Slovenia
The Slovenes, a Slavic people, settled in what is now Slovenia in the sixth century.
Area: 7,899 square miles Capital: Ljubljana Government: Parliamentary democratic Republic Population: 1.93 million Language: Slovenian 91%, Serbo-Croation 6%, other 3% GDP per capita: USD 10,900 Monetary unit: Tolar Exports: Manufactured goods, machinery & transport equipment, chemicals, food Imports: Machinery & transport equipment, manufactured goods, chemicals, fuels & lubricants, food.
Dynamic Economy links East and West
History
Milan Kucan, President of Slovenia
When Austria-Hungary collapsed after World War I, fear of an expansionist Italy inspired Serbian, Croatian and Slovenian leaders to form Yugoslavia, later the Socialist Federal Republic of Yugoslavia. After years of tensions, particularly with Serbia, the republic of Slovenia declared its independence from Yugoslavia on June 25, 1991, provoking government attacks. Slovenia retained its independence, and was officially recognized by the European Union in 1992, when it also became a permanent member of the United Nations. Today the country is continuing to expand its free market economy.
Economy
Slovenia’s economy is one of the strongest among former communist countries. The country has achieved an average annual GDP growth rate of 4.5 percent for the past five years, its jobless rate is among Europe’s lowest, and its fiscal deficit stands at only one percent. These strengths are attracting increasing foreign investment, and further growth is anticipated.
As Milan Kuvcan, President of Slovenia, explains, “Slovenia has only appeared on the map of Europe as an independent country for seven years, but these seven years have been a period of rapid and decisive transformation. Slovenia is working to establish solid and reliable partnerships with its near and more distant neighbors, to cement bilateral and multilateral ties with them, to accelerate mutual exchange and the flow of material and spiritual goods, to cooperate in common plans, and to assume common risks and challenges.”
Slovenia is looking forward to continued growth. Renata Vitez, State Secretary for the Ministry of the Economy, points out, “We have introduced a new economic plan geared towards our accession to the European Union and to globalization.”
Slovenia offers investors a strategic location, stable government, low costs, skilled labor, an unpolluted environment, an attractive tax structure and in-depth understanding of regional markets. It is improving its infrastructure and working to boost exports to Europe and the United States. As Franc Horvat, Chairman of Slovenia’s Committee for the Economy, says, “Looking at other members who want to join the EU, Slovenia is at the top of the list.”
