HGK: In the context of global instability, Croatia is an interesting location for nearshoring, especially in ICT, transport, and logistics

With a total trade exchange in 2022 of over 3.4 billion euros, Austria is the seventh export market for Croatian products with significant room for trade expansion. This was highlighted, among other things, at the Austrian-Croatian Economic Forum in Vienna, which was attended by more than 150 participants and about 40 Croatian companies from the ICT sector, construction, tourism, food, and processing industries.

The forum was jointly organized by the Austrian and Croatian Chambers of Commerce and was held on the first anniversary of the opening of the joint office of HGK and the Croatian Tourist Board in Vienna.

– In the first year of operation of the representative office in Austria, we have further positioned our companies and HGK services in the Austrian market. There is significant potential for expanding cooperation as Austria, with a total trade exchange in 2022 of over 3.4 billion euros, is our seventh export market, but bilateral cooperation is still marked by a foreign trade goods deficit. I am confident that this can change because, in the context of global instability, Croatia and Austria can find space for cooperation in nearshoring and reshoring, especially in the ICT sector, transport, and logistics, said HGK President Luka Burilović.

The forum also emphasized the strategic position of the Port of Rijeka and the nearby LNG terminal. This position of the port allows for better connectivity between the Mediterranean and Central Europe, which was particularly highlighted during the recent disruptions in supply routes. Given the successful implementation of the Recovery Plan from which Croatia has 10 billion euros, there is an even greater opportunity for HGK to support its members in the processes of inclusion, financing, and connecting related to projects being implemented under the Recovery Plan.

This also applies to cooperation with Austrian partners.

Participants at the forum, including Tomislav Mihotić, State Secretary of the Ministry of the Sea, Transport and Infrastructure, Zvonimir Savić, Special Advisor to the Prime Minister for Economy, and Tomislav Radoš, Vice President of HGK, emphasized that the economies of the two countries should focus on infrastructure, energy, digitalization, and the dual education system to encourage the development of small and medium-sized enterprises as an important driver of the economy.

That Croatian companies view Austria as a traditional and desirable market was also demonstrated by the great interest of our entrepreneurs at the forum. Maja Borovina Frankić, Head of Development at Spegra Engineering, emphasized that participation in the forum is a good opportunity to explore a close and respectable market in an ambitious business environment.

– We are particularly interested in B2B meetings and the opportunity to hear the interests of various stakeholders in the market. This is a welcome initiative from HGK and an opportunity to leverage our membership in an environment that carries business potential. Croatia is an equal member of the EU, but opportunities for participation in other European markets are still underutilized. Every organized meeting with entrepreneurs and decision-makers from other countries is an opportunity for us and for the Croatian economy as a whole, concluded Borovina Frankić.