China is Slovakia's largest trading partner in Asia, mutual trade turnover exceeded 10.6 billion euros last year, which is more than Slovakia's turnover with Africa and America combined. The turnover has a significantly negative trade balance for Slovakia. This was stated for TASR by the communication department of the Ministry of Foreign and European Affairs (MFA) of the Slovak Republic in connection with the visit of the Chairman of the National Council (NR) of the Slovak Republic Boris Kollár (Sme rodina) to China.
"The flows of high turnover of mutual trade are determined by multinational companies, for example in the automotive industry, rather than by domestic entities. Among the negatives, China's long-term lower interest in investment presence in Slovakia can also be counted," reminded the Department of Slovak Diplomacy.
The challenge for mutual relations is balancing the trade balance. "The trade between Slovakia and China is unbalanced, while Slovakia has a deficit in trade with Chinese products. It is important to find ways to increase Slovak exports to China and thus support a balanced trade balance," said the ministry's communications department. The ministry also emphasized the need to maintain transparency and compliance with international standards and regulations in trade and investment cooperation to ensure equal protection of the interests of both parties, for example in accessing mutual markets.
The challenge is also the reduction of technological and raw material dependence on China, the diversification of supply chain flows in industry and also focusing on the security issues that the EU, and therefore Slovakia, will face in the near future vis-à-vis China.
Joint efforts to combat climate change, transition to a green economy and promote sustainable technologies are key to the future of both countries and the world as China accounts for roughly 30 percent of global CO2 emissions.
The ministry considers it important to maintain an open dialogue and mutual respect when dealing with issues related to human rights and democracy. Educational and cultural exchange is also developing between Slovakia and China. It includes cooperation between universities, scholarship programs, mutual visits by artists, support for language teaching and joint cultural events.
Slovakia is located in the heart of Europe and, according to the ministry, its strategic location can provide China with effective access to the European market. At the same time, Slovakia has talented and educated workers who can contribute to the innovation and development of Chinese companies operating on the Slovak market. The Department of Diplomacy currently registers several dozen compatriots living and working in China. "The community of compatriots living in China has been largely affected by the COVID-19 pandemic. Many compatriots have been forced to leave China due to ongoing anti-pandemic measures," the department stated. The largest community of Slovaks lives in the Shanghai region. They move in different spheres, from business representation to mass media communication.
Source: TASR
