plastic, pumps, centrifuges, transmission shafts, measuring instruments, wire and cables, bearings

Slovakia’s Imports from India Footwear, part of footwear, garments, motor vehicle parts, tires, medicaments, wire & cable, seats, iron ores

(Source: Slovak Ministry of Economy)

India – Slovakia Joint Economic Commitee (JEC)

Indo-Slovak JEC, established in 1994 during the visit of the Slovak PM, Mr Jozef Moravcik to India, held its first meeting in Bratislava in May 1995.

The 2nd Session held in New Delhi in December, 1996, and identified several areas for enhancement of bilateral co-operation including railways, engineering and construction, electronics, telecommunications, banking, tourism, oil and gas exploration, mining, the steel industry, production of chemicals and fertilisers, textile industry, and supply of agricultural commodities and consumer goods. A Memorandum of Understanding was signed between the Slovak Ministry of Economy and the National Centre for Trade and Information (NCTI) of the Indian Ministry of Commerce. The then Slovak Minister of Economy, Mr.Karol Cesnek, also visited India in December 1996, and had meetings with the Minister of Commerce and senior officials in the Ministries of Commerce and Defence to discuss bilateral co-operation.

The 3rd Session held in Bratislava in October 1998 and a Protocol was signed between the two countries. Simultaneously, the Slovak-India Joint Business Council was held in which 14 representatives of Indian companies participated. Subsequent to this a Slovak Business Delegation led by the President of Slovak Chamber of Commerce and Industry visited India from 11-21 November 1998.

The 4th Session held in New Delhi in April 2004.

The 5th Session held on 19 October 2004 in Bratislava. It was agreed at this meeting to exchange delegations in automobile, textile, leather, pharmaceutical sectors; organise Enterprise India exhibition in Slovak Republic; finalise BIPA, DTAA and to participate in mutual trade fairs.

The 6th Session took place in New Delhi on 13th November 2006. A protocol was signed with both sides agreeing to enhance cooperation in traditional areas and diversify the trade basket. It was also decided to organize an Indo-Slovak Business and Investment Forum in Slovakia in 2007-08. It was also decided to hold the meeting of the Joint Committee on Science & Technology in the first half of 2007. The meeting also decided to expedite the conclusion of the Double Taxation Avoidance Agreement (DTAA). An Indo-Slovak Business and Investment Forum was organized by FICCI on 14th November 2006.

The 7th Session held in Bratislava from 11-12 July 2013. The then Minister of State for Commerce Dr. D. Purandeswari co-chaired the meeting with the then Slovak State Secretary for Economy Mr. Pavol Pavlis.

The 8th Session of the Bilateral Joint Economic Committee was held in New Delhi on 25 February 2015.

The 9th Session was held in Bratislava on 21st April 2017. Ms Anita Praveen, Joint Secretary, Department of Commerce & Industry, Ministry of Commerce & Industry and Mr Dusan Jurik, Director General for Strategy, Ministry of Economy co-chaired the meeting. After experts groups discussions on topics related to further development of bilateral economic and business cooperation, a protocol was signed at the end of the event. Simultaneously, business forum was also organized by Slovak Investment and Trade Development Agency (SARIO) for the FICCI business delegation. There were 10 Indian companies and 23 from Slovakia participated. Partnership agreement between FICCI and SARIO was signed during the visit.

The 10th Session of India-Slovakia Joint Economic Committee was held on 13 February, 2019 in New Delhi. The Slovak delegation was led by Mr. Vojtech Ferencz, State Secretary in the Ministry of Economy and Mr. Radko Kuruc, State Secretary in the Ministry of Finance accompanied with many senior officers from different Ministries/Departments in the Slovak Republic and a business delegation took part in the JEC session. Thereafter, the two State Secretaries held a bilateral meeting with Mr. C.R. Chaudhary, Minister of State for Commerce and Industry, Government of India. The Slovak delegation also participated in the Business Forum and B2B meetings organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) and CII in New Delhi.

The 11th session of the Joint Economic Commission (JEC) was held on 14-15 June 2023 in Bratislava. The JEC was co-chaired by Ms. Andrea Krajčíková, Director General of the Foreign Trade Policy and European Affairs Section of the Ministry of Economy and Mr. Anant Swarup, JS, Ministry of Commerce and Industry, GoI. After working groups discussions on topics related to deepen bilateral relations between Slovakia and India, a protocol was signed by the two co-chairs. The next meeting of the JEC is to be held in New Delhi in 2025.

Visits

Several Indian firms are doing business with Slovak companies. During the President's visit to Slovakia in October '96, his delegation included leading industrialists and representatives of FICCI. The business delegation had meetings with the Slovak Chamber of Commerce and individual Slovak companies, in which specific projects for co-operation were discussed. These included joint ventures for manufacture of crystal-ware in India; for finishing and marketing of textiles in Slovakia; and joint manufacture and marketing of chemicals and pesticides; as well as export of rice from India and containers from Slovakia. During the visit of the Minister for Steel and Mines to Slovakia in June '97, he had meetings with the Slovak Minister of Economy and representatives of the Chamber of Commerce and the major VSZ Steel Works at Kosice in eastern Slovakia and discussed prospects for enhancement of bilateral co-operation. The Minister of State for Health and Family Welfare, during her visit, had meetings with the Slovak Minister for Health and leading manufacturers of medical equipment, ambulances and container hospital facilities. The possibilities for increased co-operation including promotion of Indian traditional systems of medicine in Slovakia; import by Slovakia of Indian drugs and pharmaceuticals; and import by India of medical equipment, ambulances and container hospitals from Slovakia were discussed. During his visit to Slovakia in May 1998, the Union Minister for Environment and Forests Shri Suresh P. Prabhu, had a meeting with the Slovak Minister of Economy, Mr Milan Cagala.

The Slovak Economy Minister Mr. Lubomir Jahnatek visited India in November 2006. During his visit Mr. Jahnatek met the Minister for Commerce & Industry Mr. Kamal Nath and senior officials of the ministries for Power and Defence Production.

In October 2015 Economy Minister of Slovakia Mr. Vazil Hudak visited India and met Shri Suresh Prabhu, Minister of Railways.

Economy Minister Karel Hirman with a business delegation focusing on innovative and smart technologies made a working visit to India on 25 - 28 March 2023. He met with his counterpart Piyush Goyal, the Minister of Energy, R. K. Singh and the Minister of Micro, Small and Medium Enterprises N.T. Rane.

India and Slovakia signed the Bilateral Investment Promotion and Protection Agreement (BIPA) in September 2006.

Following the visit of an Indian delegation from the Ministry of Finance in June 1998, the Government of India Mint, Hyderabad, awarded a contract in July '98 for production and supply to India of 700 million Re 1 coins by the Slovak Mint, Mincovna Kremica. In June 1999, Kremica Mint again won an international tender for supply of 300 million Re 1 coins to India.

INDIA'S ECONOMIC REPRESENTATIVES LOCATED IN EUROPE