Filipović: In four years, 13 billion euros in foreign investments

Croatia is recording record results when it comes to foreign direct investments – in the last four and a half years, more than 13 billion euros in foreign investments have been achieved, and Croatia is becoming an increasingly attractive investment destination, said Minister of Economy and Sustainable Development Davor Filipović on Thursday.

Filipović emphasized at the traditional consultation of the Croatian Economic Society in Opatija that foreign direct investments are an important tool for promoting sustainability, competitiveness, and innovation, and he also reminded of the measures within the National Recovery and Resilience Plan aimed at strengthening the strategic framework for attracting investments.

Through the Investment Promotion Act, investments in sustainable and technologically advanced projects, high value-added investments that contribute to growth and development are encouraged, said the minister, emphasizing that such investments are indeed happening in Croatia and that the investment climate and competitiveness are recognized by global rating agencies and the IMF.

Filipović also presented data showing that since 2018, administrative relief for entrepreneurs has been achieved amounting to more than 252 million euros, and that by the end of 2020, 50 measures from the action plan for relief from parafiscal charges have been implemented, with the entrepreneurial sector relieved by an additional 70 million euros.

As part of the National Recovery and Resilience Plan, an additional reduction of parafiscal levies of 132 million euros is planned, he said, adding that this amounts to nearly 450 million euros over several years.

Opportunities are opening up for entrepreneurs to draw non-repayable funds for investments in energy independence and renewable sources, emphasized the Minister of Economy, noting that the Modernization Fund opens opportunities to invest one billion euros by 2030 to strengthen their own energy independence.

Filipović stated that our energy sector is undergoing transformation, mentioning the LNG terminal on the island of Krk. Natural gas consumption in Croatia is 2.9 billion cubic meters, and with the LNG terminal, we can meet all our needs for this energy source. However, we want to become a European energy hub, so the capacity of the terminal is being expanded to supply others, Slovenia, Austria, Bavaria, and a southern interconnection will be made to supply Bosnia and Herzegovina, he emphasized.

He also mentioned that a huge package aimed at utilizing renewable energy sources is being prepared, and several tenders will be announced, which will triple the number of solar installations in Croatia, moving towards energy renovation of both institutions and homes.

He reminded of the completed tender for geothermal research, where three companies were selected, work will be carried out in five exploration fields, and the total investment is estimated at 490 million euros.

The use of geothermal potentials for heating has also been initiated, and a contract has been signed under which the Hydrocarbon Agency will receive 30 million euros for financing this project, aiming for Osijek and Velika Gorica to be heated by geothermal potential.

We are implementing a policy that changes the energy landscape of Croatia, utilizing a range of opportunities and building a framework for a more competitive, sustainable, and innovative economy, and we are approaching membership in the OECD, which means raising the quality and standards of governance, we are changing Croatia in circumstances that are not usual, concluded Filipović.