Ljubljana, 11 October 2024 - An international conference focused on strengthening economic cooperation between Slovenia and the United Kingdom, organised by the National Council of the Republic of Slovenia and the British-Slovenian Chamber of Commerce and Industry, took place in the National Council Chamber. The aim of the conference was, among other things, to facilitate a dialogue between Slovenian business and political representatives, with a particular focus on the exchange of best practices and the identification of new business opportunities.

The President of the National Council of the Republic of Slovenia Marko Lotrič began by reminding that economic growth is essential for Slovenia, as additional financial resources will be needed to implement key reforms such as health care and pension reforms. "Reducing the lengthy bureaucratic procedures that currently hinder the development of businesses is key to boosting GDP. We need a stable and predictable tax environment that is attractive to both domestic and foreign companies. This will not put additional burdens on existing taxpayers, but will also bring new contributions to the state budget," he stressed, adding that de-bureaucratisation and a favourable business environment will help to make Slovenia more attractive to foreign investors, including British ones. He described the cooperation with the British-Slovenian Chamber of Commerce as a strategic opportunity for Slovenian companies to expand their access to one of the most developed markets in the world. He stressed that cooperation between the two countries was important not only for financial capital, but also for the possibility of exchanging a wealth of knowledge, technologies, and best practices. He mentioned fintech, biotechnology, renewable energy and sustainable tourism as areas where there are many opportunities for cooperation. 

The UK is one of the largest economies in the world and with more than 70 million consumers, it offers significant opportunities for Slovenian companies, said Luka Vesnaver, Chairman of the British-Slovenian Chamber of Commerce, in his opening remarks: "This is a market with high purchasing power, where companies can achieve high margins. At the same time, the competitive environment in the UK encourages companies to innovate and develop cutting-edge products." He said that, despite customs and administrative barriers, trade between the two countries has strengthened since the UK's exit from the European Union, reaching 2019 levels again, and in some sectors even exceeding them. "Our chamber aims to position the UK as one of the most important trade destinations for Slovenian businesses outside the European Union." He added that without a developed capital market, it is difficult to build strong export businesses and this is where Slovenia still has great potential to provide even better conditions for growth in foreign markets. 

State Secretary for Internationalization, Entrepreneurship, Development Resources and Tourism at the Ministry of the Economy, Tourism and Sport, Matevž Frangež, emphasised that Slovenia and the United Kingdom share cultural and value beliefs, the rule of law and numerous synergies, as well as exceptional and largely unexploited potentials. He pointed out that a period of great change lies ahead, within which Slovenia sees an opportunity to diversify its economy, as well as an opportunity to "make our economy smarter and more globally connected". We need to see these frightening circumstances as an opportunity to grow rapidly in innovation, competitiveness and productivity, he stressed, thanking the UK Government for its support to Slovenia in the process leading to Slovenia becoming a full member of the European Space Agency in 2025. 

Dr Slobodan Šešum, Director General at the Directorate for Economic and Public Diplomacy, Ministry for Foreign and European Affairs, pointed out the UK Trade Council, which functions under the auspices of the British-Slovenian Chamber of Commerce and is an excellent platform for the exchange of information between businesses and politicians. "We support all cooperation, especially in the fields of science, innovation and forward-looking solutions," he said. 

The British Ambassador to Slovenia, Victoria Harrison, expressed her appreciation for attending the conference organised by the National Council and the British-Slovenian Chamber of Commerce: 'Today's event is an excellent opportunity for an exchange of ideas and experiences between business and politics. This will allow us to better understand the challenges Slovenian companies face when doing business with the UK, while highlighting the many opportunities the UK market offers. Trade is a process and economic growth is the result. Economic growth is also one of the priorities of the new UK Government, but it is not just a domestic policy issue - economic growth is also one of the key tasks of the UK's foreign policy, in addition to re-establishing a strong relationship with Europe."

The Analysis of Economic Cooperation between Slovenia and the United Kingdom in the period 2016-2023 was presented by Bojan Ivanc, Head of Analytics at the Slovenian Chamber of Commerce and Industry. Slovenia benefits from around €600 million annually in the UK, which represents 1% of our GDP. Despite the geographical distance of the UK market, the results show that, in addition to trade in goods, trade in services is also very important for Slovenian companies. Slovenia's exports of goods to the UK have increased by 118% compared to 2019, with exports of vehicles, electrical and electronic equipment standing out. Trade in services, particularly in the ICT sector, also grew significantly, with services exports up 49% on 2019. Both figures demonstrate the resilience and adaptability of Slovenian businesses in the aftermath of the COVID-19 pandemic and the UK's exit from the European Union. Although UK investment is worth €538 million, there are still plenty of opportunities to boost FDI as well. At a time when countries are competing to attract foreign investment that brings new skills and creates new jobs, a stimulating environment is even of greater importance.

This was followed by a discussion on best practices and challenges in the UK market and a roundtable discussion on opportunities to strengthen economic cooperation between Slovenia and the UK.

In the discussion, successful Slovenian and exporting companies explained how they have managed to adapt to the regulatory changes in the UK market after its exit from the European Union. Those that have been present on the UK market for many years have found it much easier to cope with the changes. As an example of adaptation, some pointed out that their key suppliers have established logistics centres in EU countries to ensure the smooth functioning of the supply chain, while others have transferred production processes to EU countries and managed to ensure negligible cost increases by importing finished products. Speakers described the UK market as one of the most innovative, which further motivates them to continuously invest in new technologies and innovation. Moreover, they consider that being present in this market brings added value to their brands, as the UK market is recognised as sophisticated and prestigious. Project Manager at Riko Maruša Šeme pointed out that the company is extremely satisfied with the UK market: "We have been present on the market for almost 20 years, and one of our largest projects is The Lakes By Yoo, where we have built more than 150 houses, with many more in the pipeline." 

At the round table on strengthening cooperation between the two countries, the speakers agreed that de-bureaucratisation, reduction of the wage burden and stability in the field of taxes and corporate contributions are the conditions for attracting foreign direct investment to Slovenia. A stable and predictable economic environment that allows companies to operate in competitive market conditions is crucial for large companies' decisions to make new investments. Rok Capl, Director of the public agency SPIRIT Slovenia, pointed out that "SPIRIT is actively working to strengthen foreign direct investment by organising delegations, visits to trade fairs and other promotional activities abroad." Slovenia is also being promoted abroad as an attractive investment destination through the campaign Green. Creative. Smart. aimed at promoting the Slovenian economy in a globally competitive market. 

Miha Žerko, CEO and President of SRC, one of the largest Slovenian IT companies, presented their story of a British investment, with an English fund becoming a co-owner of the company. Due to the nature of their critical infrastructure software business, they have to go through a much longer purchase approval process than before 2019, when the UK was still part of the European Union. He added: "I would like to see, above all, an improvement in the speed of decision-making in Slovenia, which would facilitate such processes and encourage further investment." 

The conference was concluded by the Head of the Representation of the European Commission in Slovenia, Dr Jerneja Jug Jerše, who stressed that cooperation between the European Union and the United Kingdom continues, and that we remain good friends and partners in a number of areas (including offshore renewables, the regulation of financial services, and research). Geostrategic shifts, climate change, and tectonic shifts in the field of technology all require cooperation, she stressed. 

The conclusions will be discussed at a forthcoming meeting of the National Council's Commission for Economy, Trade, Tourism and Finance, and will then be reviewed by the Plenary of the National Council of the Republic of Slovenia, which will inform the relevant institutions accordingly. 

The conference was chaired and moderated by Matej Slapar, Vice-President of the National Council's Commission for Economy, Trade, Tourism and Finance, and Barbara Uranjek, CEO of the British-Slovenian Chamber of Commerce.

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The conference was also attended by Žiga Fišer from the British Embassy in Ljubljana, Boštjan Jerončič, Chief Executive Officer of Incom, Joanna Dodd, Managing Director of Rochester PR Group, Dragan Gojković, Vice President and Chief Executive Officer of Sibo G, Barbara Perko Brvar, Chief Executive Officer of Adria Tehnika, Patrick Davidson, Chief Development Officer at Mendota Invest, Jon Fuge, Managing Director of Renishaw, Alvin Ng, Chief Financial Officer of Titus Group, and Andrej Poklič, Director of GKN Driveline Slovenia.

A recording of the conference is available at: https://www.youtube.com/watch?v=5aLBQ9upa1U

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A special thank you goes to the Partners of the Conference – SPIRIT Slovenia, Ministry of the Economy, Tourism, and Sport, Riko, and SRC.

Photos from the event are available here. Photos were taken by Benjamin Beci / National Council.