Why America is turning to Slovenia for its next big investment opportunity
Following the Texas Feels Slovenia business event, aimed at promoting Slovenia as a prime destination for investment and tourism, we look at how expanding US-Slovenian relations have laid the foundation for mutual growth and bilateral business opportunities.
On the 7th of April 2023, when Luka Dončić stepped out onto the court in Dallas, Texas, he wasn’t just representing the Dallas Mavericks in their prize match against the Chicago Bulls, but the whole of Slovenia, the country that he proudly calls home.
“Sport is one of those things that awaken pride,” says Mitja Blaganje, Secretary General of the Slovenia Ministry of the Economy, Tourism and Sport, “uniting us all – even when we’re oceans apart.”
Dončić’s appearance in Dallas is part of Texas Feels Slovenia, a landmark business event that not only showcased the basketball superstar’s position at the heart of American sport but also how Slovenia and America, though geographically miles apart, are forging stronger bonds for the future.
Going for growth
By selecting Texas, located in the heartland of America, as the venue for this multi-day event, Slovenia is sending a clear message on the importance of growing its US market share.
“Texas, the second-largest economy in the US and the 10th largest in the world, has exceptional potential for cooperation with our export-oriented economy,” says Blaganje.
This desire to capitalize on a key segment of the American market comes as both countries expand their presence abroad.
The IMF recently reported that the US recorded the largest increase in inward Foreign Direct Investment (FDI) of all economies in 2021-22. Meanwhile, a better-than-average post-pandemic recovery has seen Slovenia increase its FDI – with 2021-22 Bank of Slovenia figures showing FDI increasing three times more than the previous year.
And when looking for investment opportunities, Slovenia’s mix of geographical prominence and domestic infrastructure has created a tempting proposition for US investors.
“Alongside a major port on the Adriatic Sea, a highly educated and professional workforce, and proximity to Central European markets, Slovenia benefits from a modern infrastructure with access to important EU transportation corridors,” says Melania Arreaga, US State Department Deputy Chief of Mission.
The attractiveness of this proposition – and subsequent bilateral investment – has opened the door for Slovenia’s innovators to enter the world’s biggest market.
One of these innovators is Luka Zupančič, Business Development Manager at laboratory solutions company BioSistemika, who, off the back of US investment in Slovenia, is using Texas Feels Slovenia to increase visibility in the market.
“Growing American demand for our products and software is giving us new investment opportunities,” says Zupančič.
And as one of the most technologically advanced markets in the world, America’s pivot towards the Slovene market has led to a sharp increase in trade, with trade in goods alone reaching €1.22 billion, up almost 30 % from the previous year.
Flying the green flag
As priorities shift and location desirability changes, US holidaymakers are constantly looking for the next big thing – with an increased focus on green credentials.
Across 200 bilateral meetings with over 13 Slovenian tourism companies and 30 American travel organizers, US companies were shown how Slovenia could be the answer.
“Our upscale clients seek sustainable and diverse experiences that offer new avenues to experience wellness, wine, and cuisine,” says Faith Kuczai, Director of Business Relations at Nexion Travel Group.
Experiencing record numbers of visitors – with a 50% year-on-year increase to 5.8 million in 2022 – Slovenia can deliver on these shifting priorities. With over 40% of the country’s land mass protected, 60% covered by forests, and 22,000 animal species, Slovenia continues to pioneer strategic sustainable tourism, and is one of Europe’s most sustainable countries.
“Slovenia is a hidden gem and an incredible investment opportunity,” says Kuczai, reflecting the excitement buzzing around the travel industry. “Get ahead of the curve now, before it becomes one of the top 10 global destinations.”
I Feel Slovenia
After days of immersing themselves in Slovenian culture, American business leaders celebrated with a thrilling NBA match between the Dallas Mavericks and the Chicago Bulls, featuring Luka Dončić himself.
The culmination of years of work, this game marks a high point for Slovenia, which, through closer ties with the US, is now reaping a multitude of rewards.
As the packed arena sparkled Slovenian green, Blaganje took a moment to reflect on the crown jewel in his country’s charm offensive.
“With Luka at the helm, flanked by inspirational leaders from across Slovenia, we have been able to touch the hearts of Americans and welcome them to one of the greenest and most boutique countries in the heart of Europe,” said Balganje.
“We look forward to sharing more of the magic of Slovenia.”
