At the AmCham Business Breakfast, organized by AmCham Slovenia in cooperation with the Slovenian Investment Fund Association (ZDU GIZ) and the Bank Association of Slovenia, key representatives of the government, financial sector, and the business community discussed the future of the Slovenian capital market. The central question of the event was: Why are Croatian – and not Slovenian – funds the major owners of companies in Slovenia?

The discussion made it clear that without a comprehensive strategy for developing the capital market, improving financial literacy, and restoring trust in the financial system, Slovenia will not be able to build a strong domestic investment environment. The Slovenian market remains shallow and poorly liquid, which directly affects the ability to finance businesses, foster innovation, and ensure long-term economic growth.

Minister of Finance Klemen Boštjančič pointed out that financial illiteracy and lack of trust in the system hinder market development. “In Slovenia, people don’t see the real connection between how much you invest and how much you get back,” he said. Understanding of financial instruments is low among the general population, as well as among small and medium-sized enterprises. 

 “This is a national loss. Without proper investment opportunities and tax incentives, it will be difficult to motivate investors,” emphasized Stanislava Zadravec Caprirolo, Director of the Bank Association of Slovenia. She added that financial literacy is more than an individual skill – it is a structural requirement for a functioning capital market.

Marko Bombač, President of the Management Board of the Ljubljana Stock Exchange, highlighted the market’s low liquidity and lack of new listings. He sees potential in involving state-owned companies, which would increase both market activity and investor confidence. He also mentioned efforts by the stock exchange to attain “emerging market” status, which would raise international visibility and attract foreign investors.

A special focus was given to the differences between the Slovenian and Croatian pension systems. Due to Croatia’s mandatory contribution-based system, Croatian funds manage 25 billion euros in assets, while Slovenian funds manage only around 4 billion. This gives them the capacity to be active investors even in Slovenia. “This is a systemic lag we cannot overcome without comprehensive pension reform,” stressed Benjamin Jošar, President of the Management Board of Triglav Skladi.

Petar Vlaić,  President of the Management Board of Erste d.o.o. and President of the Croatian Association of Pension Fund Management Companies and Pension Insurance Companies, explained that Croatian funds are financially strong because years ago, they made a systemic shift from the first to the second pension pillar. Mandatory savings in the second pillar enabled them to accumulate significant assets. He emphasized that investors look for stable and profitable environments – something Slovenia already offers in many respects but is not fully leveraging due to a lack of systemic support.

Žiga Vižintin, Co-Chair of the AmCham Finance Committee, Director of Pokojninska družba A, emphasized the importance of trust in pension mechanisms and the role of employers in encouraging employees’ additional savings. He believes the introduction of mandatory second-pillar savings – still pending as part of the pension reform – could represent a historic shift.

Jure Mikuž, Founder and Partner, South Central Ventures, pointed to the lack of institutional investor courage and the need for greater support for venture capital, which is essential for the growth of the start-up ecosystem. According to him, allocating a greater portion of pension assets to venture capital would significantly stimulate innovation and technological progress.

The discussion was complemented by Spyridon Ntallas, President of the Managent Board of OTP Banka. He stressed the importance of integrating the Slovenian market into a broader regional context, including through the development of a Southeast European index. “The market needs depth – meaning every investor must have the option to exit when they choose. Without that, there’s no real market dynamic or appeal for investors,” he said. He also reminded everyone of a basic principle: higher risk brings higher return.

The time to act is now.
Slovenia needs a long-term vision, stronger cooperation between key stakeholders, and concrete reform steps if it wants to enhance the competitiveness and stability of its economic environment.

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