36
Fastener Fair – Budapest
A new exhibition for Eastern Europe
their own right is proving highly attractive to highest per capita output of cars in the world.
manufacturing and assembly. Peugeot Citroen, Samsung is adding an LCD plant in Slovakia to
for example, reduced existing computer monitor and TV factories.
its western Hungary’s exports grew by 18% in 2006 and
European 15% in 2007. Romania attracted 9 billion FDI
in 2006. Croatia is committed to achieving EU
entry standards by end of 2008. This year the
Ukraine is expected to ratify WTO membership,
paving the way to more open trading
relationships. Throughout the region
construction is burgeoning.
Labour costs are, of course, crucial. Polish
workforce hourly wages are around a quarter those of
by over Germany,
10,000 last year but increased Romania
production at plants in the Czech about a
In Republic, Slovakia and seventh.
recent Turkey. Controversially, Slovakia
years China Nokia is closing a combines
has exported deflation, factory in Germany and one of the
making the decision to relocate opening a new plant in lowest
assembly to the Far East a clear, even Romania. Daimler is wage
compulsory, one for western producers.
Now, though, a rapid reversal is occurring.
Rampant raw material increases; sea
freight costs to Europe more than doubled
in 2007; labour costs set to increase by
40% in 2008 as a result of skills shortages
and new labour laws. China’s imperative to
be cleaner and greener in an Olympic year
impacting manufacturer.
Europe’s ‘near East’ still presents some
challenges but the attractions of near market, reported to be choosing between Poland and economies in Eastern Europe with exceptional
low-cost economies - some newly members Romania to locate a new Mercedes car plant. labour flexibility. Hungary has the lowest
of the EU, others working hard to achieve Slovakia now will earnings for the highest productivity in central
acceptance – which are also rapidly soon have the and eastern Europe. Workforces are often
developing as highly skilled, in countries with strong
market traditions and standards in engineering,
places science and technology. The attractions
in are obvious, and governments are
keen to facilitate the establishment
of prestige and high technology
companies.
Hungary is at the centre of this
development, with Slovakia, then
Czech Republic and Poland to the
North; Ukraine to the West; Romania,
with Bulgaria beyond, to the South
West; Croatia and Serbia to the South;
and Slovenia and Austria to the West.
In population terms central and
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