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Contact
Office of the Kosice self-governing region

Address:
Namestie Maratonu mieru 1
042 66 Kosice
Slovak republic

Phone: +421 55 7268113
+421 55 7268115 for English, German and French language
Fax: +421 55 7268119

E-mail
 
Interesting documents
Analysis on Current Investment Environment

Labor Force

     The skilled and disciplined Slovak workforce is in a good position to help investors achieve higher productivity levels. The most interesting key cost drivers that make the Slovak Republic outstanding in relation to its regional competitors are:
     -  total cost of labor
     -  high level of unemployment, i.e. source of highly cost-effective, well-qualified labor
     -  benefit created by investment incentives related to creation of new jobs

     Basic salary levels are consistently lower in the Slovak Republic than in other CEC (Central European Countries).

Source: Statistical Offices of CZ, HU, PL, SK


     The main economic problem of the region is a high unemployment rate. Recently-graduated students are usually not able to find appropriate jobs in the region. As you can see from the following chart the unemployment rate in Kosice Region is among the highest in CEC (Central European Countries). The average rate is about 8,33 % and especially in the Kosice region it is as high as 13,79 %.



Source: Statistical Offices of CZ, HU, PL, SK

     The high rate of unemployment in Kosice region, while a problem for the people concerned, could at the same time be a major opportunity for foreign investors to find skilled, qualified and relatively cheap labor. The category of unemployed people includes a large proportion of young and well-educated people who can provide their knowledge and dedication to new investors.

     As you can understand from the following diagram more than 55 % of unemployed are young, adaptable and willing to learn.

     The population of Slovak Republic is relatively young and even younger than those of the EU member states and CEC:

Group of 3 up to 24 year-olds; as a percentage of total population
Country(%)
EU27
Czech Republic31
Hungary30
Poland34
Slovak Republic35

Source: "Educating young Europeans" - Eurostat


     35% of total population in Slovak Republic is within the group of 3-24 year old people. This number shows the potential for further development of any FDI using young employees.