Brazlilian Slovak Chamber of Commerce

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BSCC Newsletter. 1st edition. November/December 2017.

S E C O M B R A T I S L A V A

B S C C

BRAZLILIAN

SLOVAK

CHAMBER OF

COMMERCE

November/December 2017

F O R E I G N T R A D E • E N T E R P R E N E U R S H I P • N E W S • T O U R I S M • E V E N T S


JOIN US

our mission & vision

The Chamber of Commerce (BSCC) aims at being the most

influential voice of the importance of Brazilian and Slovak

business.

Acting in partnership with the Embassy of Brazil, it

advocates trade and

investment between both countries, helping to build

bridges between the business communities.

become a member

Every natural or legal person which agrees with the

objectives of the Chamber is entitled to request

membership. For further information regarding

membership fees and requirements, please contact

secom.bratislava@itamaraty.gov.br


- Brazilian economy picks up pace

Comex's single portal - new rules for

ascensão - quarterly information about

Internationalization - why should

about

the newsletter

Featured in this edition:

Impressive from the beginning - the

establishment of the Brazilian-Slovak

Bratislava, Slovakia

Chamber of Commerce

+421 321 81 409

secom.bratislava@itamaraty.gov.br

Brazil, on the road to recovery

Developed by the Brazilian-Slovak

Chamber of Commerce for information

import, export and customs transit

and promotional use.

Eslováquia, uma economia em plena

Follow us on social media channels for

updates. #BSCC

the Slovak economy (in Portuguese)

companies look at opportunities abroad


BSCC

Brazilian-Slovak Chamber of Commerce

IMPRESSIVE FROM THE BEGINNING

On 6 October, the Brazilian-Slovak Chamber of Commerce was founded, the first of its kind to be

constituted by a Latin American country in Slovakia. The new institution was launched with the support of 16

companies and the Embassy of Brazil in Slovakia, as a member at large. Together, the "founding fathers"

account for the vast majority of the bilateral investments.

Overall reach

200,000,000

Estimated consumer

market of Brazil

350,00

Estimated consumer

market reached from

Slovakia

340

Number of Brazilian

companies

which have exported to

Slovakia

President

DANIEL SAJTAK

CEO Eskada

The first Chamber of Latin America to open its doors in Slovakia to promote trade

and investment relations.

Besides being an exceptional focal point for all important economic, commercial

and financial developments taking place between Brazil and Slovakia, the BSCC is

fully equipped to reduce the informational asymmetry between companies and to

facilitate the communication in those sectors that are more promising to increase

bilateral trade.

The natural area of concentration of the its work should be to strengthen trade

ties, promote investments in both directions and assist companies to establish

themselves in Slovakia, creating a fine base for the governments to build upon.


Members meet to launch the

Chamber

From the left to the right:

Daniel Sajtak, Eskada

Juraj Čajko, SOPK Trnava

Luis Balduino, Embassy of Brazil

Levy Campos, CRW


As a founding member of Brazilian-Slovak Chamber of Commerce and a

law firm standing at the birth of Brazilian-Slovak Chamber of Commerce

we are pleased to use the opportunity to introduce our law firm as a

potential partner of yours.

Q U I C K D E S C R I P T I O N

We are an independent law firm

with a personal approach and

strong local background.

We are a spinoff of an

international law firm which has

strong position in CEE market;

hence we are able to provide

quality of a large law firm and

flexibility of a smaller one.

Our standard service proposition

includes legal analysis,

consultations on business cases

and business models, contract

agenda, representation at courts

and public authorities, and

participation at negotiations.

Our practice encompasses a broad

spectrum of expertise. We possess

wide range of valuable knowledge

and experience in all main

commercial areas of law.

Our philosophy – Five Star

Service

We strive for providing the best professional service possible. In

order to reach this goal we apply following principles in our

practice:

• We understand that what matters in our business is a quality of

people who work for our clients, hence we diligently work on their

education and development.

• We are able to provide comprehensive legal services because

we look at matters from the strategic and business perspective,

closely co-operating with consultants from other fields.

• We understand that attention to detail is an absolute must when

providing legal advice.

• We are completely aware of the fact that in the legal world, one

may be successful only when carefully thinks through the possible

development of the matters from the beginning to the end.

• We understand how important it is to be proactive when dealing

with clients and their matters.


F O C U S – B O U T I Q U E C O M M E R C I A L L A W F I R M

We focus on establishment and operation of companies from internal

perspective (i.e. setting up appropriate shareholding and/or governance

structures) and external perspective - we advise our clients on variety of

contracts with other business entities from both private and public sector.

We are strong partner for our clients when it comes to employment

matters as well.

In the recent past we have performed a few analyses on

employment of foreigners (also from Brazil) in the Slovak

Republic.

We focus on

establishment

and operation

of companies

All lawyers within the firm have extensive experience with mergers and

acquisitions, in which we have performed due diligence, drafted or

commented on transactional documents. We are always happy when we

can use our experience in deal negotiations to help our clients.

We have provided legal advisory on various financing assignment,

representing both lenders and borrowers.

In respect of competition law, we represented our clients on notification of

concentrations, cartel cases, abuse of dominant position in front of the

Antimonopoly Office of the Slovak Republic and the European

Commission and advised our clients on protection from anti-competitive

practices

In addition we have strong expertise on real estate matters, since we

have advised on number of construction matters, real estate transactions,

leases and other forms of real estate usage, and property management.

Our expertise in public (administrative) law covers mainly environmental

law (especially related to waste management), personal data protection,

safety and health protection at work, consumer protection, and payment

services.

In IP law arena, we are experienced in trademark and copyright field,

especially those related to software.

We are the professionals experienced in representing clients

in front of public authorities (including e.g. Antimonopoly

Office of Slovak Republic, OHIM) and all levels courts

(including Supreme Court of the Slovak Republic and the

Constitutional Court of the Slovak Republic) in matters such

as shareholders’ disputes, labour law disputes, administrative

law actions, and disputes arising from intellectual property

rights.

Contact details

BAK & PARTNERS, s.r.o.

Panská 14, 811 01 Bratislava,

Slovak Republic

Tel.: +421 220 758 391

E-mail: office@bakpartners.sk

www.bakpartners.sk

We focus on establishment

and operation of companies


B R A Z I L , O N T H E R O A D

T O R E C O V E Y

Consumption increases, despite caution

The Brazilian economy grew by 0.2% in the second

quarter of 2017, compared to the first three months of

the year, according to data released by the Brazilian

Institute of Geography and Statistics (IBGE). In current

values, the quarter GDP reached R $ 1,639 trillion.

In the first quarter, the economy advanced 1,0%,

interrupting a two-year sequence of negative GDP.

In comparison with the same period last year, GDP grew

by 0.3%. It was the first high after 12 lows in a row.

The GDP data shows that the Brazilians have returned to

spending. Household consumption rose 1.4% in the

second quarter, after eight quarters of retraction and one

of zero variation. IBGE National Accounts Coordinator,

Rebecca de La Rocque Pali, pointed out that consumption

was benefited by "a combination of positive factors" that

offset the labor market figures. She cited the growth of

2.3% of real wages, the fall in the basic interest

rate, lower inflation and credit. "In addition, we had the

release of the inactive accounts of the FGTS. Although

most households used this money to pay off debt or for

savings, some of it was used for consumption."

GDP

(QoQ%)

0,2%

The GDP is the sum of all

goods and services produced

in the country and serves to

measure the evolution of the

economy. In the second

quarter of 2017, the

Brazilian economy

recorded a growth rate

of 0.2% quarter on quarter.

"The labor market is improving.

Interest rates, the clear trend is

for the continuation of the

reduction and the maintenance

of lower inflation are favorable

conditions for the maintenance

of household consumption.

"Against the movement of

families, the government spent

less this year. Public spending fell

by 0.9% and negatively

influenced GDP. One of the

positive highlights of the second

quarter GDP was

the improvement of the services

sector, which grew 0.6% and

made the largest contribution to

the result. This sector accounts

for about 70% of GDP, and

recorded an increase in trade

(1.9%), real estate and other

services (0.8%) and

transportation, warehousing and

mail (0.6%). Information services

fell by 2.0% and administrative,

health and public education

activities (-0.3%) and financial

and insurance intermediation

(-0.2%) had negative variations.


BRAZIL IS

BACK

ON TRACK

The indicators of the first 17 months of government reflect optimism and confidence

INFLATION

BASIC INTEREST RATE

INDUSTRIAL PRODUCTION

CAR SALES

GRAIN CROPS

TRADE BALANCE

EXPORTS

IMPORTS

JOBS CREATION

OCCUPIED LABOR FORCE

JOBS CREATION PNAD/IBGE

IED

IBOVESPA

GDP

BRAZIL RISK (EMBI)

JULY 2016

9,28%

14,25%

-9,8%

-24,3%

185,8 MILLION T.

USD 19,682 BILLION

USD 73,512 BILLION

USD 53,83 BILLION

-448,101 THOUSAND

89,9 MILLION

-437 THOUSAND

USD 75 BILLION

53,241 THOUSAND

-5,4%

544 BP

NOVEMBER 2017

2,54%

7,5%

+1,6%

+27%

242 MILLION T.

USD 58,477 BILLION

USD 183,481 BILLION

USD 125 BILLION

+163,417 THOUSAND

91,3 MILLION

+1,1 MILLION

USD 78,9 BILLION

76,989 THOUSAND POINTS

+0,3%

239 BP

S O U R C E ; " P A R E E C O M P A R E - 1 7 M E S E S D E G O V E R N O "


Comex's

Single Portal

What has changed?

Industry, foreign trade and services

are an important vector for the

resumption of growth and development of

the country. Seeking further expediency

for foreign trade operations, the Brazilian

government has launched the Single

Foreign Trade Portal, which unifies

export, import and customs

transit.Countries such as Chile, the

United States, Mexico and several others

are already using such an approach.

The first stage was launched on 23 March

2017 and the second one, on 30 June

2017 Initially the programme will

encompass exports made by the air

modal.

When the Single Portal is fully implemented,

the expectation is to reduce bureaucracy and

increase efficiency, shortening the average

terms of operations by around 40%. On

average imports exports should take from 13

to 8 days and imports from 17 to 10 days.

Gradually, the Single Export Declaration

(DU-E) will replace the previous forms, while

the companies will be able to choose the

most convenient option until only the DU-E is

available. This way, the old documentation,

such as the Export Declaration (DE), the

Simplified Export Declaration (DSE) and the

Export Register (RE) will not be immediately

extinguished.


Eslováquia

Uma economia em plena ascensão

A economia eslovaca cresceu 0,8% no segundo trimestre de

2017, registrando o terceiro período sucessivo de expansão.

Desde o início do ano, a economia registrou crescimento

tanto do lado do consumo quanto do lado da produção, com

reflexo positivo para o PIB nominal (4,1% no primeiro e

segundo trimestres). Em termos reais, a elevação do PIB foi

de 3,3% (após 3,1% no trimestre anterior).

O crescimento econômico continuou impulsionado pelo

consumo privado. Sob a ótica da produção, a atividade

econômica aumentou em serviços, particularmente na

categoria de atividades profissionais e técnicas, enquanto o

crescimento da indústria diminuiu.

A formação bruta de capital fixo, decresceu em 4,6%. Após

elevação no T1, o investimento fixo diminuiu 4,6% no T2.

Considerando ser apenas um repique, o Banco Central da

Eslováquia (NBS) aumentou o amortizador de capital

contracíclico, fixando-o em 0,5%. Em julho último, a

instituição votou para aumentar a taxa para 1,25%, com

efeito a partir de novembro de 2018.

A situação do mercado de trabalho continuou a apoiar o

crescimento do consumo doméstico. A elevação da taxa de

ocupação e o aumento acentuado do salário médio

(1,6% em relação ao trimestre anterior) tiveram ambos

reflexos positivos sobre o consumo das famílias em casa e no

exterior (+3,5% no comparativo anual). Em setembro, a taxa

de desemprego ficou em 6,42%, redução de 0,12% mês a

mês e 3% na comparação anual. O número de candidatos

que encontraram emprego imediatamente foi de 175.021,

diminuição de 3.232 indivíduos em relação ao período

anterior.

A balança comercial encerrou o período com saldo

superavitário. As exportações diminuíram em 2,5% no

comparativo trimestral (após o crescimento de 1,2% no

trimestre anterior). O declínio foi explicado pelo efeito

rebote da base mais forte do trimestre anterior. Com o

decréscimo das exportações, as compras intrafirma também

se reduziram, resultando em queda tota das importações em

2,7% (depois de crescerem 1,7% no Q1).


Internationalization

Ambassador Luis Balduino

It is necessary to perceive the change in

the traditional vision of the phenomenon

of internationalization that was previously

seen only as the company's journey to

the international market.

Internationalization can be understood as

the many ways a company can relate to

the external market, whether it is

partnering, installing factories abroad or

otherwise doing business on a global

level. Thus, it is noted that

internationalization is more

comprehensive than export, which is still

the strategy most used by companies to

enter international markets, especially

those of smaller size.

From this broader approach, it is possible to

understand that internationalization is

associated with issues of global

competitiveness, in which companies seek

strategies in foreign markets or even actions

in the domestic market in order to prepare to

face greater competition due to the opening

of the economy.

Among the advantages offered by the

international arena are the possibility of

diluting risks, making profits, diversifying

markets, increasing the number of

consumers, improving quality, increasing

innovation, adding value, reducing the effect

of seasonality, gains in scale, learning

recognition of the brand in the internal

market.

A "learning by doing process" helps

entrepreneurs to acquire differentials,

which increase their competitiveness in the

market, especially in the international market,

where competition and the level of demand

are even greater. As a result, the ability to

learn and continually innovate for business

growth and sustainability has to be constantly

sharpened.

Companies accustomed to operate in

different markets more easily replace a

reactive stance in favor of a

proactive one, being better equipped to

anticipate threats and opportunities that arise

in the horizon.


M A C R O E C O N O M I C

C O M P A S S

210TH MEETING OF THE MONETARY POLICY

COMMITTEE (COPOM)

On October 25, 2017, the Monetary Policy Committee (Copom) of the

Central Bank of Brazil (BC) decided to reduce the Selic rate from 8.25% to

7.50% per year. The decision was unanimous and represented the ninth

consecutive reduction of the basic interest rate of the Brazilian economy.

The set of indicators of economic activity shown signs compatible with the

gradual recovery of the Brazilian economy. The economy continued to

operate with a high level of idle capacity, but the external scenario has

been favorable, as global economic activity has been recovering without

putting too much pressure on financial conditions in the advanced

economies. This has contributed to maintaining risk appetite in relation to

emerging economies.

The behavior of inflation remained favorable. The inflation expectations

calculated by the Focus survey fell to around 3.1% for 2017 and 4.0% for

2018. Projections for 2019 and 2020 remained around 4.25% and 4.0% ,

respectively. For the trajectory of administered prices, which compose the

conditional projections for inflation produced by the Copom, a variation of

7.9% in 2017, 5.1% in 2018 and 4.3% in 2019 was projected.

The scenario with trajectories for the interest and exchange rates

extracted from the Focus survey assumed, among other hypotheses,

exchange rates of R$ 3.16 / US$, R$ 3.30 / US$ and R$ 3.33 / US$ at the end

of 2017, 2018 and 2019, respectively, and interest rates of 7.00% at the

end of 2017 and 2018, rising to 8.00% at 2019.

Under these assumptions, Copom's inflation projections remained around

3.3% for 2017 and fell to approximately 4.3% for 2018. Projections for

2019 were around 4.2% .


Aliter Technologies is one of the fastest growing technology and IT

firms in Slovakia whose innovative work and quality has led to a

portfolio of award winning products and solutions that are daily used

by NATO and other international organizations, global technology

companies and suppliers in the fields of security and defense.


A L I T E R T E C H N O L O G I E S

Aliter Technologies is one of the fastest growing technology and IT

firms in Slovakia whose innovative work and quality has led to a

portfolio of award winning products and solutions that are daily

used by NATO and other international organizations, global

technology companies and suppliers in the fields of security and

defense.

The company offers consulting services and develops its own

technology and solutions in the field of information and

communications technology, the infrastructure and components

that enable modern computing. ICT has drastically changed how

people work, communicate, learn and live. Its importance to

economic development and business growth has been so

monumental, that it is credited with ushering in what may be

labeled as the Fourth Industrial Revolution.

Peter Dostál, the founder and CEO of Aliter Technologies has

recognized the importance of information and communications

technologies, but wondered if they could be used in a different way

and he named his company to reflect his approach (“aliter” means

differently in Latin). The firm is now known for its acknowledged

experts and sophisticated solutions tailored to the needs of its

clients.

The company operates within three production divisions that have

one crucial element in common, which is safety. The ICT Systems

Division specializes in integration of secure and highly available

ICT infrastructure including cloud based data centers,

communication systems and cyber security. The Software

Development Division develops the company’s software product

portfolio in the areas of cloud automation, service orchestration,

operations of contact centers, and provides our clients with

innovative customized solutions. The Special Systems Division

works on design, development and integration of products and

solutions intended for armed forces, rescue and law enforcement

agencies operating in tactical environment.

Aliter Technologies is a

proven contractor of the

Slovak armed forces and

police, as well as of NATO

and other prestigious

international organizations

and foreign ministries. The

list of the company’s

international clients from the

private sector is very diverse.

Solutions from Slovakia are

being used by companies such

as IBM, CISCO, Airbus, the

world's largest manufacturer

of civil aircraft; BAE Systems,

Europe's leading defense,

security and aviation

company; Ericsson, the

Swedish manufacturer of

telecommunication

technologies; General

Dynamics, a leading military

supplier and aircraft

manufacturer; and so on.

a p o r t f o l i o o f

a w a r d w i n n i n g

p r o d u c t s a n d

s o l u t i o n s

The Slovak company has

subsequently expanded its

operations to foreign markets

and opened subsidiaries in

North America, the Balkans,

and the Czech Republic. Aliter

Technologies has become a

familiar brand in Toronto,

Montenegro, Podgorica, and

most recently in neighboring

Prague. Deloitte has

recognized Aliter

Technologies two years in a

row as one of the top five

most successful technology

companies in Central Europe.


IN THE NEWS

P O L I T I C A L A N D E C O N O M I C H I G H L I G H T S O F B R A Z I L A N D S L O V A K I A

THE 2019 TRADE POLICY AGENDA DEBATE BEGINS

The latest edition of the Brazilian Magazine of Foreign Trade (RBCE/FUNCEX) examines some of the issues that

will be put to the new government in the area of commercial practice. For many economists, one of the nodes

who constrain growth and Brazil is the very low degree of openness of our economy. This is certainly the point

of view defended by Mauricio Mesquita and Filipe Sousa, for whom the process of opening not only stagnated

after mid-1990s, but regressed. Otaviano Canuto and Fernanda De Negri address an issue usually faced by a

new government: which industrial sectors should be privileged with preferential policies? The authors

conclude that, much more important than changing the sectoral composition, is to increase the intrasectorial

productivity of the Brazilian economy. The edition also includes two articles that comment on Brazil's recent

request for accession to the OECD, a process that should take at least three years and should be an important

task of the new government.

NUNES AND LAJČÁK

" T h e P r e s i d e n t o f t h e 7 2 n d s e s s i o n o f t h e G e n e r a l

A s s e m b l y , H . E . M r . M i r o s l a v L a j č á k , m e t t o d a y [ 2 1

S e p t e m b e r 2 0 1 7 ] w i t h t h e M i n i s t e r o f F o r e i g n

A f f a i r s o f B r a z i l , H . E . M r . A l o y s i o N u n e s F e r r e i r a .

T h e y d i s c u s s e d m u t u a l p r i o r i t i e s w i t h r e g a r d t o

m i g r a t i o n , c l i m a t e c h a n g e , c o n f l i c t p r e v e n t i o n ,

a n d U n i t e d N a t i o n s r e f o r m , i n c l u d i n g S e c u r i t y

C o u n c i l r e f o r m . ( S o u r c e : U N )

1 6 K F O L L O W E R S

1 , 9 K F O L L O W E R S

1 , 8 K F O L L O W E R S


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R E L A X I N

B R A Z I L

I L H A

C O M P R I D A

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