VZCZCXYZ0001
RR RUEHWEB

DE RUEHLJ #0012/01 0151707
ZNR UUUUU ZZH
R 151707Z JAN 09
FM AMEMBASSY LJUBLJANA
TO RUCPCIM/CIMS NTDB WASHDC
RUEHC/SECSTATE WASHDC 7122
RUEATRS/DEPT OF TREASURY WASHDC
RUCPDOC/DEPT OF COMMERCE WASHDC
RUEATRS/DEPT OF TREASURY WASHDC
INFO RUCNMEM/EU MEMBER STATES

UNCLAS LJUBLJANA 000012 
 
SIPDIS 
 
EB/IFD/OIA 
 
E.O. 12958: N/A 
TAGS: ECON EFIN ETRD ELAB USTR OPIC KTDB SI
SUBJECT: 2009 SLOVENIA INVESTMENT CLIMATE STATEMENT 
 
REF: 08 STATE 123907 
 
¶1. In response to reftel, the 2009 Investment Climate 
Statement for Slovenia follows: 
 
A.1 Openness to Foreign Investment 
---------------------------------- 
A European Union member since May 1, 2004 and a eurozone 
member since January 1, 2007, Slovenia has a strong mix of 
qualities to recommend it as an investment location.  With 
excellent infrastructure, a major port on the Adriatic Sea 
and a highly educated work force, Slovenia can be an 
attractive place for the investor to access the markets of 
Central and Southeastern Europe. 
 
The new left-leaning government that came into power in 
November 2008 has not yet announced its plans for new 
economic policies or privatization.  The government has thus 
far been occupied with responding to the global financial 
crisis and efforts to implement and maintain broad fiscal 
discipline to avoid a recession.  This government is expected 
to continue with Slovenia,s tradition of consensus-based 
policymaking, which will slow privatization efforts.  It will 
attempt to privatize the financial markets and 
telecommunication industry before other areas.  The 
government has said it will encourage development of big 
infrastructure projects in the energy and transportation 
sectors - good areas for FDI. 
 
Slovenia welcomes foreign direct investment that does not 
negatively impact the environment.  Slovenia particularly 
welcomes those investments that create jobs in the high-tech 
sector and have links to R and D activities, for which 
special tax incentives are available.  Slovenia is a high-tax 
country but, in January 2007, the government introduced tax 
cuts that have significantly reduced business costs.  The 
payroll tax was eliminated in January 2009.  The corporate 
tax rate has dropped to 21% in 2009 and will level off at 20% 
for 2010 and beyond. 
 
There are no formal sectoral or geographic restrictions to 
foreign investment.  In some regions, Slovenia offers special 
facilities and services to foreign investors.  Slovenia 
offers financial and tax incentives within EU parameters to 
firms undertaking projects in economically depressed and 
underdeveloped areas. 
 
The Slovenian public agency for promoting foreign direct 
investment, JAPTI, announced that their 2008 FDI Promotion 
Program will make the most of Slovenia's comparative 
advantages, specifically: 1) geographical location in the 
heart of Europe with good communication and transport 
infrastructure; 2) relatively well-developed and 
technologically advanced industry; 3) well-educated labor 
force; 4) the relative openness of its economy; and 5) 
political and economic stability.  JAPTI wants to position 
Slovenia as the best logistical hub for new and old 
businesses in the south of Europe.  JAPTI has worked with 
local communities in creating nine business zones for new 
investors.  The program also seeks to overcome the main 
weaknesses of Slovenia,s current policies related to FDI. 
Foreign companies report these weaknesses to be: the 
Government,s passivity in promoting FDI, the inaccessibility 
of building sites for conducting business activities, the 
lack of financial incentives for greenfield investors, and 
the low mobility of the labor force. 
 
Companies investing (or considering investing) in Slovenia 
may be eligible for financial assistance in the form of 
grants from the Slovenian Public Investment Promotion Agency 
(JAPTI).  Information and application forms are available 
from JAPTI or on their website www.investslovenia.si. 
Incentives will be provided for projects that create at least 
100 new jobs.  This requirement is reduced to 50 new jobs in 
less developed regions and to 10 new jobs if the investment 
is in the field of R&D.  The Government also provides free 
training and retraining employment grants to employers who 
intend to hire unemployed persons. 
 
Municipalities offer different forms of incentives, which may 
be negotiated on a case-by-case basis.  These incentives may 
include, but are not limited to, easy access to industrial 
sites, utility connections and local tax holidays. 
 
Despite the challenges listed herein, the GOS expects that 
FDI inflows will increase in the near to medium term, as more 
foreign investors look to Slovenia to establish a regional 
presence or to strengthen their position in the area.  FDI is 
expected to increase from the following sources: 
 
(i)   Acquisitions of already privatized companies; 
(ii)  Privatization of state-owned assets; 
(iii) Expansion of foreign-owned companies.  (Historically, 
this has been the largest source of new jobs in the 
manufacturing sector); 
(iv)  Privatization funds and other state-run funds will 
continue to consolidate their portfolios as a way to increase 
liquidity; and 
(v)         Greenfield investments. 
 
A.2 Conversion and Transfer Policies 
------------------------------------ 
Since September 1, 1995, Slovenia has adhered to Article VIII 
of the IMF Article of Agreement, thus committing itself to 
full current account convertibility and the full repatriation 
of dividends.  Slovenia replaced its previous currency, the 
Slovenian tolar, with the Euro in January 2007.  In practice, 
to repatriate profits, joint stock companies must provide the 
following: evidence of the settlement of tax liabilities; 
notarized evidence of distribution of profits to 
shareholders; and proof of joint stock company membership 
(Article of Association).  All other companies need to 
provide evidence of the settlement of tax liabilities and the 
company's act of establishment. 
 
For the repatriation of shares in a domestic company, the 
company must submit its act of establishment, a contract on 
share withdrawal, and evidence of the settlement of tax 
liabilities to the authorized bank. 
 
A.3 Expropriation and Compensation 
---------------------------------- 
According to Article 69 of Slovenia,s Constitution, the 
right to possession of immobile property can be taken away or 
limited, with compensation in kind or financial compensation 
under conditions determined by law on the basis of public 
interest. 
 
There are no current expropriation-related investment 
disputes in Slovenia.  National law gives adequate protection 
to all investments. 
 
However, there is an ongoing dispute over property 
expropriated by the socialist Yugoslav government after World 
War II.  The 1991 Denationalization Act allowed for claims to 
be submitted for recovery of such property.  Of a total 
39,626 denationalization claims submitted, 492 were filed by 
U.S. citizens.  None of these U.S. citizen claimants were 
U.S. citizens at the time the property was expropriated.  All 
U.S. citizen claimants are either individuals who acquired 
U.S. citizenship subsequent to their property being 
expropriated, or the heirs of individuals whose property was 
seized when the owners were not U.S. citizens.  Of these 
claims, 427, or 87%, had been resolved as of August 31, 2008. 
 
A.4 Dispute Settlement 
---------------------- 
Slovenia is a signatory to the 1958 New York Convention on 
Recognition of Foreign Arbitral Awards and the 1961 European 
Convention on International Commercial Arbitration. 
 
Slovenia has a well-developed, structured legal system.  It 
is based on a five-tier (district, regional, appeals, 
supreme, and administrative) court system.  These courts deal 
with a vast array of legal cases including criminal, domestic 
relations, land disputes, contracts, and other 
business-related issues and probate.  A separate social and 
labor court with regional, appeals, and supreme courts, deals 
strictly with labor disputes, pensions, and other social 
welfare claims.  Similar to most European countries, Slovenia 
also has a Constitutional Court that hears complaints 
alleging violations of human rights and personal freedoms, 
expresses its opinions on the constitutionality of 
international agreements and state statutes, and deals with 
other high profile political issues.  In keeping with 
European legal standards, in 1997 the Slovene Parliament 
established an administrative court to handle disputes among 
local authorities, between state and local authorities, and 
between local authorities and executors of public authority. 
 
The Parliament passed a law on Legal Proceedings in 1999 to 
speed up court proceedings.  The law stipulates a stricter 
and more efficient procedure for serving court documents and 
providing evidence.  For commercial cases, defendants are now 
required to file their defense within 15 days of receiving 
notice of a claim.  Despite the efforts to improve the 
effectiveness of the Slovene court system, the court backlogs 
at all levels are still significant and cases can drag on for 
years.  Slovenia has received warnings from the EU on this 
matter several times.  Because the problem is a major public 
concern, in 2006 the government introduced a program to cut 
the backlogs.  The program targets a 50% decrease in open 
cases and a significant cut in the time courts have to solve 
an open case.  Over the next five years, the program will cut 
the average processing time of a case from 18 months to 6 
months. In order to accomplish this, the Ministry of Justice 
has started creating a better working environment in courts, 
funding additional staff, changing remuneration of judges and 
administrative staff, and improving IT tools used in the 
judicial sector.  There were 451,172 unresolved cases as of 
end of June 2008. 
 
Unless parties have agreed to binding arbitration for 
disputes, the regional court specializing in economic issues 
has jurisdiction over business disputes.  However, the 
parties may agree in writing to settle disputes in another 
court of jurisdiction. 
 
The parties may also exclude the court as the adjudicator of 
the dispute if they agree in writing that contractual 
disputes be solved by arbitration, whether ad hoc or 
institutional.  In the former case, the applicable procedure 
and law must be determined.  In the case of institutional 
arbitration, the type of arbitration must be clearly defined. 
 The Permanent Court of Arbitration within the Chamber of 
Economy is an independent institution that solves domestic 
and international disputes arising out of business 
transactions among companies. 
 
The procedure before the Permanent Court of Arbitration at 
the Chamber of Economy of Slovenia is governed by the 
Regulations on the Procedure before the Permanent Court of 
Arbitration at the Chamber of Economy of Slovenia. 
Arbitration rulings are final and subject to execution. 
 
Competition is keen in Slovenia and bankruptcies are an 
established and reliable means of working out firms' 
financial difficulties. 
 
Slovene law provides three procedural methods for handling 
bankrupt debtors.  The first, Compulsory Settlements, allows 
the insolvent debtor to submit a plan for financial 
reorganization with the Court.  The Compulsory Settlement 
Plan is then voted upon by the creditors and must be accepted 
by those creditors whose claims represent more than 60% of 
the total claimed.  If the settlement is accepted, the debtor 
is excused from the obligation to pay the creditor the amount 
that exceeds the percentage of payment set forth in the 
confirmed settlement.  The payment terms re then extended in 
accordance with the conditios of forced settlement. 
Confirmed compulsory setlement affects creditors who have 
voted against ompulsory settlement and creditors who have 
not rported their claims in the settlement procedure. 
The creditor or debtor may also initiate bankrupty 
procedures.  The court names a bankruptcy admiistrator who 
sells the debtor,s property accordig to the bankruptcy 
senate president's instructios and supervision.  As a rule, 
the debtor,s proprty is sold by public auction.  Otherwise, 
the ceditors, committee may prescribe a different mode f 
sale such as collecting offers or placing condtions for 
potential buyers.  The legal effect of completed bankruptcy 
is the termination of the debtor,s legal status to conduct 
business, and the distribution of funds created from the sale 
of assets to creditors according to their share of total debt. 
 
The third method, bankruptcy as forced liquidation, is 
distinguished from voluntary liquidation (without court 
intervention) as set forth in the Law on Commercial 
Companies.  Forced liquidation is imposed on a debtor, for 
whom the law determines the liquidation procedure and the 
legal conditions for ending his existence as a business 
entity. This would occur, for example, if the management does 
not operate for more than twelve months, if the court finds 
the registration void, or by court order. 
 
A.5 Performance Requirements and Incentives 
------------------------------------------- 
No performance requirements are imposed as a condition for 
establishing, maintaining, or expanding an investment.  There 
are some incentives offered to potential investors through 
the "FDI Incentive Scheme."  The Inward Investment 
Cost-Sharing Grant Scheme will co-fund investments in 
industry, strategic services, or research and development 
that will result in at least 10 to 50 new jobs.  More 
information and application forms can be found at 
www.investslovenia.org.  On the other hand, the rigid 
procedures necessary to acquire work permits serve as an 
impediment for foreign investors.  It can take two to three 
months to obtain a work permit.  The Ministry of Labor has 
established a fast-track procedure for foreigners who are 
registered in the court registry as authorized persons or 
representatives of companies, managers of branch offices, and 
for foreigners who are temporarily sent to work in 
organizational units for foreign legal persons registered in 
Slovenia.  More info on work permits and employment services 
at http://www.ess.gov.si. 
 
A.6 Right to Private Ownership and Establishment 
--------------------------------------------- --- 
Private enterprise and ownership are promoted and protected 
in Slovenia, both by statute and the Constitution. 
Slovenia,s laws on foreign investment are fully harmonized 
with EU legislation.  As provided for in the Law on 
Commercial Companies, all business activities within Slovenia 
are open to domestic and foreign natural and legal persons 
who may establish wholly or partially owned companies in any 
legal form provided by the Commercial Companies Act (Limited, 
General, and Silent Partnerships; Joint Stock Companies, 
Limited Liability Companies, and Partnerships Limited by 
Shares; and Economic Interest Groups).  Foreign investors may 
freely invest in Slovene companies in most industries except 
in banking and insurance industries, where a permit from the 
Bank of Slovenia or Insurance Supervision Agency is needed. 
Furthermore, current regulations limit the foreign ownership 
stake in gaming interests to 20%.  Foreign investors are 
permitted to obtain concessions for the exploitation of 
renewable and non-renewable natural and public goods.  In 
addition, foreign and domestic investors have the same 
reporting requirements to the Bank of Slovenia. 
 
There are also some restrictions on foreign investment in the 
field of military supply.  For example, direct investments 
made by non-residents in companies or other entities that are 
engaged in the production of, or trade in, weaponry and 
military equipment are allowed only if specifically 
authorized by the Government of the Republic of Slovenia. 
 
Any company registered in Slovenia is granted the status of a 
Slovenian legal entity under which they enjoy national 
treatment.  Foreign investors are subject to the same legal 
treatment as domestic companies and enjoy the same rights and 
obligations.  The registration process is rather simple and 
usually takes between three weeks and one month to complete. 
Registered foreign-owned companies may also become members of 
the Ljubljana Stock Exchange. 
 
Foreign-owned companies are entitled to own property in 
Slovenia.  All citizens and enterprises of the European Union 
or the U.S. have the same purchase rights and rights of use 
of land and natural resources as citizens and domestic 
enterprises.  If a foreign citizen or legal person from a 
third (i.e., non-EU) country decides to establish a company 
in Slovenia, this company is considered a Slovenian legal 
person and as such can buy, own and sell real estate. 
However, while the law provides for these rights, some 
foreign companies have experienced unexplainable delays in 
obtaining land even after all the necessary paperwork is in 
order. 
 
Foreign shareholders are entitled to free and unrestricted 
transfer of their profits abroad in foreign currency, 
providing that they meet their tax obligations.  The 23% 
corporate tax rate in Slovenia applies to domestic and 
foreign companies and is among the lowest rates in Europe. 
In 2007, the government announced further reduction of the 
corporate rate from 23% in 2007, to 22% for 2008, 21% for 
2009 and 20% for 2010 and beyond. 
 
Credits and guarantees between residents and non-residents 
are regulated by the Foreign Exchange Act.  The law 
differentiates between commercial and financial credits. 
Commercial credits are those credits relating to trade and 
rendering international services that involve a resident as 
one of the contracting parties.  Commercial credits include 
contractual trade credits (deferred payments and/or advances) 
and their financing by banks.  Factoring operations are also 
considered to be commercial credits, on the condition that 
the underlying operations from which the claims arise have 
the nature of commercial credits.  All other operations are 
considered to be financial credits, including mortgage-backed 
and consumer loans as well as financial leasing operations. 
 
All credit transactions, except commercial credits with 
payment delay or prepayments less than 12 months, must be in 
written form and contain all obligatory parts of the credit 
business.  Authorized banks undertake credit operations with 
non-residents for their own accounts and in their own name or 
in their own name and for someone else's account as his 
proxy.  Residents other than banks undertake credit 
operations with non-residents for their own accounts and in 
their own name.  Residents must report all credit operations 
with non-residents to the Bank of Slovenia within 10 days of 
signing the loan contract. 
 
Larger banks in Slovenia also have specialized International 
Desks, which offer bank services to foreign companies and 
persons. 
 
The 1999 Law on Banking allows foreign banks to establish 
branch offices in Slovenia.  Since 1999, local borrowers have 
faced no restriction regarding borrowing from abroad, which 
was strictly regulated before the new legislation.  Once 
Slovenia joined the EU, its banking regulation was entirely 
harmonized with the banking regulation of the EU. 
 
As of June 2001, all restrictions on portfolio investments by 
foreigners in Slovenia have been abolished and the purchase 
of foreign equities by Slovenes has been fully liberalized. 
 
A.7 Protection of Property Rights 
--------------------------------- 
There is no law, statute, or regulation that specifically 
deals with mortgage banking services in Slovenia.  However, 
the Government has committed itself to creating a mortgage 
banking system to include property assessments and deeds that 
will replace the current Land Registry system.  Currently 
there are no special mortgage banks in Slovenia. 
Accordingly, only a few Slovenian banks offer mortgage loans 
per se. Nevertheless, banks provide loans that are secured by 
mortgages.  They are frequently granted to corporate clients 
and entrepreneurs as well as to private individuals. 
 
In order for mortgages to be effective against any owner of 
real estate, the mortgage must be registered in the Land 
Registry Book at the Land Registry Office.  The Land Registry 
Book was introduced within the present territory of Slovenia 
in the 19th century and serves to inform the general public 
of the owner of land, buildings, and parts of buildings. 
Within the legal system, the Land Registry Book is connected 
in part with substantive civil law, which regulates default 
procedures on real estate. 
 
Even though many banks give priority to the cash flow 
statements before the collateral of the loan, the use of 
mortgages to finance real estate developments is common in 
Slovenia.  Mortgages are used as collateral for corporate 
financing of development projects.  The creditor often 
requires the debtor to own, in equity, one and a half to two 
times the amount of the loan, depending on the debtor,s 
credit rating.  Once the mortgage is consummated between the 
creditor and debtor, it is registered in the Land Registry 
Book.  If the mortgager defaults on the loan, the law 
provides for a foreclosure procedure on the mortgaged 
property. 
 
Slovene banks also offer project financing services for 
construction and development projects. Under this program, 
the banks offer up to 70% financing (30% of the project cost 
is usually required from the investor,s own sources).  The 
banks also offer advisory services pertaining to Slovene 
regulations on building and sales of real estate as well as 
transfer of ownership of the mortgaged real estate.  As 
collateral, the bank usually requires a mortgage on the 
building being built. 
 
Slovenia has enacted highly advanced and comprehensive 
legislation for the protection of intellectual property that 
fully reflects the most recent intellectual developments in 
the TRIPS Agreement (Trade Related Aspects of Intellectual 
Property) and various EU directives.  Slovenia negotiated its 
TRIPS commitments as a developing country and implemented its 
commitments as of January 1, 1996.  Slovenia is a full member 
of the TRIPS Council of the World Trade Organization (WTO) 
and the World Intellectual Property Organization (WIPO). 
Slovenia has already ratified the WIPO Copyright Treaty and 
the Cyber Crime Convention. 
 
Slovenia,s Intellectual Protection Office actively 
participates in the Intellectual Property Working Party of 
the Council of the EU, the Trademark Committee and other EU 
working bodies in formulation of new EU legislation.  The 
Copyright and Related Rights Act amended in 2001 and 2004 
deals with all fields of modern copyright and related rights 
law, including traditional works and their authors, computer 
programs, audiovisual works, as well as rental and lending 
rights.  The act also takes into account new technologies 
such as storage and electronic memory, original databases, 
satellite broadcasting, and cable re-transmission.  The 2004 
harmonization with the EU legislation introduced a new system 
of collective management of intellectual rights following the 
latest directive. 
 
The 1994 Law on Courts gives the District Court of Ljubljana 
exclusive subject matter jurisdiction over intellectual 
property disputes.  The aim of the law is to ensure 
specialization of the judges and the speed of relevant 
proceedings.  Concerning the TRIPS Agreement,s enforcement 
provision, Slovene law provides for a number of civil legal 
sanctions, including injunctive relief and the removal of the 
infringement, the seizure and destruction of illegal copies 
and devices, the publication of the judgment in the media, 
compensatory and punitive damages, border (customs) measures, 
and the securing of evidence and other provisional measures 
without the prior notification and hearing of the other 
party.  Furthermore, these infringements also constitute a 
misdemeanor with fines ranging from 417 Euro ($583) to 41,729 
Euro ($ 58,300) for legal persons and a range of fines, from 
41.73 Euro ($58) to 2,086 Euro ($2,917), for supervisors of 
individual offenders provided that the reported offenses are 
not criminal in nature.  In such a case, the Slovenian 
Criminal Code would apply, which may result in fines or in 
extreme cases, imprisonment.  While Slovene laws regarding 
intellectual property are clearly defined, there have been 
complaints by foreign investors about the slow nature of the 
court system. 
 
Since the enactment of the Law on Copyright and Related 
Rights Act, there have been relatively few reported 
prosecutions for infringement violations.  Most notably are 
cases of computer software piracy.  In 2004, a long-running 
software piracy court case ended with a jail sentence and 
monetary fine.  Since piracy prosecution is still in the 
early stages of implementation, Slovenia has dedicated 
resources to the training of prosecutors and public 
authorities.  Slovenia continues to address the preservation 
of evidence in infringement procedures and border measures by 
amending existing legislation.  Moreover, the Ministry of 
Culture established the Intellectual Property Fund, the 
Slovene Copyright Agency, and the Anti-Piracy Association of 
Software Dealers (BSA) to combat the problem of piracy in a 
collective manner. 
 
The Law on Industrial Property grants and protects patents, 
model and design rights, trademark and service marks, and 
appellations of origin.  The holder of a patent, model, or 
design right is entitled to: exclusively work the protected 
invention, shape, picture, or drawing; exclusively market any 
products manufactured in accordance with the protected 
invention, shape, picture, or drawing; dispose of the patent, 
model, or design right; prohibit working of the protected 
invention, model, or design and legal transactions in respect 
of them, by any person not having his consent. 
 
The holder of a trademark has the exclusive right to use the 
mark in the course of trade to designate his products or 
services.  The authorized user of a protected appellation of 
origin has the right to use the appellation in the course of 
trade for marking products to which the appellation refers. 
 
The patent and trademark rights granted by the Law on 
Industrial Property take effect from the date of filing the 
appropriate applications.  Patents are granted for twenty 
years from the date of filing and model and design rights are 
granted for ten years.  Trademarks are granted for ten years, 
but may be renewed an unlimited number of times.  The term of 
an appellation of origin is unlimited.  All patents and 
trademarks are registered through the Slovenian Intellectual 
Property Office with all registers open to the public. 
Patent and trademark applications filed in member countries 
of the International Union for the Protection of Industrial 
Property are afforded priority rights in Slovenia.  The 
priority period is twelve months for patents and six months 
for model and design rights. 
 
Any person who infringes upon a patent or trademark right may 
be held liable for damages and prohibited from carrying on 
the infringing acts. 
 
The Law on Industrial Property also provides for the 
contractual licensing of patents, model and design rights, 
and marks.  All license agreements must be in writing and 
specify the duration of the license, the scope of the 
license, whether the license is exclusive or non-exclusive, 
and the amount of remuneration for the use if compensation is 
agreed upon. 
 
Compulsory licenses may be granted to another person when the 
invention is in the public interest or the patentee misuses 
his rights granted under the patent.  A misuse of a patent 
occurs when the patentee does not work or insufficiently 
works a patented invention and refuses to license other 
persons to work the protected invention or imposes 
unjustified conditions on the licensee.  If a compulsory 
license is granted, the patentee is entitled to compensation. 
 Slovene industrial property legislation fully complies with 
EU standards. 
 
A.8 Transparency of Regulatory System 
------------------------------------- 
Foreign companies conducting business in Slovenia have the 
same rights, obligations, and responsibilities as domestic 
companies.  The principles of commercial enterprise, free 
operation, and national treatment apply to the operations of 
foreign companies as well.  Their basic rights are guaranteed 
by the Law on Commercial Companies and the Law on Foreign 
Transactions. 
 
Generally, the bureaucratic procedures and practices are 
sufficiently streamlined and transparent for the foreign 
investor wishing to start a business in Slovenia.  In order 
to establish a business in Slovenia, the foreign investor 
must produce a sufficient minimum amount of capital, and 
8,763 Euro ($12,256) for a limited liability company and 
25,038 Euro ($35,018) for a stock company, establish a 
business address, and file appropriate documentation with the 
court.  The entire process usually takes from three weeks to 
one month, but may take longer in Ljubljana due to backlogs 
in the court. 
 
Slovenia signed a reciprocal taxation treaty with the U.S. in 
June 1999.  The rate of taxation of profits in Slovenia is 
lower than in the United States.  Slovenia introduced the 
Value Added Tax (VAT) in July 1999.  Slovenian VAT only has 
two grades, 8.5% and 20%.  The standard VAT is 20% with 8.5% 
for some specialty items. 
 
In Slovenia, highly concentrated market structures are not 
illegal per se; however, the abuse of market power is.  The 
Law on the Protection of Competition prohibits acts that 
restrict competition in the market, conflict with good 
business practices relating to market access, or involve 
prohibited speculation.  The law, which is fully harmonized 
with EU legislation, is applicable to corporate bodies and 
natural persons engaged in economic activities regardless of 
their legal form, organization, or ownership.  The law also 
applies to the actions of public companies. 
 
Restriction of competition through cartel agreements, unfair 
competition (i.e., false advertising, promises/gifts in 
exchange for business, trade secrets, etc.), illicit 
speculation during times of irregular market situations, and 
dumping and subsidized imports are all prohibited.  The 
Government may, however, prescribe market restrictions in the 
following instances: in cases of natural disasters, 
epidemics, or in a state of emergency; in cases of 
appreciable market disturbances due to the shortage of goods; 
or when necessary to satisfy requirements for the products, 
raw materials, and semi-finished goods of special or 
strategic importance to the defense of the nation. 
 
The Competition Protection Office (CPO) is charged with 
ensuring fair competition in the marketplace.  Investigations 
can be initiated by the CPO or conducted at the request of 
private companies.  The CPO can issue a decree against any 
company found to have violated the Law on the Protection of 
Competition, although the power to fine companies rests 
solely in the hands of the courts.  Any party trading in 
goods or services on the market may initiate legal 
proceedings in cases of unfair competition.  Injured parties 
are entitled to compensation and the injunction of the unfair 
acts. 
 
The court may issue a penalty of 125,188 Euro ($175,100) to 
375,563 Euro ($524,000) against companies found to have 
engaged in cartel agreements, abused a dominant market 
position, committed an act of unfair competition, or engaged 
in illicit speculation.  The managers and directors of the 
sanctioned company may be liable for a minimum fine of 4,173 
Euro ($5,800).  Self-employed persons found to have committed 
any of the legally prohibited actions are liable for no less 
than 41,729 Euro ($58,800).  There are also fines for not 
complying with the CPO in the range of 2,086 Euro to 4,173 
Euro ($2,900 to $5,800) for every week that requested 
documentation is not submitted.  The same range of fines also 
applies if the sanctions are not carried out. 
 
A.9 Efficient Capital Markets and Portfolio Investment 
--------------------------------------------- --------- 
The financial sector remains relatively underdeveloped for a 
country with Slovenia's prosperity.  Enterprises rarely raise 
capital through the stock market.  The shallowness of the 
sector hinders economies of scale and, despite shortcomings 
in the banking sector, capital is cheaper to acquire through 
banks than through more direct equity or debt sales. 
 
The banking sector in Slovenia is marked by a relatively high 
degree of concentration (the three largest banks account for 
half of total banking assets and the top seven hold nearly 
80% of the market), excess capacity (21 banks, 3 savings 
banks in a country of 2 million people), and a low level of 
services.  As a result, a number of banks are unable to 
exploit economies of scale and have relatively low 
productivity levels, with the consequences being high margins 
and low returns on equity. 
 
In the past several years, a number of Slovene banks have 
been partially or fully taken over by foreign banks.  In 
addition, a number of Slovene banks have announced mergers. 
In 2001, France,s Societe Generale took over Slovenia,s 
largest private bank, SKB Banka.  In October 2001, Italian 
banking group San Paolo IMI purchased 82% of Bank of Koper, 
the fifth largest bank.  In spring 2002, the Government sold 
34% of the largest commercial bank, Nova Ljubljanska Banka 
(NLB), to the Belgian KBC Group, with another 5% sold to the 
European Bank for Reconstruction and Development (EBRD).  The 
Government has stated that it intends to invite further 
investment in NLB, but no activities have been in place so 
far.  Instead, the EBRD sold its stake in NLB to a domestic 
investor; KBC negotiates sale of its stake with a foreign 
portfolio investor.  The two largest banks, NLB and Nova 
Kreditna Banka Maribor (NKBM), are still majority-owned by 
the state but the current government avers that it is 
committed to privatizing them.  Because the Government could 
not find a strategic partner for NKBM, it offered 49% of the 
bank to small investors in December 2007. The Government 
announced a further decrease of state shares down to 25% over 
the next two years.  Because the sale of NKBM among small 
investors was publicly well received, the Government 
announced similar privatization for NLB and insurance company 
TRIGLAV prior to parliamentary elections in the fall of 2008. 
 Lack of time and global financial crisis caused cancellation 
or postponement of such plans. 
 
The balance sheets of Slovenia,s banks are relatively 
strong, reflecting an early and aggressive program of bank 
rehabilitation launched by the Government in 1992.  However, 
the wide differences between the balance sheets of the 
largest and the smallest banks seem to indicate that the 
ultimate consolidation of the banking sector is inevitable. 
The Government has encouraged bank mergers as a means of 
dealing with the sector's excess capacity. 
 
New banking legislation authorizes commercial banks, savings 
banks, and stock brokerage firms to purchase securities 
abroad.  Investment funds may also purchase securities abroad 
provided that certain diversification requirements are met. 
 
The Ljubljana Stock Exchange (LSE) was established in 1990. 
A Commodity Exchange (CE) was established in 1994, but ceased 
operation in 1998.  The LSE underwent its most rapid growth 
during the period from 1994 to 1997, aided by the listing of 
new companies in the first phase of privatization in 
Slovenia.  The LSE serves more as a vehicle for achieving the 
transformation of enterprises than as a means for raising 
capital.  In 1997, the LSE became a full member of the 
International Association of Stock Exchanges (FIBV).  In 
September 2008, the Wiener Borse acquired a majority stake in 
the LSE (81%).  The change should help the development of the 
stock market and could provide an incentive to speed up the 
privatization process. 
 
The LSE has been working to encourage the government to list 
shares of strong, state-owned companies such as Telekom 
Slovenije or NLB in order to boost market activity.  As of 
January 2009, Telekom Slovenije, insurance company TRIGLAV 
and NKBM bank are the only state-owned companies listed on 
the Ljubljana Stock Exchange.  Although the initial Telekom 
Slovenije, TRIGLAV and NKBM trade volume was low, doors are 
open for an investor. 
 
The LSE has two official listings - A and B - depending on 
the amount of a listing's capital, audited financial 
statements, size of the class of securities, and securities 
distribution.  The over-the-counter (C) market has less 
stringent requirements.  In spite of the market boom since 
2002, securities markets remain relatively underdeveloped in 
Slovenia.  Despite appreciation of the market capitalization 
of the LSE in recent years, it remains a very illiquid 
market, with annual turnover similar to a single day,s 
trading on the NYSE. 
 
In 1995, the Central Securities Clearing Corporation (KDD) 
was established.  KDD runs the central registry securities 
and trade clearings concluded on the LSE electronic trading 
system.  The Securities Market Agency (SMA), established in 
1994, has powers similar to the SEC in the U.S.  The SMA 
supervises investment firms, the LSE, the KDD, investment 
funds, and management companies, and shares responsibility 
with the Bank of Slovenia for supervision of banking and 
investment services. 
 
The LSE uses different dissemination systems, including real 
time online trading information via REUTERS or the BDS 
System.  The LSE also publishes information on the Internet 
at http://www.ljse.si. 
 
A high level of concentration characterizes the insurance 
sector in Slovenia with the largest company, state-owned 
Triglav d.d., holding 43% of the total market in gross 
premiums and the 5 largest companies accounting for 91% of 
market share.  Insurance companies invest their assets 
primarily in non-financial companies, state bonds, and 
bank-issued bonds. 
 
There have been significant changes in the legislation 
regulating the insurance sector since 2000.  The Ownership 
Transformation of Insurance Companies Act, designed to 
accomplish the privatization of insurance companies, was 
postponed several times due to ambiguity concerning the 
estimated share of state-controlled capital.  Although 
insurance sector privatization discussions have been ongoing 
since 2005, no concrete plans have been implemented. 
 
Currently, there are three health insurance companies 
registered in Slovenia and 13 companies offering other kinds 
of insurance.  However, under EU regulation, any insurance 
company registered in the EU can market its services in 
Slovenia as well, given that the insurance supervision agency 
of the country where this company is registered has notified 
the Slovenian Supervision Agency of the company,s 
intentions. 
 
A.10 Political Violence 
----------------------- 
Except for a brief, 10-day conflict in 1991 over Slovene 
independence, there have been no incidents of political 
violence in Slovenia. 
 
A.11 Corruption 
--------------- 
Similar to many other European countries, Slovenia does not 
have a bribery statute equal in stature to the U.S. Foreign 
Corrupt Practices Act.  However, Chapter 24 of the Slovene 
Criminal Code (S.C.C.) provides statutory provisions for 
criminal offenses in the economy.  Corruption in the economy 
can take the form of corruption among private firms or 
corruption among public officials. 
 
The S.C.C. provides for criminal sanctions against officials 
of private firms for the following crimes: forgery or 
destruction of business documents; unauthorized use or 
disclosure of business secrets; insider trading; 
embezzlement; acceptance of gifts under certain 
circumstances; money laundering; and tax evasion. 
 
Specifically, Articles 241 and 242 of the S.C.C. make it 
illegal for a person performing a commercial activity to 
demand or accept undue rewards, gifts, or other material 
benefits that will ultimately result in the harm or neglect 
of his business organization.  While Article 241 makes it 
illegal to accept gifts, Article 242 prohibits the tender of 
gifts in order to gain an undue advantage at the conclusion 
of any business dealings. 
 
Public officials are held accountable under Article 261 of 
the S.C.C., which makes it illegal for a public official to 
request or accept a gift in order to perform or omit an 
official act within the scope of his official duties.  The 
acceptance of a bribe by a public official may result in a 
fine or imprisonment of no less than one year, with a maximum 
sentence of five years.  The accepted gift/bribe is also 
seized. 
 
While Article 261 holds public officials accountable, Article 
262 holds the gift,s donor accountable.  Article 262 makes 
it illegal for natural persons or legal entities to bribe 
public officials with gifts.  Violation of this article 
carries a sentence of up to three years.  However, if the 
presenter of the gift discloses such bribery before it is 
detected or discovered, punishment may be omitted. 
Generally, the gift is seized.  However, if the presenter of 
the gift disclosed the violation, the gift may be returned to 
him/her. 
 
The state prosecutor,s office is responsible for the 
enforcement of the anti-bribery provisions.  The number of 
cases of actual bribery is small and is generally limited to 
instances involving inspection and tax collection.  Although 
the prosecutor,s office may suspect bribery and related 
corruption practices in government procurement offices, 
obtaining evidence is difficult, thereby making it equally 
difficult to prosecute.  Corruption in Slovenia is on a minor 
scale.  2001 saw Slovenia,s first and only serious scandal 
involving a high public official convicted of accepting a 
bribe. 
 
A.12 Bilateral Investment Agreements 
------------------------------------ 
Slovenia has signed Bilateral Investment Treaties (BITs) with 
Albania, Australia, Austria, Belgium - Luxembourg Economic 
Union, Bosnia & Herzegovina, Bulgaria, Chile, China, Croatia, 
Cuba, Czech Republic, Denmark, Egypt, Finland, France, 
Germany, Greece, Hungary, Iceland, Ireland, Israel, Italy, 
Kuwait, Lithuania, Macedonia (F.Y.R.), Malaysia, Malta, 
Moldova, Montenegro, Netherlands, Norway, Poland, Portugal, 
Romania, Russian Federation, Singapore, Slovak Republic, 
Spain, Sweden, Switzerland, Thailand, Turkey, Ukraine, the 
United Kingdom, Uzbekistan, and Serbia.  Slovenia is 
currently negotiating BITs with Argentina, Brazil, Saudi 
Arabia and Vietnam.  Slovenia does not have a BIT with the 
United States due to ongoing discussions between the US and 
the EU on how member states without a BIT treaty will accede 
to the US-EU BIT agreement. 
 
A.13 OPIC and Other Investment Insurance Programs 
--------------------------------------------- ---- 
The U.S. Overseas Private Investment Corporation (OPIC) and 
Slovenia signed a bilateral agreement on April 24, 1994. 
There are currently a number of OPIC investment finance and 
insurance programs available in Slovenia, including loan 
guarantees, direct loans, and political violence and 
expropriation insurance. 
 
The U.S. Export-Import Bank offers short-, medium-, and 
long-term private sector as well as short-term public sector 
programs in Slovenia.  In July 1999, the Slovenian Export 
Corporation (SEC) and the U.S. Export-Import Bank signed a 
memorandum on cooperation in financing, insuring, and 
reinsuring exports to Southeast European countries.  In 
January 2007, the SEC restructured to become the Slovenian 
Export and Development Bank. More information is available on 
their website www.sid.si. 
 
A.14 Labor 
---------- 
The labor market has been tight in recent years, and as of 
September 2008, the unemployment rate stood at a record-low 
3.9% (according to the ILO method).  But the spreading global 
financial crisis began to affect Slovenia in the last quarter 
of 2008, and in January 2009, Slovenia experienced its first 
layoffs.  We expect unemployment will rise moderately in 
2009, especially in construction, automotive, textile and 
other areas of industrial production.  The government,s 
economic reforms propose to address this problem through a 
combination of retraining and investment in new technologies. 
 The regions of highest unemployment in Slovenia are mostly 
in the northeast. 
 
Slovenia fully harmonized its labor legislation with the EU 
on May 1, 2004.  Slovenia has opted for no transition period 
in connection with workforce movement within the EU, but has 
kept the right to intervene through 2009 in case of market 
distortion.  In line with new legislation, Slovenia has 
retained strict rules on issuing work permits to non-EU 
applicants. The 2001 Employment of Aliens Act introduces a 
quota system for work permits and simplifies the procedure 
for obtaining work permits for foreigners who have worked and 
lived in Slovenia over a long period of time. 
 
Slovenia,s wage-setting practice follows the "social 
partners" mode, designed to contain upward pressure by 
centralizing wage decisions.  In practice, however, high wage 
expectations have pushed Slovenia,s wage levels far above 
those of its central European neighbors, reaching about half 
the cost of Austrian labor.  However, its well-educated labor 
force and position as the most productive transition economy 
allow it to remain competitive in niche markets. 
 
Slovenia adopted an Employment Relationship Act that entered 
into force in January 2003.  The Act defines a full time 
workweek as 36 to 40 hours (made up of 6 to 8-hour days 
including a 30-minute lunch break), increases protection of 
critical working groups (including women and children), and 
eases the conditions under which an employer may terminate 
employees. 
 
Slovenia,s labor force performs well in the higher 
value-added activities that utilize its skilled technicians 
and engineers at a somewhat lower cost than in the developed 
West.  However, Slovenia would benefit from a workforce with 
stronger managerial skills, most notably in the banking and 
insurance sectors.  Despite the introduction of greater labor 
market flexibility, the market for workers remains quite 
rigid and investors will find that termination of workers is 
more difficult than in the U.S.  In addition, the labor 
market remains relatively over-protected, and pay scales in 
public service are very complicated and do not reward 
performance. 
 
One month before the September 2008 national elections, the 
outgoing government implemented public sector pay reforms, 
establishing new minimums.  In light of the global financial 
crisis, the new government has already requested to change or 
repeal the reforms.  It has stated that unless the unions 
agree to lower the minimums, it will have to institute public 
sector layoffs. 
 
A.15 Foreign-Trade Zones/Free Ports 
----------------------------------- 
There are two kinds of Free Trade Zones in Slovenia: Free 
Economic Zones and Free Customs Zones. 
A.15.1 Free Economic Zones 
-------------------------- 
Free economic zones (FEZ) exist in Koper and Maribor.  FEZs 
may be established by one or more domestic legal persons. 
The founders must provide the resources necessary for the 
establishment and commencement of operation, as well as 
suitable technical, organizational, ecological, and other 
conditions for the performance of business activities. 
 
The following activities may be performed within free 
economic zones: production and services; wholesale trade; 
banking and other financial services; and insurance and 
reinsurance regarding the above mentioned activities. 
 
After obtaining an appropriate tax authority decision, users 
of FEZs are entitled to the following benefits: 
 
     VAT exemption for imports of equipment, production 
materials, and services necessary for export production or 
performance of other permitted activities; 
     a reduction in corporate tax rates from the normal 21% 
to 10%; 
     a tax allowance amounting to 50% of invested resources 
on investments in tangible assets in the FEZ; and 
     a reduction in the taxable base amounting to 50% of the 
salaries of apprentices and other workers formerly unemployed 
for at least 6 months. 
 
While FEZ Koper is fully operational, only a few companies 
are present in FEZ Maribor.  Despite the poor showing in 
Maribor, the Law on Free Economic Zones guarantees operations 
will continue in FEZs through at least January 1st, 2010. 
A.15.2 Free Customs Zones 
------------------------- 
As of December 2008, the only free customs zone (FCZ) in 
Slovenia is the Port of Koper.  Under the Customs Act, 
subjects operating in FCZs are not liable for payment of 
customs duties, nor are they subject to other trade policy 
measures until goods are released into free circulation. 
 
Duties and rights of users include the following: 
 
     Separate books must be kept for activities undertaken 
in FCZs; 
     Users may undertake business activities in a FCZ on the 
basis of contracts with the founders of FCZs; 
     Users are free to import goods (customs goods, domestic 
goods for export) into FCZs; 
     Goods imported into FCZs may remain for an indefinite 
period, except agricultural produce, for which a time limit 
is set by the government; 
     Entry to and exit from FCZs is to be controlled; 
     Founders and users must allow customs or other 
responsible authorities to execute customs or other 
supervision; and 
     For the purposes of customs control, users must keep 
records of all goods imported into, exported from, or 
consumed or altered in FCZs. 
 
The Customs Act also allows the establishment of open FCZs 
regulated by more liberal provisions regarding their 
organization and customs authorities, supervision. 
 
In such FCZs, users may undertake the following activities: 
 
     Production and service activities, including 
handicrafts, defined in the founding act or contract, and 
banking and other financial business transactions, property 
and personal insurance and reinsurance connected with the 
activities undertaken; 
     Wholesale transactions; and 
     Retail sales, but only for other users of the zone or 
for use within the FCZ. 
 
Slovenia has recently developed sites designed for greenfield 
investments.  Most of the newly developed industrial zones 
have direct access to highways and rail service.  The 
infrastructure in place is well developed.  In some 
instances, prices for fully equipped land in industrial zones 
may be acquired at a reasonable rate since municipalities and 
the State often subsidize infrastructure and land costs. 
Above all, local authorities are interested in new employment 
opportunities.  Land prices can vary greatly.  In Lendava, a 
town located in the eastern part of the country, price per 
square meter of land is roughly 5 Euro, while prices in the 
vicinity of Ljubljana can run to 50 Euro or more.  Potential 
investors may also count on a full range of free services and 
concessions provided by local development agencies for 
start-ups.  The assistance may also include assistance in 
completing all the necessary paper work (permits) and, in 
some cases, organizing and financing construction in line 
with the investors, requirements.  Interested investors can 
contact the U.S. Embassy in Ljubljana for further 
information. 
 
A.16 Foreign Direct Investment Statistics 
----------------------------------------- 
Foreign Direct Investment (FDI) in Slovenia is fairly low, 
despite Slovenia,s overall good mix of qualities as an 
investment location.  Total FDI stock in Slovenia at the end 
of 2007 was $12.60 billion.  As with trade, the bulk of FDI 
in Slovenia is European in origin.  U.S. FDI in Slovenia, as 
calculated by the U.S. Embassy, is around 7% of the total, or 
roughly $850 million.  (N.B.: The Bank of Slovenia (BoS), in 
its official data, lists U.S. FDI at approximately $74 
million or 0.6% of total FDI.  However, this amount does not 
take into account significant investments by U.S. firms, 
notably Goodyear.  This data is not listed as U.S. in origin 
by the BoS as U.S. funds were routed through a third country. 
 Goodyear,s investment in Sava Tires, for example, came to 
Slovenia via a bank in Luxembourg.  Based on our discussions 
with U.S. firms, we believe our estimate of $850 million is a 
more accurate representation of the true U.S. FDI presence in 
Slovenia.) 
Foreign Direct Investment in Slovenia - Stock on 31.12. 2007 
(major investors) 
 
Country     Total Value       Share of 
      (Million Euros)   Total(%) 
 
Austria     4,264.0     44.6 
Switzerland 1,063.1     11.1 
Netherlands 730.3 7.7 
France      724.9 7.6 
Germany     645.4 6.8 
Italy 483.0 5.0 
Luxemburg   354.6 3.7 
Croatia     277.8 2.9 
Belgium     265.5 2.8 
USA   55.4  0.6 
... 
Total 9,542.9     100.0 
 
 
Foreign Direct Investment in Slovenia by sector - Stock on 
31.12. 2007 
 
Sector      Total Value     Share of 
      (Million Euros) Total(%) 
 
Financial intermediation, not insurance   3838.6 
40.2 
Mfr. chemicals & chemical products  957.0       10.0 
Wholesale, commission, not motors   593.4       6.2 
Other business activities     566.6       5.9 
Retail Trade      345.2       3.6 
Sale/repair of motors and machinery 318.8       3.3 
Electricity, gas, steam, and hot water    270.1       2.8 
Mfr. of pulp, paper & paper products      265.7       2.8 
Mfr. of rubber & plastic products   262.7       2.8 
Mfr. of machinery & equipment 230.4       2.4 
... 
Total 9,542.9           100.0 
 
 
Slovene Foreign Direct Investment abroad - Stock on 31.12.2007 
 
Country     Total Value Share of 
      (Million Euros)Total(%) 
 
Croatia     1,074.6           22.0 
Serbia and Montenegro         1,396.3           28.6 
Bosnia and Herzegovina  565.3       11.6 
Russian Federation      243.9       5.0 
Netherlands 216.6       4.4 
Macedonia   192.6       3.9 
Monte Negro       159.6    3.2 
Germany     144.9       3.0 
Austria     135.6       2.8 
Poland      108.9             2.2 
Liberia     82.2        1.7 
USA   22.4        0.5 
... 
Total 4,888.8           100.0 
 
 
Slovene Foreign Direct Investment abroad by sector - Stock on 
31.12.2007 
 
Sector      Total Value Share of 
      (Million Euros)Total(%) 
 
Other business activities           674.5       13.8 
Financial intermediation, not insurance   714.2       14.6 
Retail trade, not motors; repairs   595.8       12.2 
Mfr. chemicals & chemical products  453.8        9.3 
Wholesale, commission, not motors   307.4        6.3 
Mfr of food products & beverages          266.3        5.4 
Mfr. of machinery & equipment       204.4        4.2 
Postal Services, Telecommunications 196.8     4.0 
Tourism                 183.0     3.7 
Sale/Repair of motor vehicles, etc  153.7        3.1 
Manufacture of motor vehicles, etc  124.7        2.6 
 
... 
Total                   4,888.8           100.0 
 
 
 
Major U.S.-based Investors: 
 
The following is a short list in alphabetical order of U.S. 
firms holding investments or with a presence in Slovenia. 
 
3M 
Amway 
ANR-Amer Nielsen Research 
Caterpillar 
Coca-Cola Corporation 
Colgate-Palmolive 
Cisco 
Deloitte & Touche 
DHL International 
DuPont 
Ecolab 
Eli Lilly 
Ernst & Young 
Emerson Electronics 
Goodyear 
Hewlett-Packard Company 
IBM 
Johnson & Johnson 
Liberty Global 
Marsh 
Masterfoods 
Merck, Sharp & Dohme 
Microsoft 
McDonald,s 
Motorola 
Oracle Corporation 
Pfizer Corporation 
Philip Morris 
PriceWaterhouse Coopers 
Procter & Gamble 
Schering-Plough 
United Global Communications 
Wrigley 
Xerox 
Other Major Foreign Investors in Slovenia: 
 
Alcan, Canada 
AmBev, Brazil 
Belisce, Croatia 
Bramac International, Austria 
Brig&Bergmeister, Austria 
Chiorino, Italy 
Citroen, France 
Danfoss, Denmark 
Debitel AG, Germany 
EGO, Switzerland 
¶E. Leclerc, France 
Faurecia, France 
GKN, United Kingdom 
Grammer Automotive, Germany 
Grupo Bonazzi, Italy 
Hella, Germany 
Henkel Central, Austria 
Horizonte Enterprise Development, Netherlands 
IBRD, United Kingdom 
Imperial Tobacco, United Kingdom 
Inexia AB, Sweden 
ISS Central Europe, Austria 
IHC Holland, Netherlands 
KBC, Belgium 
KM Moebl, Germany 
Lafarge Perlomooger, Austria 
Mannesann Rexroth, Germany 
Messer Griesheim, Germany 
Mobilcom, Austria 
Nijaz Hastor, Bosnia and Herzegovina 
Novartis, Switzerland (Sandoz Group) 
Novem, Germany 
Pfledider, Germany 
Podravka, Croatia 
Renault, France 
Rexel, France 
Roto Frank AG, Germany 
San Paolo IMI, Italy 
Safilo, Italy 
Siemens AG, Germany 
Societe Generale, France 
Sodexho Alliance, France 
Spar, The Netherlands 
STE Troyes, France 
Styria Federn, Austria 
TCG Unitech AG, Austria 
UNI Credito, Italy 
Vogt, Germany 
Wieneberger, Austria 
 
 
Web Resources 
Employment Service of Slovenia: http://www.ess.gov.si/eng 
 
Ljubljana Stock Exchange: http://www.ljse.si 
 
Public Agency for Entrepreneurship and Foreign Investment: 
http://japti.si 
 
Slovenian Intellectual Property Office: 
http://www.uil-sipo.si/sipo/ 
 
Slovenian Export and Development Bank Inc., Ljubljana: 
http://www.sid.si/sidang.nsf 
 
Bank of Slovenia: http://www.bsi.si/en/ 
GHAFARI