1. Mr. CEO, you have been in the management of Eximbank SR for more than a year. How do you assess your performance in this position so far and what are your key goals for the future?
RP: I had already been with Eximbank for a year before I took up my current position (from 2022), as Deputy CEO for Finance and Insurance. So I knew the situation in the bank very well and I knew where we wanted to go. I took over the short-term objectives and also the strategy we had set for 2023, as we were aligned with them within the institution. Our key objective for the future is to raise awareness of Eximbank so that when a small, medium or large entrepreneur decides to export, they automatically think of Eximbank, which will support them in their endeavours.
2. In 2023, the bank’s equity exposure reached one of the highest levels in its history. How was 2024 for Eximbank and what do you expect from 2025, especially in the context of the government’s capital increase?
RP: 2023 confirmed that Eximbank is in good shape. We were able to stop the downward trend in equity exposure, start new business and win twice as many new clients as in 2022. Our expected development was confirmed and we achieved one of the highest equity exposures with a 16% year-on-year increase. At the same time, we recorded the highest operating income in Eximbank’s history. The increase in our capital in 2024 reflects the situation and upcoming trends in international trade and also the Slovak Government’s ambition to strengthen Slovakia’s economic diplomacy, of which Eximbanka is an important part, as well as the export of Slovak companies to foreign markets. This also strengthens our complementary function in relation to the commercial financial sector and will have a positive impact on strengthening our business activities, especially in the area of issuing bank guarantees and granting new loans. This will help us to support more important projects and thus contribute significantly to the competitiveness of Slovak exports. Looking at our main strategic objectives for 2025, these include diversifying the territorial structure of our portfolio, supporting the exports of small and medium-sized enterprises and effective risk management. Our main objective is to respond to our clients’ needs as professionally as possible and to offer solutions that bring high added value to existing and new exporters, while we would also like to be the first choice for commercial banks in risk reinsurance.
3. Eximbank said that it wanted to focus geographically on European Union member states, the countries of the South Caucasus, Ukraine, the Middle East, Central, South and Southeast Asia, Africa, Latin America and the Balkans, the UK, Turkey and China. Of these countries and regions, only North America, Australia and Oceania and Russia are missing. Within these priorities, are there any countries or regions that you consider particularly important or strategic?
FP: In 2025, in terms of territorial structure, in addition to maintaining the current support to EU markets, we will actively support the activities of Slovak business entities also to non-EU countries. Within the EU internal market, these will mainly be the Visegrad Four countries, Austria and Germany, with support for exports to these countries accounting for more than half of the total value of exports supported through banking activities each year. Then there are the countries of the Southern Caucasus, the Balkans, the Middle East, South and South-East Asia, Africa, Latin America and the UK. We do not expect a significant change in the commodity structure of supported exports this year. Chemical, machinery, pulp and paper and electrical engineering will continue to account for the largest share. Other sectors will reflect exporters’ demand, with sectors such as logistics, energy and mining, real estate construction, renovation and rental, and tourism having shown interest so far. I would like to emphasise that the countries and sectors that we support are the result of the interest shown by exporters. .
4. Slovakia is strongly export-oriented to EU countries. In your opinion, is it necessary to diversify our exports territorially due to the unstable trading environment in the world?
RP: Yes, territorial diversification of exports is important, especially in the context of increasing instability and uncertainty in the global trading environment. Diversification makes it possible to reduce the risks associated with dependence on specific markets or to minimise the impact of geopolitical tensions. It also helps to improve exporters’ resilience to external shocks and enables them to take advantage of opportunities in emerging markets. The Slovak Government was therefore right to respond already in the Government’s programme statement by seeking alternative markets. The focus on regions such as Central and South-East Asia, the Balkans, the Caucasus and Africa represents a pragmatic step that can bring more stable foreign trade relations for Slovakia in the long term. These regions, often characterised by dynamically growing economies and a lower likelihood of protectionist measures against the EU, offer promising opportunities for Slovak exporters in many areas and sectors.
5. Foreign visits by members of the Government represent a unique opportunity to open doors for Slovak exporters. In recent months, you have participated in these trips several times. Do you see presidential and governmental visits as a key tool in opening new markets for Slovak exporters?
RP: One of the most important prerequisites for success is a synergistic approach to promoting foreign trade and economic diplomacy. That is why we cooperate very actively with our partners – the Ministry of Foreign and European Affairs of the Slovak Republic, the Ministry of Economy of the Slovak Republic, the Slovak Agency for Investment and Trade Development, known as SARIO, and also with the Council of Slovak Exporters and similar organisations. We are thus synergistic in fulfilling the Government’s programme declaration, of which Eximbanka is a part and which defines the direction of export support. The state has shown the direction and Eximbanka is creating the conditions for exporters to be able to export to given territories. I see foreign visits by members of the Government and the President as a key tool for supporting Slovak exporters and opening new markets. This type of business missions allows to build strategic partnerships, increase trust between countries and at the same time offers a space to present Slovak products, services and innovations directly in front of key and potential partners. The Slovak economy is dependent on exports and it is therefore important to take advantage of every opportunity to expand the reach of our companies, especially in markets where we have not had sufficient representation so far. I therefore see these trips not only as an opportunity to open up new possibilities, but also to strengthen Slovakia’s reputation as a trustworthy business partner, with an emphasis on strengthening the “Made in Slovakia” brand. These markets, which have great potential for exporters, remember Slovak production from the times of the former Czechoslovakia.
6. The current geopolitical and economic situation poses many challenges such as rising protectionism and various trade restrictions around the world. Do you take these into account in your services to your clients?
RP: The current geopolitical situation, including increasing protectionism and trade restrictions, requires flexibility and tailoring of services to clients’ needs. We take these factors into account when designing solutions and strategies that enable clients to not only respond to new challenges, but also to translate them into opportunities. In addition, we configure our services and products to be in line with OECD rules. The European Union is an island in these times that seeks liberalisation, as evidenced by the EU’s trade agreement with the Mercosur countries (Brazil, Argentina, Paraguay, Uruguay and Bolivia), which has the great advantage of easing tariff barriers. For Slovak products, this means an increased chance of successfully entering Latin American markets. Europe needs international partners in order to stabilise its industry and is therefore trying to promote the liberalisation of foreign trade. This is particularly important for small open economies such as Slovakia. Let me reiterate that Eximbank’s main objective is to respond to the needs of our clients as much as possible and to offer solutions that bring high added value to existing and new exporters. In this context, I would stress the importance of diversifying exports, optimising supply chains and the need to use innovative tools to tackle trade barriers. Our priority is to ensure that Slovak companies remain competitive in these dynamic and challenging times.
7. Recently, Eximbanka has signed several memorandums of cooperation with foreign partners, for example in Kazakhstan or Brazil. In which other territories do you plan to expand your contractual network?
RP: Eximbank is primarily demand-oriented. This means that we listen to exporters and, based on their needs, we create the ground and conditions for them to be able to export to different territories. Simply put, we go where exporters need to go. As I have already mentioned in previous answers, we are also working with our partners to create the conditions for exporters to expand into new promising territories.
8. What do you consider to be the biggest obstacle to the development of Slovakia’s exports?
RP: This question is a bit broader. Slovak companies need to react quickly to different needs, but they face different European regulations and rules. For example, expanding production is not easy because it has to go through various permitting procedures, which are unreasonably long. Bureaucracy is therefore one of the limits to why exports cannot respond so quickly to the needs of foreign markets. This is confirmed by the Draghi report on the competitiveness of the European economy, which says that we need to simplify bureaucratic rules in Europe. Simplifying the rules for expanding business will help not only European exports, but also Slovak exports. I also consider the dependence of our economy on a few dominant sectors, such as the automotive industry, to be an obstacle to the development of Slovak exports, as well as the limited diversification of export markets and the aforementioned growing trade barriers (protectionist measures). It is therefore important to focus on diversifying export markets, reducing the administrative burden for exporters, promoting innovation and strengthening cooperation between the public and private sectors. And there is another level, which relates to the concerns of exporters. I would like to encourage them not to be afraid to export to more unsaturated and riskier territories, because if they succeed there, perhaps with our support, attractive opportunities will open up for them.
9. Eximbanka SR is a partner of the Council of Slovak Exporters. How do you perceive the importance of the Council and its role in supporting Slovak exports?
RP: I perceive the Council of Slovak Exporters very positively, especially in terms of its dynamic development. We can see that its influence and added value are constantly growing – it is becoming more and more visible, stronger and gaining a significant position in relations with external partners. The experience of its chairman, Lukáš Parizek, who previously served as State Secretary of the Ministry of Foreign and European Affairs of the Slovak Republic, is undoubtedly of great benefit to the Council, as it is able to effectively use the contacts established for the benefit of Slovak exports.
From the Eximbank’s perspective, the Council is an important partner because we need to know the real needs of exporters in order to effectively improve our products and services. It is important that Slovak exporters have a platform where they can express their demands and opinions – their feedback helps the state to set pro-export and pro-business policies in a more targeted and effective way. Any initiative that supports exporters and helps them to establish themselves on foreign markets is therefore of great benefit.
Source : www.export.sk