Business, October 2012
The Economy - The third economic stimulus package
In September, the government adopted its third economic stimulus package. The package consists of fifty measures in four sets of legislation covering the labour market and pension system, the banking system, the wider business environment, as well as agriculture and the environment.
- The building of the Ministry of Finance. Photo: STA
The first set, the labour legislation, brings amendments to the acts governing employment relationships, pension and disability insurance schemes, the labour market and the prevention of undeclared work and employment.
The second legislation set in the package is related to the rehabilitation of Slovenian banks. It includes, among others, an act aiming to strengthen the stability of banks, which provides for a new fund for addressing the bad investments of banks, and will be accompanied by a banking act.
The third set is intended to improve the business environment and consists mostly of acts governing the financial sector. With regard to tax measures, the government intends, through income tax relief, to encourage invoicing and the payment of services by non-cash means, and plans to publish the names of tax debtors.
The last set of measures regards agriculture and the environment, and brings amendments to some acts and implementing regulations that will accelerate and simplify administrative procedures.
Other incentives planned by the government include two public tenders for the co-financing of university incubators and the services of the network of VEM entry points; a microloans instrument for small and micro-sized enterprises; an energy contracting instrument for the inclusion of private investors in the implementation of measures for efficient energy use; and the possibility of insuring loans for export preparation.
The government plans to implement the measures by the end of the year, although it is aware that important changes in legislation are related to negotiations between social partners.
Foreign investment - FDI Summit 2012 in Ljubljana
- Photo STA
At the FDI Summit 2012 , the international conference on the importance of foreign investment for Slovenia's development, many business people, chairpersons of the boards of Slovenian and foreign companies, heads of educational, expert and other institutions, ministers and Slovenia's president discussed the current economic situation in Slovenia and in the wider region, and the urgent measures Slovenia must take to end several years of economic stagnation and to prevent financial collapse in the coming months.
The government's decision to establish a bank to take over bad bank loans, so as to make the cleaned-up banks more attractive to investors was presented. Slovenian Sovereign Holding, which would consolidate the ownership and unify the management of Slovenia's investments, as well as increase the transparency of procedures was presented as well.
The concluding thought of the conference was that a change is needed in the thinking and acting of those who still doubt that Slovenia needs foreign investors. Slovenia does need them!
Loans to companies - Slovenian Export and Development Bank finances 500 companies in the first half of the year
In the first half of 2012, the Slovenian Export and Development Bank (hereinafter: the SID Bank) financed about 500 Slovenian companies with EUR 433 million. The priority was given to business projects bringing higher added value, creating new jobs and contributing to the sustainable development of the Slovenian economy.
There were 412 (84 %) small and medium-size enterprises among the companies that received loans from the SID Bank. One half of these enterprises obtained loans for the purpose of entrepreneurship promotion, and the other half for development, export, environmental, energy and other purposes.
The new programme for the direct financing of technology and development projects has proved to be very successful. There was a great increase in financing in this area, as the SID Bank approved 18 development loans amounting to EUR 95 million.
- Aljoša Tušek realised his childhood dream. Photo: STA
Motorsport - Slovenian race car of surpluses
The Renovatio T500 of Tushek Supercars has raced from Slovenia onto the global sports car scene, and was noticed at its premier presentation at the car show in Monaco, 19–22 April 2012. An invitation to the great drivers' parade in Le Mans, taking place on the eve of the 24 Hours race, followed in June. In a 2-km long drive through city streets, the Renovatio T500 was admired by 160 000 spectators, and tested by a seasoned journalist of the British motorsport show Top Gear, Peter Hall.
Everybody was enthusiastic about the Renovatio T500 and it was ranked alongside Bugatti, Ferrari, Koenisegg and Lamborghini cars.
With the Renovatio T 500 (the name means 'rebirth'), Aljoša Tušek, once a race driver now an entrepreneur, realised his childhood dream. In 2004 he started, in cooperation with the Slovak company K1, to upgrade the K1 Attack sports car; in 2005, he and his team had developed a more advanced, technologically improved prototype. Tušek and his team then devoted their efforts to the development of their own sports car, and in 2011 the first Renovatio T500 prototype was ready. In order to facilitate promotion, the Tushek Supercars trademark was designed.
The Renovatio T500 boasts a stronger, 4.2-litre Audi engine V8 FSI with 450 horsepower; it has ceramic brakes and is built from extremely light materials, such as aluminium, carbon and polyester. Owing to this, it is ranked among the lightest sports cars and in its design is very close to the race cars of the GT series. It is distinguished from other race cars by being comfortable for the driver, as well as the passenger, as only high quality materials and state-of-the-art electronics were used for its interior.
Tushek Supercars will only build 30 Renovatio T500 cars and market them at the price of EUR 300 000 each. At the same time, enterprising Aljoša Tušek is already developing a new model with the help of his excellent team.
Text by Nataša Bušljeta
Photo: STA
National statistics
Key indicators: Statistical Office of the Republic of Slovenia (monthly inflation, average earnings, GDP, etc.) Read more »
The Institute of Macroeconomic Analysis and Development of the Republic of Slovenia is an independent government office. Most of its studies, forecasts and analyses are partly or fully available (in English) on its website ›
Slovenian race car of surpluses
The Renovatio T500 of Tushek Supercars has raced from Slovenia onto the global sports car scene, and was noticed at its premier presentation at the car show in Monaco, 19–22 April 2012. An invitation to the great drivers' parade in Le Mans, taking place on the eve of the 24 Hours race, followed in June. In a 2-km long drive through city streets, the Renovatio T500 was admired by 160 000 spectators, and tested by a seasoned journalist of the British motorsport show Top Gear, Peter Hall. Everybody was enthusiastic about the Renovatio T500 and it was ranked alongside Bugatti, Ferrari, Koenisegg and Lamborghini cars.
Read more ›
45th MOS in Celje - Good vibrations for the future
At the 45th International Trade Fair (MOS) in September in Celje, more than 1600 exhibitors from 34 countries presented themselves in 16 halls and on outdoor exhibition stands of the Celje Showground. There were also eight group presentations of countries that see potential for economic cooperation in Slovenia and the wider region. Events within the fair included the business conferences Business Opportunities in Slovenia with a meeting of craftspeople and entrepreneurs from the EU and South-East Europe, Slovenian Companies and Investment Opportunities in Serbia, and Introduction to Ecuador's Economy and Possibilities for Cooperation. Even though the fair was shorter, the attendance figures are similar to those in 2011, with the number of visitors exceeding 137 000.
At the conclusion of the fair, the best of the entrepreneurs and craftspeople were presented with awards of the Celje Fair to reward them for their innovativeness, courage and daring.
Entrepreneurship and sport - 11 Olympic medals from London
Sandiline from Koper, a company producing water sport gear, has 20 years of experience in top level competitions. Athletes wearing sportswear made by Sandiline have won more than 250 medals, as many as 11 at the Summer Olympics in London. Among them are 'Big Ben', as British call the best sailor in the world, Ben Ainslie, and kayakers, the majority of which compete in Sandiline sportswear.
Regarding promotion, the Olympic Games were an important opportunity for the company, which is battling the economic crisis by accelerating investment in the development of its own sportswear trademark, Sandiline. In addition to the efforts to develop its trademark, Sandiline also cooperates with major trademarks and is currently producing gear for Adidas sailing team. Thus, Sandiline wishes to find a way to a wider circle of buyers in a market niche, which is intended solely for world champions in white water sports and sailing.