Economic Relations
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Economic Relations

The only Croatian investment in India is by Pliva, the regional major in the pharmaceutical sector, which set up an R and D facility in Goa in 2006. From India, the first investment in Croatia was by the Mumbai based ACG Worldwide in a capsule manufacturing company, Lukaps, in Varazdin county. Another Indian pharmaceutical major, CIPLA, has acquired a Croatian pharmaceutical company – Celeris – based in Zagreb in 2013. HLL Biotech Limited (HBL) also signed an agreement with Croatian Institute of Immunology, Zagreb (in August 2013) for supply of bulk and technology transfer for manufacturing measles vaccine from working seed/master seed. As Croatian businesses adjusted to EU regulations in July 2013, growing opportunities for Indian investors in prominent sectors viz. pharmaceuticals, tourism, hotels / restaurants, and infrastructure including airports, shipyards, power projects and exploration for hydrocarbons in the Adriatic exists in this country for investment/collaboration.

The India-Croatia Joint Committee on Trade and Economic Cooperation at the official level met in Zagreb in March 2009. Both sides agreed to expand trade and economic cooperation in the traditional areas as well as in the emerging areas of mutual strength. Several sectors were identified for cooperation. In IT services, companies such as Infosys are getting a toe-hold in specialized areas in telecom and financial services. India’s Export Promotion Council for Handicrafts participated in the Zagreb International Autumn Fair held from 15-19 September 2009. A Buyer Seller Meet on the leather sector was organised in Zagreb by the Council for Leather Exports in February 2012 with 11 companies participating. An 11-member Indian business delegation from the Council of EU Chamber of Commerce in India (CEUCCI) visited Zagreb on June 1-June 2, 2015 to explore the possibilities of trade opportunities and investment. The Croatian Chamber of Economy organised the Croatia-India Business Forum and B2B meetings with concerned companies.

Bilateral Trade

The two-way trade of Euro 101.69 million in 2014 consisted largely of India’s exports, which include textiles (yarn, linen, cotton fabrics and readymade garments), leather and footwear products, organic/inorganic compounds, carpets and floor coverings, crude minerals, antibiotics, foodstuffs and spices, tractors, passenger vehicles and auto spare parts, electrical machinery and equipment, aluminium and articles thereof. Imports from Croatia includes electrical machinery, turbines, electrical equipment, measurement and control instruments, pharmaceuticals (antibiotics), heating and cooling equipment, and machinery, ships, boats and floating structures. Figures of India’s trade with Croatia are as follows:

 
(in million Euro)

Year
2012

2013

2014

Jan - Apr 2015

Croatia’s Exports
(% change y-o-y)

Euro 16.51 Euro 6.82
-58.70%
Euro 13.50
97.95%
Euro 4.24

Croatia’s Imports
(% change y-o-y)

Euro 64.16
Euro 72.67
13.70%

Euro 88.19
21.34%

Euro 33.75

Total Trade
(% change y-o-y)

Euro 80.67

Euro 79.49
-1.50%

Euro 101.69
27.91%

Euro 37.99
Source: Croatian Central Bureau of Statistics

 

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