Economic Relations
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Bilateral Trade (under Economic Relations)

Bilateral trade has been growing but does not reflect the potential of the two countries.  Bilateral trade in the year 2016 was valued at Euro € 111.65 million. Indian exports were valued at Euro 100.60 million and imports at Euro 11.05 million.  India had a share of 0.3% in Croatian foreign trade in 2016.  During the period Jan-Apr 2017, total bilateral trade stood at Euro 48.01 million.

Croatia-India Bilateral Trade (Euro million)

Year

2013

2014

2015

2016

Jan-Apr 2017

Croatia’s Exports

€ 6.82

€ 13.50

€ 17.53

€ 11.05

€ 5.21

Croatia’s Imports

€ 72.67

€ 88.19

104.5

€ 100.60

€ 42.80

Total Trade

79.49

€ 101.69

€ 122.03

€ 111.65

€ 48.01

Source: Croatian Central Bureau of Statistics

Economic Relations

The Embassy has been making serious efforts at all levels for promotion of investments and technological knowhow between our two countries.  As Croatian businesses adjusted to EU regulations after accession to EU in July 2013, there are growing opportunities for Indian investors in prominent sectors viz. pharmaceuticals, tourism, hotels / restaurants, and infrastructure including airports and shipyards. 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 in 2013.  Today it has become the third largest supplier of gelatine capsules to whole of Europe.  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.  Orient Green Power (Europe) B.V., owned by the company Orient Green Power Company Limited (Chennai), invested Euro 17.4 million in construction of wind power plants near Sibenik in 2011.  In 2017, JGL, Croatian pharmaceutical company has signed two five-year license agreements with Indian pharmaceutical company Dr. Reddy's. Furthermore, ACG Worldwide has acquired a Croatian IT company – IN2 Trace – based in Bjelovar.  Infosys R&D Development Centre was officially opened in Karlovac on 24 Apr 2017.  Currently the Centre has 100 qualified engineers and plan is to expand operations to double the staff during the course of next year.  It is the only near shore engineering delivery centre in Europe.

 

We have been encouraging businesses to take part in India's socio-development programmes like Make in India, Smart Cities, Digital India, etc.  Some identified companies are HS Produkt and Sestan Busch (defence manufacturing); Infobipp, Pitaya Solutions, and Energomobile (innovations); Croatian Motorways (infrastructure); Energospektar (biomass). 

 

Croatia can serve as a gateway for Indian companies for South-East and West Europe, using its strategic ports of Rijeka and Ploce.

 

Ms. Nirmala Sitharaman, Minister of State (IC) for Commerce and Industry, visited Croatia on 13-15  February 2017.  On the occasion, an Agreement on Economic Cooperation signed between India and Croatia, reviving the structure of the Joint Commission.  Also, the setting up of first India-Croatia Joint Business Council was announced in the presence of the Indian Minister and the Croatian Deputy Prime Minister and Minister of Economy, Entrepreneurship and Crafts, which has now been legally registered.  The Business Council comprises of business leaders from both sides as well as academics, demonstrating the linkage between business and research.

Tourism has been identified as an important component of business collaboration, involving tour operators, travel agencies and hotel industry. Signing of the Code Sharing Agreement between Air India and Croatian Airlines (effective from April 2017), and E-Tourist Visa facility, extended to Croatia with effect from February 2016, will also have potential for enhancing business and tourism ties between the two countries.

An Ayurveda Cell was established in the Embassy in 2015-16, which has supported various events, including conferences, diagnostics and cuisine.  A National Ayurvedic Association was officially registered with the Croatian Ministry of Health in 2016.

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