SARIO
Encyclopedia
SARIO, Slovak Investment and Trade Development Agency (Slovenská agentúra pre rozvoj investícií a obchodu in Slovak) is a government agency
established in the Slovak Republic
in 2001, which works under the direction of the Ministry of Economy of the Slovak Republic.
SARIO operates internationally and domestically; its officials are regularly invited to attend professional forums to present and discuss issues of foreign direct investment
s and foreign trade
. SARIO has a network of six regional offices in Slovakia and operates worldwide via 46 Commercial representatives of the Slovak Ministry of Economy. Currently, SARIO employs approximately 100 people.
and an educated population with a high quality of life
. In order to achieve these goals, SARIO utilizes valuable contacts both in Slovakia and abroad.
, increasing the employment rate and reducing regional disparities.
It achieves these objectives in a variety of ways:
• Presenting the business environment in Slovakia to target groups abroad to increase awareness of the name "Slovakia" and create interest in foreign direct investments and trade.
• Maximizing the inflow of foreign direct investments to Slovakia via active, targeted (e.g. by sector) international marketing and by increasing knowledge of the investment climate in Slovakia and by supporting creation of industrial parks.
• Supporting foreign trade via matching bids and offers generated by the Commercial representatives network and other sources, and via subcontracting activities.
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• Foreign Direct Investment Section
• Foreign Trade Section
• EU Structural Funds Section
The FDI section provides comprehensive investment services and up-to-date information for potential foreign investors
on the business environment through:
• Consultancy regarding legislation and tax, customs and business conditions
• Consultancy on setting up a new business
• Consultancy in the area of state aid
and processing of state aid applications
• Consultancy regarding the contribution for new jobs created
• Selection and offer of new real estate
and brownfields
• Setting up and coordination of meetings with representatives of the state administration and self-government bodies
• Regional analyses
• Sector analyses
• Studies of the investment environment
• Searching for appropriate suppliers
• Assistance in the creation of joint venture
s between Slovak and foreign companies
The FDI section also offers a whole range of services for established investors through its Aftercare department. The following are the most frequently requested:
• Support regarding expansions, reinvestments and development of research operations
• Assistance in finding adequate industrial zones and real estate
• Consultancy regarding the drawing of state aid and joint financing of projects from structural funds of the EU
• Searching for suppliers in the region
• Support in the area of human resources
• Development of investor cooperation with high school
s, universities and vocational schools
• Setting up and coordination of meetings with representatives of the state administration, self-government bodies and public institutions
• Organization of expert seminars, business meetings with representatives of the state administration and social events
• Assistance regarding the applications for work permits, visas and permanent residence
for foreign citizens
• Submitting of legislation change proposals from investors to the Slovak Government and development of the Slovak investment environment
Key activities:
• Expositions and trade fairs – Participation in expositions and trade fairs allows the promotion of Slovakia and Slovak entrepreneurs and agencies to take advantage of opportunities to strengthen trade and investment connections and develop new marketing relationships
• Organizing trade missions - Official trips abroad for business groups that include specific goals and programs are among the most effective tools for striking up foreign trade relationships. These missions are organized with the intention of supporting the exporting activities of Slovak enterprises and are closely tied to introducing Slovak products to foreign markets. The impetus for organizing the missions comes primarily from the initiative taken by Slovak enterprises and these missions also follow the economic policies of the Slovak government.
• SARIO Information Center – In order to effectively conduct foreign trade activities as a trade promotion agency, the SARIO Information Center (SIC) project is used to maintain efficient communication between foreign countries and the business entities in Slovakia.
• Subcontracting - Promoting international cooperation means supporting the creation of conditions necessary to work with foreign customers - by promoting small and medium Slovak enterprises at foreign subcontractors' trade fairs, increasing visibility on the internet, creating trade delegations with potential foreign partners to Slovakia, arranging personal meetings between the parties involved and cooperating with the subcontracting centers of Europe. The primary objective is to create an awareness of the production capabilities and promote a close working relationship between Slovak producers and foreign investors.
The structural funds section administers the following programs co-financed by the Slovak Government and the European Commission:
1/ investing to develop industries and regions in the Slovak Re public through the construction and reconstruction of industrial parks
2/ developing and expanding economic and trade exchanges between the Slovak Republic and European Union member countries through the active participation of the entrepreneurial community in trade fairs, expositions and trade delegations.
The Structural Funds section is also designed to provide ongoing service and support for current and expected projects.
The EU Structural Funds Section administers the Sector Operational Program - Industry and Services measures: Measure 1.2 - Support for Building and Reconstructing of Infrastructure and Measure 1.5 - Development of Foreign Cooperation and Image of the Slovak Republic.
The section ensures public awareness of the potential drawing of resources from the EU Structural Funds, of announcements calling for the submitting of projects, and of the non-repayable financial contributions which are provided.
Key activities:
• Announcing calls to submit projects
• Receipt, registration, formal control and evaluation of applications for contributions
• Conclusion of contracts dependant upon contributions with aid recipients/ final recipients
• Receipt of applications for payment from final aid recipient(s), securing preliminary and continual financial control of applications for payment, approving applications for payment
• Monitoring projects which were awarded a non-repayable financial contribution
• Securing the safekeeping of relevant documentation regarding project realization
Government agency
A government or state agency is a permanent or semi-permanent organization in the machinery of government that is responsible for the oversight and administration of specific functions, such as an intelligence agency. There is a notable variety of agency types...
established in the Slovak Republic
Slovakia
The Slovak Republic is a landlocked state in Central Europe. It has a population of over five million and an area of about . Slovakia is bordered by the Czech Republic and Austria to the west, Poland to the north, Ukraine to the east and Hungary to the south...
in 2001, which works under the direction of the Ministry of Economy of the Slovak Republic.
SARIO operates internationally and domestically; its officials are regularly invited to attend professional forums to present and discuss issues of foreign direct investment
Foreign direct investment
Foreign direct investment or foreign investment refers to the net inflows of investment to acquire a lasting management interest in an enterprise operating in an economy other than that of the investor.. It is the sum of equity capital,other long-term capital, and short-term capital as shown in...
s and foreign trade
International trade
International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...
. SARIO has a network of six regional offices in Slovakia and operates worldwide via 46 Commercial representatives of the Slovak Ministry of Economy. Currently, SARIO employs approximately 100 people.
Vision
SARIO works actively to make the Slovak Republic a country with a well developed economyDeveloped country
A developed country is a country that has a high level of development according to some criteria. Which criteria, and which countries are classified as being developed, is a contentious issue...
and an educated population with a high quality of life
Quality of life
The term quality of life is used to evaluate the general well-being of individuals and societies. The term is used in a wide range of contexts, including the fields of international development, healthcare, and politics. Quality of life should not be confused with the concept of standard of...
. In order to achieve these goals, SARIO utilizes valuable contacts both in Slovakia and abroad.
Mission
The mission of SARIO is to improve the standard of living of Slovak citizens by promoting economic growthEconomic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
, increasing the employment rate and reducing regional disparities.
It achieves these objectives in a variety of ways:
• Presenting the business environment in Slovakia to target groups abroad to increase awareness of the name "Slovakia" and create interest in foreign direct investments and trade.
• Maximizing the inflow of foreign direct investments to Slovakia via active, targeted (e.g. by sector) international marketing and by increasing knowledge of the investment climate in Slovakia and by supporting creation of industrial parks.
• Supporting foreign trade via matching bids and offers generated by the Commercial representatives network and other sources, and via subcontracting activities.
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Sections of SARIO
SARIO consists of three sections, each having a different set of tasks:• Foreign Direct Investment Section
• Foreign Trade Section
• EU Structural Funds Section
Foreign Direct Investment Section
In part due to SARIO's efforts, the amount of foreign direct investments is increasing at an expanding rate. In 2008, the agency completed a total of 34 investment projects amounting to 538 million EUR, which resulted in the creation of 4624 to 4979 new jobs.The FDI section provides comprehensive investment services and up-to-date information for potential foreign investors
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
on the business environment through:
• Consultancy regarding legislation and tax, customs and business conditions
• Consultancy on setting up a new business
• Consultancy in the area of state aid
Subsidy
A subsidy is an assistance paid to a business or economic sector. Most subsidies are made by the government to producers or distributors in an industry to prevent the decline of that industry or an increase in the prices of its products or simply to encourage it to hire more labor A subsidy (also...
and processing of state aid applications
• Consultancy regarding the contribution for new jobs created
• Selection and offer of new real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
and brownfields
• Setting up and coordination of meetings with representatives of the state administration and self-government bodies
• Regional analyses
• Sector analyses
• Studies of the investment environment
• Searching for appropriate suppliers
• Assistance in the creation of joint venture
Joint venture
A joint venture is a business agreement in which parties agree to develop, for a finite time, a new entity and new assets by contributing equity. They exercise control over the enterprise and consequently share revenues, expenses and assets...
s between Slovak and foreign companies
The FDI section also offers a whole range of services for established investors through its Aftercare department. The following are the most frequently requested:
• Support regarding expansions, reinvestments and development of research operations
• Assistance in finding adequate industrial zones and real estate
• Consultancy regarding the drawing of state aid and joint financing of projects from structural funds of the EU
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
• Searching for suppliers in the region
• Support in the area of human resources
• Development of investor cooperation with high school
High school
High school is a term used in parts of the English speaking world to describe institutions which provide all or part of secondary education. The term is often incorporated into the name of such institutions....
s, universities and vocational schools
• Setting up and coordination of meetings with representatives of the state administration, self-government bodies and public institutions
• Organization of expert seminars, business meetings with representatives of the state administration and social events
• Assistance regarding the applications for work permits, visas and permanent residence
Permanent residency
Permanent residency refers to a person's visa status: the person is allowed to reside indefinitely within a country of which he or she is not a citizen. A person with such status is known as a permanent resident....
for foreign citizens
• Submitting of legislation change proposals from investors to the Slovak Government and development of the Slovak investment environment
Foreign Trade Section
The foreign trade section conducts activities to support export and develop foreign trade. Some of the top priorities are participation in general and specialized expositions and trade fairs, setting up trade delegations to other countries, receiving foreign delegations, designing educational programs for startup exporters, provision of consulting services at home and abroad, and developing marketing studies.Key activities:
• Expositions and trade fairs – Participation in expositions and trade fairs allows the promotion of Slovakia and Slovak entrepreneurs and agencies to take advantage of opportunities to strengthen trade and investment connections and develop new marketing relationships
• Organizing trade missions - Official trips abroad for business groups that include specific goals and programs are among the most effective tools for striking up foreign trade relationships. These missions are organized with the intention of supporting the exporting activities of Slovak enterprises and are closely tied to introducing Slovak products to foreign markets. The impetus for organizing the missions comes primarily from the initiative taken by Slovak enterprises and these missions also follow the economic policies of the Slovak government.
• SARIO Information Center – In order to effectively conduct foreign trade activities as a trade promotion agency, the SARIO Information Center (SIC) project is used to maintain efficient communication between foreign countries and the business entities in Slovakia.
• Subcontracting - Promoting international cooperation means supporting the creation of conditions necessary to work with foreign customers - by promoting small and medium Slovak enterprises at foreign subcontractors' trade fairs, increasing visibility on the internet, creating trade delegations with potential foreign partners to Slovakia, arranging personal meetings between the parties involved and cooperating with the subcontracting centers of Europe. The primary objective is to create an awareness of the production capabilities and promote a close working relationship between Slovak producers and foreign investors.
EU Structural Funds Section
The structural funds section administers the following programs co-financed by the Slovak Government and the European Commission:
1/ investing to develop industries and regions in the Slovak Re public through the construction and reconstruction of industrial parks
2/ developing and expanding economic and trade exchanges between the Slovak Republic and European Union member countries through the active participation of the entrepreneurial community in trade fairs, expositions and trade delegations.
The Structural Funds section is also designed to provide ongoing service and support for current and expected projects.
The EU Structural Funds Section administers the Sector Operational Program - Industry and Services measures: Measure 1.2 - Support for Building and Reconstructing of Infrastructure and Measure 1.5 - Development of Foreign Cooperation and Image of the Slovak Republic.
The section ensures public awareness of the potential drawing of resources from the EU Structural Funds, of announcements calling for the submitting of projects, and of the non-repayable financial contributions which are provided.
Key activities:
• Announcing calls to submit projects
• Receipt, registration, formal control and evaluation of applications for contributions
• Conclusion of contracts dependant upon contributions with aid recipients/ final recipients
• Receipt of applications for payment from final aid recipient(s), securing preliminary and continual financial control of applications for payment, approving applications for payment
• Monitoring projects which were awarded a non-repayable financial contribution
• Securing the safekeeping of relevant documentation regarding project realization